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 Commission (together, Agencies) on June 25, 2020 adopted a final rule (Final Rule) amending certain provisions of the regulations implementing the so-called “Volcker Rule.” The Final Rule’s amendments, which relate to the provisions of the regulations implementing the Volcker Rule (Volcker Rule Regulations) dealing with “covered funds,” are substantially the same as those the Agencies proposed for comment earlier in 2020, although the Agencies made certain changes to the proposal in response to comments.
The Final Rule will take effect on October 1, 2020.
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