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Agencies Finalize Changes to Simplify Volcker
On Tuesday, October 8, 2019, the five federal financial regulatory agencies issued a joint release announcing that they finalized revisions to simplify compliance requirements relating to the “Volcker rule.” By statute, the Volcker rule generally prohibits banking entities from engaging in proprietary trading or investing in or sponsoring hedge funds or private equity funds. The changes were jointly developed by the Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission.
The rules will be effective on January 1, 2020, with a compliance date of January 1, 2021.