On February 9, 2011, the Board published a final rule implementing the provisions of Dodd-Frank that give banking entities a defined period of time to conform their proprietary trading and hedge fund and private equity fund activities to the Volcker Rule. The Final Rule gives such entities a conformance period of two years, with the possibility of three one-year extensions, and an additional period of up to five years for investments in illiquid funds. For in-depth analysis of this rule, see our client alert at http://www.mofo.com/files/Uploads/Images/110214-Federal-Reserve-Publishes-Final-Rule-Conformance-Volcker.pdf.