On Dec. 10, 2013, the CFTC, FDIC, Federal Reserve Board, OCC and SEC issued a final rule (the “Final Rule”) implementing Section 619 of the Dodd-Frank Act, which is commonly referred to as the “Volcker Rule.” The Volcker Rule restricts the proprietary trading and private investment fund activities of U.S. banks and their affiliates, as well as foreign banks with a branch or agency office in the United States and their affiliates (collectively, “banking entities”).

The text of the Final Rule is more than 70 pages long, while the supplemental guidance issued with it numbers nearly 900 pages and contains more than 2,800 footnotes. While the Final Rule is largely similar to the Notice of Proposed Rulemaking issued by the agencies in 2011, it does contain numerous important modifications.

Click here for an analysis of the Final Rule as it would affect a banking entity’s ability to engage in “proprietary trading.”