On April 19, 2012, the Federal Reserve Board approved a statement clarifying that banking entities have until July 21, 2014 to fully comply with Section 619 of the Dodd-Frank Act (commonly known as the “Volcker Rule”) and any rules adopted to implement the Volcker Rule. The Volcker Rule imposes certain prohibitions and restrictions on a banking entity’s ability to engage in proprietary trading and maintain interests in hedge funds and private equity funds. The Federal Reserve Board’s statement provides registered investment companies with additional time to determine how they may be affected by the implementation of the Volcker Rule. The SEC and other federal agencies have proposed a joint rule to implement the Volcker Rule.