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Fed Extends Deadlines for Volcker Rule Compliance

Joe Mont | December 19, 2014

The Federal Reserve Board is giving banks more time to comply with the Volcker rule’s demand that they extricate themselves from investments in hedge funds and private equity funds and wind down speculative positions held on their own behalf, rather than for clients.

On Thursday, its Board of Governors issued an order that gives banks until July 21, 2016 to conform their investments in, and relationships with, covered and foreign funds that were in place prior to Dec. 31, 2013. The Board also announced its intention to grant banks an additional year to bring ownership interests in legacy covered funds into compliance. That extension, to July 21, 2017, will be made official in early 2015.

The Volcker rule prohibits insured depository institutions and any company affiliated with those banks, from engaging in proprietary trading. It also prohibits acquiring or retaining ownership...

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