Today, after a nearly three-and-a-half-year wait, not to mention fierce debate across Wall Street and Capitol Hill and among Washington and overseas regulators, the final version of the “Volcker Rule” regulation was released by the FDIC, the Fed, the OCC and the SEC. (The CFTC is expected to follow suit later today.) Today, the Fed also announced a one-year extension to the conformance period, so that entities subject to the Volcker Rule will now have until July 21, 2015 to bring their activities and investments into full compliance with its restrictions and requirements.

The Volcker Rule is part of the Dodd-Frank Act and restricts the proprietary trading and private investment fund activities of U.S. banks and bank affiliates, as well as foreign banks with banking operations in the United States and their affiliates. The final version of the Volcker Rule together with its preamble guidance, which is available here, totals 978 pages.

SRZ is reviewing the final version of the Volcker Rule and will issue further Alerts, including a summary of its provisions.