News & Analysis as of September 22, 2024

Volcker Rule › Investment Company Act of 1940

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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 -

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

Morrison & Foerster LLP on 7/6/2023

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

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

King & Spalding on 7/6/2022

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

The Final Volcker Rule: Implications for Venture Capital

Kelley Drye & Warren LLP on 9/3/2020

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

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

Jones Day on 7/15/2020

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

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

Troutman Pepper on 10/20/2015

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

Dodd-Frank at 4: Where do we go from here?

Morrison & Foerster LLP on 8/6/2015

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

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

Dechert LLP on 7/29/2015

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

A User's Guide to Volcker Rule Complexities

Morrison & Foerster LLP on 7/24/2015

Increasingly, we receive questions from prospective investors in covered bonds on whether an investment is prohibited or limited under the Volcker Rule, which was adopted by the various agencies under section 619 of the...more

Volcker Agencies Provide Seeding Period Guidance for BDCs, RICs and FPFs in New FAQ

Eversheds Sutherland (US) LLP on 7/22/2015

On July 16, 2015, the agencies responsible for implementing the Volcker rule (Agencies) issued FAQ 16, which provides guidance on the circumstances under which a seed investment would not cause (i) a registered investment...more

"Parallel Fund Structures Under the Volcker Rule"

Skadden, Arps, Slate, Meagher & Flom LLP on 5/15/2014

Skadden was one of 15 law firms that participated in the development of a recently released consensus interpretation letter regarding the ability of non-U.S. banking entities to invest in certain parallel funds organized by...more

Legal Alert: The Volcker Rule: The Rising Appeal of Registered Investment Companies and BDCs

Eversheds Sutherland (US) LLP on 1/10/2014

On December 10, 2013, the U.S. Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Commodity Futures Trading Commission, and the Securities and Exchange Commission...more

The Volcker Rule’s Impact on Foreign Banking Organizations

Morrison & Foerster LLP on 6/22/2012

The Volcker Rule, as embodied in the Dodd-Frank Act and reflected in proposed regulations, generally prohibits “banking entities” from engaging in proprietary trading and from investing in or sponsoring private equity and...more

Extraterritoriality: The Volcker Rule

Morrison & Foerster LLP on 6/12/2012

As the U.S. bank regulatory agencies continue their efforts to implement the Volcker Rule under increasing political pressure to stiffen the Rule’s requirements, it is worth revisiting how the Rule, in its current proposed...more

"Insights Special Edition: Dodd-Frank Rulemaking: Volcker Rule and SIFI Proposals: Impact of the Proposed Regulations On...

Skadden, Arps, Slate, Meagher & Flom LLP on 11/17/2011

Securitization has been the focus of many rulemaking initiatives in the wake of the financial crisis. The Volcker Rule is not directly targeted at securitization and expressly states that nothing in it should be construed to...more

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Volcker Rule › Investment Company Act of 1940

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