The SEC, CFTC and Federal Reserve adopted an interagency final rule intended to simplify the Volcker Rule.
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In anticipation of clarifying the treatment of qualifying foreign excluded funds under the Volcker Rule, banking agencies will not take action against foreign banking entities for a two-year period ending on July 21, 2021.
The FDIC and Federal Reserve Board (collectively, the "agencies") found that the resolution plans (the "plans") of four foreign-based banks had "shortcomings" in how each bank communicated and coordinated between its U.S. operators and foreign parent "in stress." Separately, the agencies adopted final resolution plan "guidance for the 2019 and subsequent resolution plan submissions by the eight largest, complex U.S. banking organizations." Pursuant to the Dodd-Frank Act , resolution plans are mandated and must outline a company's strategy for a resolution under bankruptcy "in the event of
A proposal by the Federal Reserve Board, FDIC, Office of the Comptroller of the Currency, SEC and CFTC to revamp the Volcker Rule was published in the Federal Register.
The Board of Governors of the Federal Reserve System issued a proposal aimed at simplifying and tailoring compliance with the Volcker Rule.