In this issue:

- Concurrent Resolution of FCPA, Export Controls and Sanctions Violations Demonstrates Close Cooperation of Federal Agencies

- Five Agencies Issue Final Volcker Implementation Rules; Small Banks Win Exemptions

- Excerpt from Five Agencies Issue Final Volcker Implementation Rules; Small Banks Win Exemptions:

On December 10, five financial regulatory agencies (the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Securities and Exchange Commission and Commodity Futures Trading Commission) adopted long-awaited final rules (Final Rules) implementing the so-called Volcker Rule embodied in Section 13 of the Bank Holding Company Act (which was added by Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act). The Final Rules complete the process begun in October of 2011 when the agencies introduced proposed implementing rules for comment.