The Board of Governors of the Federal Reserve has given banking entities until July 21, 2016, to conform legacy investments in hedge funds, and private equity funds—so-called “covered funds”—and foreign funds (legacy investments include those that were in place prior to December 31, 2013). Banking entities are prohibited from acquiring or holding an ownership interest in, sponsoring, or having certain relationships with covered funds and foreign funds under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Board also announced its intent to grant an additional one-year extension next year to July 21, 2017. During these extension periods, banking entities are expected to engage in “good faith efforts” to conform to Dodd-Frank requirements regarding the relevant legacy investments by the end of conformance period. These extensions do not relate to proprietary trading activities that still must be conformed to by July 21, 2015. This relief was granted within days of the passage by Congress of the Consolidated and Further Continuation Appropriations Act 2015 which significantly narrowed the so-called “Push-Out” rule of Dodd Frank—which would have required all government-insured bank swap dealers to transfer all or part of their swaps portfolios to non-bank affiliates.