Regulatory Alerts2020-07-31 | 2020-15525Prohibitions 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 adopted final amendments to the regulations implementing Section 13 of the Bank Holding Company Act, commonly known as the Volcker Rule. These amendments streamline compliance by introducing new exclusions for credit funds, venture capital funds, family wealth management vehicles, and customer facilitation vehicles, while modifying existing exclusions for foreign public funds and loan securitizations. The rule also clarifies ownership interest definitions, permits limited covered transactions between banking entities and their sponsored funds, and reduces extraterritorial impacts by exempting qualifying foreign excluded funds from certain restrictions.
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