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Press Release
November 17, 2010

Federal Reserve issues proposal to implement
Volcker Rule conformance period
For immediate release
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The Federal Reserve Board on Wednesday requested comment on a
proposed rule to implement provisions of the Dodd-Frank Wall Street
Reform and Consumer Protection Act that give banking firms a defined
period of time to conform their activities and investments to the so-called
Volcker Rule.
The Volcker Rule generally prohibits banking entities from engaging in
proprietary trading in securities, derivatives, or certain other financial
instruments, and from investing in, sponsoring, or having certain
relationships with a hedge fund or private equity fund. The statute
generally provides banking entities two years to bring their activities and
investments into compliance with the Volcker Rule, and allows the Board
to extend this conformance period for specified periods under certain
conditions. The Dodd-Frank Act requires that the Board issue rules
implementing the Volcker Rule's conformance period.
In developing the proposed rule, the Board consulted with the
Department of the Treasury, the Office of the Comptroller of the
Currency, the Federal Deposit Insurance Corporation, the Securities and
Exchange Commission, and the Commodity Futures Trading
Commission.
Comments on the proposal must be submitted within 45 days after
publication in the Federal Register, which is expected shortly.

Federal Register notice: HTML | PDF

Last Update: November 17, 2010

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