On April 19th, the Federal Reserve Board announced its approval of a statement clarifying that an entity covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the so-called Volcker Rule, has the full two-year period provided by the statute to fully conform its activities and investments. The Board's conformance rule provides entities covered by section 619 of the Dodd-Frank Act a period of two years after the statutory effective date, which would be until July 21, 2014, to fully conform their activities and investments to the requirements of section 619 of the Dodd-Frank Act and any implementing rules adopted in final under that section. The FRB, the OCC, the FDIC, the SEC, and the CFTC plan to administer their oversight of banking entities under their respective jurisdictions in accordance with the FRB's conformance rule. Joint Press Release.
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Federal reserve confirms two-year extension on compliance with Volcker Rule
- Winston & Strawn LLP
- April 24 2012
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