News & Analysis as of

Volcker Rule

The Volcker Rule is a rule limiting certain financial institutions' ability to own, invest or sponsor hedge funds, private equity or other proprietary trading operations. The Rule seeks to separate financial... more +
The Volcker Rule is a rule limiting certain financial institutions' ability to own, invest or sponsor hedge funds, private equity or other proprietary trading operations. The Rule seeks to separate financial institutions' proprietary trading activity from consumers' FDIC- insured deposits. The Volcker Rule is a part of the broader Dodd-Frank Wall Street Reform and Consumer Protection Act and aims to diminish potential conflicts of interest between banks and consumer clients. less -
Goodwin

FDIC Approves ILC With Traditional Bank Business Model (But Don’t Rush To Submit Your Application Just Yet)

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An industrial bank or industrial loan company (each, an ILC) charter can be an attractive option for a financial technology company (fintech) or other company seeking to enter the banking space. In June 2024, the Federal...more

Morrison & Foerster LLP

Marketing Private Funds to U.S. Investors — A Practical Guide for Asia-Based Managers

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As the private equity (“PE”) and venture capital (“VC”) funds industry grows and matures in Asia, managers are increasingly looking to market interests in their funds to U.S.-based investors. However, many Asia-based managers...more

White & Case LLP

Immigration Reform: The Federal Reserve should adopt the 2019 Volcker Rule revisions as the standard for how foreign banks can...

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The Board of Governors of the Federal Reserve (the "Federal Reserve") has over several decades defined when an activity engaged in by foreign banks subject to the Bank Holding Company Act of 1956 (the "BHCA"), which are thus...more

King & Spalding

Checklist for Non-U.S. Fund Managers Making a Private Fund Offering in the U.S.

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The United States represents a large source of potential capitalthat non-U.S. fund managers often find impossible to ignore. To assist non-U.S. fund managers, we have prepared a checklist that sets out key considerations for...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2021

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Federal Banking Agencies Publish Policy Road Map for Crypto-Asset Activities - The federal banking agencies have issued a joint statement summarizing their interagency “policy sprints” focused on crypto-asset activities...more

White & Case LLP

Complementary: Bitcoin trading requires complementary to a financial activity authority under the Bank Holding Company Act

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There has been recent speculation that banks are about to enter the cryptocurrency markets. This makes a lot of commercial sense: There clearly is customer demand for banks to offer services similar to those they offer for...more

Mayer Brown

Structured Finance Bulletin - Winter 2020

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The implications of the 2020 election for structured finance are coming into focus. Informed by our discussions in Washington, we can anticipate the likely direction of federal policy over the next two years that will impact...more

Morrison & Foerster LLP

Financial Services Report – Fall 2020

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We join the nation in mourning the passing of Supreme Court Justice Ruth Bader Ginsburg. Over her 20-year career before appointment to the D.C. circuit court, Justice Ginsburg fought for equal rights in the workplace, among...more

Dechert LLP

Community Development Financial Institutions – Opportunities for Managers of Loan Funds and Venture Capital Funds

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Community Development Financial Institution (CDFI) certification is awarded to “community-based organizations that seek to expand economic opportunity in low-income communities and provide financial products and services to...more

Orrick - Finance 20/20

Regulatory Agencies Finalize Changes to Covered Fund Provisions of the Volcker Rule

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On July 31, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the U.S. CFTC, the Federal Deposit Insurance Corporation (FDIC), and the U.S. Securities and...more

Kelley Drye & Warren LLP

The Final Volcker Rule: Implications for Venture Capital

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Introduction - As we approach the final quarter of 2020, we thought it would be helpful to recap one of the significant rule changes of the past few months that is likely to benefit venture capital funds and startup...more

Morrison & Foerster LLP

Marketing Private Funds To U.S. Investors — A Practical Guide For Asia-Based Managers

Morrison & Foerster LLP on

As the private equity (“PE”) and venture capital (“VC”) funds industry grows and matures in Asia, managers are increasingly looking to market interests in their funds to U.S.-based investors. However, many Asia-based managers...more

Morgan Lewis

Volcker Rule Amendments: An Early Assessment of Interpretive Issues, Business Impact, and Market Opportunities

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Recently published amendments to the Volcker Rule — effective October 1, 2020—could have significant market impact for affected stakeholders, and will liberalize certain key aspects of the Volcker Rule’s regulations and quell...more

Foley & Lardner LLP

Credit Funds, Done Right, Can Be an Opportunity for Banks

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Recent changes to the Volcker Rule, which become effective October 1, 2020, will permit banks and their affiliates (for convenience, “banks”) to sponsor credit funds, whose primary assets are loans and other debt instruments...more

Dechert LLP

Volcker Rule Amendment: Trending Towards Flexibility

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After much anticipation and expectation, on June 25, 2020, the Federal Reserve Board, CFTC, FDIC, OCC, and SEC (the “agencies”) finalized an amendment to Section 13 of the Bank Holding Company Act, commonly known as the...more

Dechert LLP

Federal Agencies Adopt Amendments to Volcker Rule

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The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading...more

Orrick, Herrington & Sutcliffe LLP

Recent Amendments to the Volcker Rule Will Benefit CLOs and the Banks That Invest in Them

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There is some (at least regulatory) good news for CLOs this summer. In late June, the Federal Reserve Board, the Treasury Department, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation,...more

Proskauer Rose LLP

Volcker Rule Amendments: Implications for Asset Managers

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On June 25, 2020, the Federal Reserve Board, the OCC, the FDIC, the SEC and the CFTC (collectively, the "Agencies") adopted amendments (the "Amendments") to the regulations implementing section 13 of the Bank Holding Company...more

Jones Day

Volcker Rule Covered Fund Amendments: What They Will and Will Not Do for CLOs

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The Situation: The regulatory agencies responsible for administering the Volcker Rule have amended the covered fund provisions of the rule. The Result: Modifications to the definitions of "ownership interest" and "loan...more

Jones Day

Volcker Rule Covered Fund Amendments Provide Clarity and Opportunities

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The Situation: The Federal Reserve, Office of the Comptroller of the Currency ("OCC"), Federal Deposit Insurance Corporation ("FDIC"), Securities and Exchange Commission ("SEC"), and Commodity Futures Trading Commission...more

Morrison & Foerster LLP

Financial Services Report, Summer 2020

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Is it just us or does March 4 — the date of our last issue — feel like a million years ago? Like you, and not necessarily in this order, we have been: doing our work; keeping up with COVID-19-related laws, guidance, and...more

A&O Shearman

Volcker Rule Update: Amendments to the Covered Funds Provisions

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The Federal Reserve Board (the Federal Reserve), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC) and the Commodity Futures...more

Orrick - Finance 20/20

Financial Regulators Modify Volcker Rule

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On June 25, financial regulatory agencies modified the Volcker rule’s prohibition on banking entities investing in or sponsoring hedge funds or private equity funds, known as covered funds. The final rule permits banking...more

King & Spalding

Covered Funds Slightly Uncovered

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The federal regulatory agencies charged with deriving and maintaining regulatory provisions pursuant to section 13 of the Bank Holding Company Act (commonly referred to as the Volcker Rule) have revised the “covered fund”...more

Goodwin

U.S. Federal Agencies Finalize Revisions to Volcker Rule Covered Funds Restrictions

Goodwin on

The five U.S. federal regulatory agencies responsible for implementing the Volcker rule — the Board of Governors of the Federal Reserve System (Federal Reserve), the Office of the Comptroller of the Currency (OCC), the...more

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