Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds

Title:
Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds
Subject: Volcker rule; covered funds
Agency: FDIC, Federal Reserve, OCC
Status: Final rule
Summary:

The OCC, Board, FDIC, SEC, and CFTC (together, the agencies) are adopting amendments to the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13 contains certain restrictions on the ability of a banking entity or nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund (covered funds). These final amendments are intended to improve and streamline the regulations implementing section 13 of the BHC Act by modifying and clarifying requirements related to the covered fund provisions of the rules.

FR Doc: 2020-15525; 2020-21100 (technical corrections)
Date proposed: Jan. 30, 2020
Comments due date:

April 1, 2020; but agencies later announced comments will be taken until May 1, 2020

Final rule effective date: Oct. 1, 2020
Rule compliance date:
Agency release:

Related Reg Report item(s): Agencies cite coronavirus crisis as reasoning for extending comments on Volcker rule changes

Banking agencies propose looser Volcker rule restrictions for ‘covered funds’

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