On October 11th, the FDIC, Federal Reserve Board, OCC and SEC published for public comment a proposed regulation implementing the "Volcker Rule" requirements of Section 619 of the Dodd-Frank Act. That Section prohibits insured depository institutions, bank holding companies, and their subsidiaries or affiliates from engaging in short-term proprietary trading of any security, derivative, and certain other financial instruments for a banking entity's own account, subject to certain exemptions. It also prohibits insured institutions from owning, sponsoring, or having certain relationships with, a hedge fund or private equity fund, subject to certain exemptions. It is anticipated that the CFTC will issue a comparable proposal in the near future. Comments should be submitted on or before January 13, 2012. Press Release.