New Rules, Proposed Rules, Guidance and Alerts –

PROPOSED RULES –

Agencies Propose Volcker Rule Amendments Relating to Covered Funds –

On January 30, 2020, the Federal Reserve Board, FDIC, OCC, SEC and CFTC proposed amendments to certain Volcker Rule restrictions relating to banking entity activities with hedge funds or private equity funds (covered funds). Currently, the Volcker Rule restricts the ability of banking entities to hold an ownership interest in, sponsor or have certain other relationships with a covered fund. The proposed amendments are intended to improve and streamline the Volcker Rule’s covered funds provisions to allow banking entities to provide comprehensive financial services in a manner consistent with the requirements and spirit of the Volcker Rule, but that are currently prohibited.

Key elements of the proposed amendments are as follows...

Please see full Update for more information.