Federal regulators today voted to approve the “Volcker Rule”, more than two years after the rule’s proposal in 2011.

The Fed, FDIC, OCC, CFTC and SEC issued adopting releases and jointly approved a final rule that generally includes tougher restrictions on banking entities’ proprietary trading activities than those proposed in 2011, but expands the types of transactions and activities in which a banking entity may engage with certain types of investment vehicles, including securitization vehicles. The agencies also extended by one year the Volcker Rule’s original conformance period; affected banking entities must come into compliance with the final rule by July 21, 2015. The Volcker Rule is a product of the Dodd-Frank Act, and is intended to limit banking entities’ ability to engage in risky operations and investments.