Proposed Revisions to the Volcker Rule—Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity Funds

by Ropes & Gray LLP

Ropes & Gray LLP

On May 30, 2018, the Federal Reserve Board issued a notice of proposed rulemaking and asked for comment on a proposed rule to simplify and tailor compliance requirements relating to the regulation implementing section 13 (commonly known as the “Volcker Rule”)1 of the Bank Holding Company Act (“BHC Act”) (the “Proposal”).2 The Proposal was developed jointly with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission (together, the “Agencies”).

In December 2013, the Agencies jointly issued a final rule (the “Final Rule”) to implement the requirements of the Volcker Rule. The Volcker Rule generally prohibits a banking entity3 from engaging in proprietary trading or acquiring or retaining an ownership interest in, or having certain relationships with, a hedge fund or private equity fund (a “covered fund”). The Final Rule also requires firms with significant trading operations to report certain quantitative metrics related to their trading activities and requires banking entities to establish a Volcker Rule compliance program. The Proposal represents a significant reconsideration of the Final Rule and portends a more workable Volcker Rule compliance regime.

Based on several years of experience implementing the Final Rule, the Agencies have introduced proposed changes with the intent of (i) tailoring the requirements of the regulation to focus on entities with large trading operations; and (ii) streamlining and simplifying regulatory requirements by eliminating or adjusting certain requirements and focusing on quantitative, bright-line rules where possible to provide clarity regarding prohibited and permissible activities.

The Proposal identifies opportunities, consistent with the statute, to incorporate additional tailoring of the application of the Volcker Rule based on the activities and risks of banking entities and to provide greater clarity about the activities that are prohibited and permitted. The comment period on the Proposal will be open for sixty (60) days after it is published in the Federal Register.

