OCC and FDIC Approve Interagency Final Rule Amending Volcker Rule
The Office of the Comptroller of the Currency ("OCC") and the FDIC approved an interagency final rule simplifying certain aspects of existing regulations implementing the Volcker Rule (i.e. Section 619 of Dodd-Frank). The Federal Reserve Board, SEC and CFTC have not yet approved the rule.
The final rule is generally consistent with the 2018 proposal (see previous coverage). Modifications were adopted in the final rulemaking process with respect to the "trading account" definition and the exceptions to the prohibition on proprietary trading.
The final rule will be effective as of January 1, 2020, and compliance will be required as of January 1, 2021.
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