On December 10, 2013, the federal banking agencies,1 the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (the “CFTC,” and, together with the federal banking agencies and the SEC, the “Agencies”) jointly adopted long awaited regulations (the “Final Regulations”) to implement Section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule.2
The Volcker Rule prohibits any “banking entity” from (i) engaging in proprietary trading and (ii) acquiring and retaining an ownership interest in, sponsoring or having certain relationships with hedge funds, private equity funds and certain other private funds (“covered funds”), subject to certain exemptions.
To read the full alert, please click here.
If you have any questions or would like more information on the issues discussed in this LawFlash, please contact any of the following Morgan Lewis lawyers:Curtin-Neal
1 The federal banking agencies are the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System (the “FRB”), and the Federal Deposit Insurance Corporation.
2 The Final Regulations and accompanying statements, fact sheets, and related documents can be found on the websites of the Agencies. For example, they are available on the FRB’s website at http://www.federalreserve.gov/newsevents/press/bcreg/20131210a.htm.
This article was originally published by Bingham McCutchen LLP.