  1. Tailoring by Size of Trading Assets and Liabilities—Establishment of Three Categories of Banking Entities Based on Trading Activity. The Proposal would establish three categories of banking entities:
    1. Banking entities with significant trading assets and liabilities: Banking entities that, together with their affiliates and subsidiaries, have consolidated gross trading assets and liabilities (excluding obligations of or guaranteed by the U.S. or any U.S. agency) equal to or exceeding $10 billion would be required to have a comprehensive compliance program that would be tailored to reflect the requirements of the statute.
    2. Banking entities with moderate trading assets and liabilities: Banking entities that, together with their affiliates and subsidiaries, have consolidated gross trading assets and liabilities (excluding obligations of or guaranteed by the U.S. or any U.S. agency) less than $10 billion but equal to or above $1 billion would be subject to reduced compliance requirements in light of their relatively smaller and less complex trading activities.
    3. Banking entities with limited trading assets and liabilities: Banking entities that have, together with their affiliates and subsidiaries, consolidated gross trading assets and liabilities (excluding trading assets and liabilities involving obligations of or guaranteed by the U.S. or any U.S. agency) less than $1 billion would enjoy a rebuttable presumption of compliance with the rule.
  2. Changes to Proprietary Trading Restrictions.
  3. Revised Definition of Trading Account and Additional Exclusions.
    1. Revised Definition of Trading Account. The statutory proprietary trading prohibitions apply to positions taken as principal for the trading account of a banking entity. The statute defines “trading account” as any account used for acquiring or taking positions in financial instruments principally for the purpose of selling in the near term (or otherwise with the intent to resell in order to profit from short-term price movements), and any other such accounts as the Agencies may by rule determine. The Final Rule implemented the statutory definition of trading account with a three-pronged definition: (i) “short-term intent prong” (subject to a rebuttable presumption),4 (ii) the “market risk capital prong” and (iii) the “dealer prong.” The Proposal would replace the short-term intent prong with a prong based on the accounting treatment of a position (the “accounting prong”), while retaining the market risk capital prong5 and the dealer prong. The accounting prong would provide that the Volcker Rule trading account includes any account used by a banking entity to purchase or sell one or more financial instruments that is recorded at fair value on a recurring basis under applicable accounting standards, and would generally cover derivatives, trading securities and available-for-sale securities. The Proposal would also eliminate the 60-day rebuttable presumption.
    2. Expanded Liquidity Management Exclusion and New Exclusion for Trade Error Corrections. The proposal would expand the liquidity management exclusion to permit the purchase or sale of foreign exchange forwards, foreign exchange swaps, and physically-settled cross-currency swaps entered into by a banking entity for liquidity management purposes. The Proposal would add a new exclusion from the definition of proprietary trading for trading errors and subsequent correcting transactions made on by a banking entity as principal to correct erroneously executed trades.
  4. Permitted Underwriting and Market-Making Activities RENTD-related Presumption. Under the Volcker Rule, transactions in connection with underwriting and market-making activities, to the extent designed not to exceed reasonably expected near-term demand of clients, customers, or counterparties (“RENTD”), are exempted from the prohibition on proprietary trading. The Proposal would provide that the purchase or sale of a financial instrument by a banking entity is presumed not to exceed RENTD if the banking entity establishes underwriting and market-making internal risk limits for each trading desk (subject to certain conditions) and implements, maintains, and enforces those limits, such that the risk of the financial instruments held by the trading desk does not exceed such limits.
  5. Reduced Requirements for Permitted Risk-Mitigating Hedging Activities. The Proposal would remove certain hedging requirements for all banking entities, reduced hedging requirements for banking entities that do not have significant trading assets and liabilities, and reduced hedging documentation requirements for banking entities with significant trading assets and liabilities.
  6. Permitted Trading Activities of a Foreign Banking Entity. Section 13(d)(1)(H) of the BHC Act permits certain foreign banking entities to engage in proprietary trading that occurs solely outside of the United States (the “foreign trading exemption”), subject to certain conditions. The Proposal would eliminate the requirements that (i) no financing for the banking entity’s purchase or sale is provided by any branch or affiliate of the banking entity that is located in the U.S. or organized under the laws of the U.S. or of any state and (ii) the purchase or sale, generally, is not conducted with or through any U.S. entity, and would modify another requirement to focus on whether the banking entity that engages in the purchase or sale as principal (including any relevant personnel) is located in the U.S.
  7. Comments Sought on the Definition of Covered Fund. The Final Rule defines covered fund to cover issuers of the type that would be investment companies but for section 3(c)(1) or 3(c)(7) of the Investment Company Act6 (i.e., hedge funds and private equity funds), with certain exclusions for specific types of issuers. Without changing the definition of covered fund, the Proposal seeks comments on whether the definition should be further tailored to exclude certain additional types of funds (such as venture capital funds), whether to define covered fund with reference to certain fund characteristics (an alternative discussed in the preamble to the Final Rule), or whether to reference an existing definition (such as the SEC’s Form PF definitions of “hedge fund” and “private equity fund”).7
  8. Activities Permitted in Connection with Organizing and Offering a Covered Fund.
