The amended rule includes modifications to existing exclusions and creates new exclusions for the activities and investments of certain issuers.

The US federal regulatory agencies responsible for implementing the Volcker Rule recently issued a rule (Final Rule) to finalize proposed modifications to certain restrictions related to “covered funds” that were adopted in 2013 (2013 Rule). The issuance of the Final Rule, whose effective date is October 1, 2020, followed an extended comment period after the release of a proposed rulemaking in February 20203 by the federal regulatory agencies, which comprise: the Board of Governors of the Federal Reserve System (Federal Reserve), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission, and the Commodity Futures Trading Commission.