On Aug. 20, 2019, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”) approved a final rule to amend the regulations adopted in 2013 implementing Section 13 of the Bank Holding Company Act, commonly referred to as the “Volcker Rule.” While the Final Rule is largely similar to the Notice of Proposed Rulemaking issued by the agencies on May 30, 2019, it does contain important modifications from the Proposed Rule. The other three agencies charged with implementing the Volcker Rule — the Commodity Futures Trading Commission, Federal Reserve Board and the Securities and Exchange Commission — are expected to approve the Final Rule in the coming days.
This Alert analyzes the Final Rule as it would affect a banking entity’s investments in, or sponsorship of, private investment funds. Read more here.
For more SRZ Alerts related to the Volcker Rule, see “Volcker Rule Update: Agencies Announce They Will Not Enforce Rule for Foreign Funds Until July 2021” and “Volcker Rule Update: Agencies Adopt Final Rule to Exclude Community Banks and Modify the Name-Sharing Restriction.”