    1. Beneficial treatment of the value of covered fund interests under the underwriting and market-making exemptions. Section 13(d)(1)(B) of the BHC Act permits a banking entity to purchase and sell securities and other instruments in connection with certain underwriting or market-making-related activities. Under the Final Rule, so long as certain requirements are met, the prohibition on ownership or sponsorship of a covered fund does not apply to a banking entity’s underwriting and market-making-related activities involving a covered fund. The Proposal would, for a covered fund that a banking entity does not organize or offer, remove the requirement that the banking entity include in its aggregate fund limit and capital deduction the value of any ownership interests of the covered fund acquired or retained under the underwriting or market-making exemption in order to facilitate a banking entity’s underwriting and market-making related activities for covered funds and to permit a banking entity to hold exposures consistent with the reasonably expected near term demand of clients, customers, and counterparties.
    2. Expanded permitted risk-mitigating hedging activities. Section 13(d)(1)(C) of the BHC Act provides an exemption for certain risk-mitigating hedging activities. The Proposal would expand permitted risk-mitigating hedging activities to allow a banking entity to acquire a covered fund interest as a hedge when acting as an intermediary on behalf of a customer that is not itself a banking entity to facilitate the exposure by the customer to the profits and losses of the covered fund, so long as the activity is designed to mitigate risk.
  9. Limitations on Relationships with a Covered Fund.
  10. Comments sought on easing restrictions relating to covered transactions with covered funds. Section 13(f) of the BHC Act generally prohibits a banking entity that serves as investment manager, investment adviser, or sponsor to a covered fund (or that organizes and offers a covered fund pursuant to section 13(d)(1)(G) of the BHC Act) from entering into a transaction with such covered fund that would be a covered transaction as defined in section 23A of the Federal Reserve Act (“Federal Reserve Act”).8 The Proposal requests comments on whether the exemptions provided in section 23A of the Federal Reserve Act and Regulation W9 should be incorporated into the Volcker Rule, which would allow banking entities to extend credit to certain covered funds with which they are associated. This reopens a debate that the Final Rule had resolved against permitting the exemptions.
  11. Increased parity for foreign banking entities’ activities and investments outside of the U.S. Section 13(d)(1)(I) of the BHC Act permits foreign banking entities to acquire or retain an ownership interest in, or act as sponsor to, a covered fund, so long as those activities and investments occur solely outside the United States and certain other conditions are met (the “foreign fund exemption”). The Proposal would remove as a condition of the foreign fund exemption the requirement that no financing for the banking entity’s ownership or sponsorship of covered fund interests is provided by any branch or affiliate that is located in or organized under the laws of the U.S. in order to ease the burden on foreign banking entities’ operations outside of the U.S. The other conditions of the foreign fund exemption will continue to apply.
  12. Clarification of the SOTUS exemption’s marketing restriction. Under the SOTUS (solely outside of the U.S.) covered fund exemption to the Volcker Rule prohibition on banking entities’ investments in covered funds, foreign banking entities may invest in a covered fund so long as no ownership interest in the covered fund is offered for sale or sold to a resident of the U.S., known as the marketing restriction.10 Under the Proposal, an ownership interest in a covered fund is not offered for sale or sold by the foreign banking entity to a resident of the United States for purposes of the marketing restriction only if it is not sold and has not been sold pursuant to an offering that targets residents of the U.S.
  13. Permitted Covered Fund Activities of a Foreign Banking Entity
  14. Comments Sought on Treatment of Non-Covered Fund Mutual Funds and Extension of No-Action Policy Statement for Foreign Excluded Funds. The Proposal requests comment on how to approach treatment of certain funds, including U.S.-registered investment companies and foreign excluded funds,11 that are excluded from the definition of covered fund but remain subject to the Volcker Rule because they are considered banking entities.12 With respect to foreign excluded funds, the Proposal extends until July 21, 2019 the no-action period described in the Federal banking agencies’ July 21, 2017 policy statement, assuming certain conditions are met. It had been due to expire on July 21, 2018. During this time the Federal Reserve Board’s FAQ #14 will remain in effect.13
  15. Banking entities with significant trading assets and liabilities. Banking entities with significant trading assets and liabilities would be subject to the six-pillar compliance program requirement,14 the metrics reporting requirements, the underwriting and market-making compliance program requirements, the covered fund documentation requirements, and the CEO attestation requirement.
  16. Banking entities with moderate trading assets and liabilities. Banking entities with moderate trading assets and liabilities would be required to establish a simplified compliance program and comply with the CEO attestation requirement.
  17. Banking entities with limited trading assets and liabilities. Banking entities with limited trading assets and liabilities would be presumed to be in compliance with the Volcker Rule. These banking entities would not be required to establish a special Volcker Rule compliance program unless the appropriate Agency, based upon a review of the banking entity’s activities, determines that the banking entity must establish a simplified compliance program.
  18. Changes to Covered Fund Activities and Investments.
  19. Tailored Compliance Programs and Presumption of Compliance for Smaller Banking Entities. The Proposal attempts to more effectively tailor compliance program and reporting and metric collection requirements for certain banking entities based on their size and the nature of their activities in order to reduce burdens and uncertainty for smaller institutions, and would focus compliance program requirements on banking entities with the most significant and complex trading activities. The Proposal includes three categories:
  20. Simplification of Reporting and Recordkeeping Requirements. The Proposal recommends certain amendments to Appendix A of the Final Rule to reduce compliance-related inefficiencies.

