On December 12, the Fed announced additional details addressing the way in which banking entities may seek an extension of the July 21, 2017 deadline by which they are to divest assets that are not permitted by the Volcker Rule. According to the Fed, illiquid legacy investments are expected to generally qualify for deadline extensions of up to five years, as long as the company has made appropriate efforts to deal with those investments, has an adequate compliance program, and the Fed is not concerned that the company is attempting to evade the deadline. The Fed has also made available both a Supervision and Regulation Letter (SR 16-18) and a statement of policy that describe its expectations when an application for an extension is submitted.