News & Analysis as of

Banks Covered Funds

Foley & Lardner LLP

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

Foley & Lardner LLP on

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

Morrison & Foerster LLP

Agencies Finalize Amendments To Volcker Rule Covered Fund Provisions

On June 25, 2020, five federal agencies (the “Agencies”) finalized amendments to the rules implementing section 13 of the Bank Holding Company Act of 1956 (the “Volcker Rule”) related to the prohibition on investing,...more

Kramer Levin Naftalis & Frankel LLP

Understanding the Newly Proposed Credit Fund Exclusion Under the Volcker Rule

Section 13 of the Bank Holding Company Act of 1956 (the BHC Act) generally prohibits any insured depository institution (as defined in Section 3(c) of the Federal Deposit Insurance Act, but excluding institutions that...more

Dechert LLP

Volcker 2.0: Agencies Propose to Reduce Regulatory Burdens Imposed by the Volcker Regulations

Dechert LLP on

After a long lead up, the five agencies (Agencies) with responsibility for the regulations that implement the Volcker Rule (Regulations) have issued a wide ranging proposal to tailor the application of the Regulations in...more

Jones Day

Volcker Rule Reform Begins

Jones Day on

The Situation: The Volcker Rule's complexity has created uncertainty and compliance burdens that adversely affect market liquidity, risk hedging, and other economically important activities. The Opportunities: Bank...more

Sullivan & Worcester

Volcker Rule Developments

Sullivan & Worcester on

At the end of last week, the Fed and the other banking agencies issued an interpretation that applied to investments in certain foreign funds by foreign banking organizations that are subject to the Volcker rule. Such banks...more

Stinson - Corporate & Securities Law Blog

Legislation Amending Volcker Rule Passes in House

The Investor Clarity and Bank Parity Act (HR 4096) passed in the U.S. House of Representatives. The Volcker Rule adopted by the regulators limited the ability of bank holding companies and their affiliates, including...more

Troutman Pepper

Observation 3.0: Frequently Asked Questions and Answers on the Volcker Rule and the Implications for Foreign Banks Investing in...

Troutman Pepper on

1. Question: What is the Volcker Rule, and when does it take effect? Answer: The Volcker Rule was enacted into law as section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank...more

Dechert LLP

Opportunities for Banking Entities Under the Joint Venture Provision of the Volcker Regulations

Dechert LLP on

Under the Volcker Regulations (Regulations), banking entities are sharply restricted in their ability to invest in and sponsor entities that are treated as “covered funds.” During the rulemaking process, the Volcker Agencies...more

Dechert LLP

Volcker Agencies Provide Guidance Regarding Treatment of Registered Funds and Foreign Public Funds During Their Seeding Period

Dechert LLP on

As the general July 21, 2015 deadline approached to conform with the implementing regulations (Final Rules) for the Volcker Rule, a key issue remained with respect to the sponsoring, organizing and seeding of investment...more

Ballard Spahr LLP

Federal Reserve Issues Second Extension of Volcker Compliance Date, Previews Final Extension Next Year

Ballard Spahr LLP on

The Board of Governors of the Federal Reserve System (the Board) recently issued an order granting the second of three statutorily permitted one-year extensions for compliance by banking entities with the requirements of the...more

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