The five US financial agencies (“Agencies”) have approved jointly prepared final regulations (“Final Rules”) to implement the prohibitions on engaging in proprietary trading and investment in or sponsorship of a private equity fund or hedge fund that apply to “banking entities” as defined in the Final Rules. These prohibitions are referred to as the Volcker Rule. The Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Securities and Exchange Commission (“SEC”) and the Commodities Futures Trading Commission approved virtually identical Final Rules on December 10, 2013.

This Alert offers an overview of the key provisions of the Final Rules that relate to non-US banking entities subject to the Volcker Rule and, in particular, how the Final Rules differ from the rules originally proposed by the Agencies (“Proposed Rules”). The overview is presented in a question-and-answer format to provide easy access to the issues of most interest to non-US banking entities subject to the Volcker Rule. More detailed analyses of the Final Rules will be prepared in due course.

Please see full alert below for more information.

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