SIFMA, ISDA, FIA, and other industry trade associations and diverse banking organizations made recommendations on proposed changes to regulations implementing the "Volcker Rule."
The Board of Governors of the Federal Reserve System provided guidance on the process to be used by banking entities seeking an extension to continue to retain investments that qualify as "illiquid funds."
The Board of Governors of the Federal Reserve System added two additional questions and answers to its Volcker Rule FAQs. New question number seventeen deals with compliance procedures for market making desks and the identification of covered funds. New question number eighteen discusses CEO certification for prime brokerage transactions.