1 Section 13 of the BHC Act was added by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). Pub. L. No. 111-203; see Dodd-Frank Act § 619; 12 U.S.C. 1851.

2 Available at; see also Federal Reserve Staff Memo to the Board of Governors (May 25, 2018), available at

3 The Final Rule, consistent with section 13 of the BHC Act, defines the term “banking entity” to include (i) any insured depository institution; (ii) any company that controls an insured depository institution; (iii) any company that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978; and (iv) any affiliate or subsidiary of any entity described in clauses (i), (ii), or (iii).

4 The “short-term intent prong” includes any account used by a banking entity to purchase or sell one or more financial instruments principally for the purpose of (a) short-term resale, (b) benefitting from short-term price movements, (c) realizing short-term arbitrage profits, or (d) hedging any of the foregoing. The Final Rule included a rebuttable presumption that the purchase or sale of a financial instrument is for the trading account if the banking entity holds the instrument for fewer than 60 days or substantially transfers the risk of the position within 60 days (the 60-day rebuttable presumption). See § __.3(b)(2) of the Final Rule.

5 The market risk capital prong would be modified to include an account used by a foreign banking entity to purchase or sell one or more financial instruments, if the foreign banking entity is subject to a market risk capital framework imposed by its home country supervisor.

6 Sections 3(c)(1) and 3(c)(7) of the Investment Company Act, in relevant part, provide exclusions from the definition of “investment company” for (1) any issuer whose outstanding securities are beneficially owned by not more than one hundred persons and that is not making and does not presently propose to make a public offering of its securities (other than short-term paper) (Section 3(c)(1)); or (2) any issuer, the outstanding securities of which are owned exclusively by persons who, at the time of acquisition of such securities, are “qualified purchasers” as defined by section 2(a)(51) of the Investment Company Act, and that is not making and does not at that time propose to make a public offering of such securities (Section 3(c)(7)). See 15 U.S.C. 80a-3(c)(1) and (c)(7).

7 See Form PF, Glossary of Terms. Form PF uses a characteristics-based approach to define different types of private funds. A “private fund” for purposes of Form PF is any issuer that would be an investment company, as defined in section 3 of the Investment Company Act, but for section 3(c)(1) or 3(c)(7) of that Act. Form PF defines the following types of private funds: hedge funds, private equity funds, liquidity funds, real estate funds, securitized asset funds, venture capital funds, and other private funds.

8 12 U.S.C. 371c.

9 12 U.S.C. 371c(d); see also 12 CFR 233.41-233.43.

10 See FAQ #13, “SOTUS Covered Fund Exemption: Marketing Restriction.”

11 Foreign excluded funds are certain foreign funds that are excluded from the definition of “covered fund” under the Final Rule with respect to a foreign banking entity.

12 The Final Rule specifically excludes covered funds from the definition of banking entity.

13 See FAQ #5, “Foreign Public Fund Seeding Vehicles,” available at the public websites of the Agencies; FAQ #14, “How does the Final Rule apply to a foreign public fund sponsored by a banking entity?” available at the public websites of the Agencies.

14 Like the Final Rule, the Proposal would provide that a six-pillar compliance program must include written policies and procedures, internal controls, a management framework, independent testing and audit, training for relevant personnel, and recordkeeping requirements.


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.

© Ropes & Gray LLP | Attorney Advertising

Written by:

Ropes & Gray LLP

Ropes & Gray LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at:

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.