Regulatory Alerts2020-02-28 | 2020-02707Proposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds
The OCC, Board of Governors of the Federal Reserve System, FDIC, SEC, and CFTC jointly issued a notice of proposed rulemaking to amend regulations implementing Section 13 of the Bank Holding Company Act, commonly known as the Volcker Rule. The proposal seeks to streamline and clarify requirements related to covered fund provisions by introducing new exclusions for credit funds, venture capital funds, and family wealth management vehicles, while modifying existing exclusions for foreign public funds and loan securitizations. This action invites public comment on these regulatory changes to better tailor compliance requirements based on the risk of banking entities' activities with hedge funds and private equity funds.
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