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.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.
Topics: Banking Sector, CFTC, Compliance, Covered Banking Entity, Dodd-Frank, Exemptions, FDIC, Federal Reserve, Final Rules, Financial Regulatory Reform, Foreign Banks, Foreign Investment, Hedge Funds, Investment Management, Private Equity Funds, Proprietary Trading, Risk Assessment, Risk Management, SEC, Securities, U.S. Person, Volcker Rule
Published In: General Business Updates, Finance & Banking Updates, International Trade Updates, Securities Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© White & Case LLP | Attorney Advertising