Regulatory Alerts2014-01-31 | 2013-31476Added · Updated
Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity Funds
The Commodity Futures Trading Commission adopted a final rule to implement Section 619 of the Dodd-Frank Act, which prohibits banking entities from engaging in proprietary trading and restricts their ownership interests in or relationships with hedge funds and private equity funds. The rule establishes specific exemptions for underwriting, market-making, risk-mitigating hedging, and trading on behalf of customers, while imposing strict compliance program and reporting requirements on covered entities. This regulation was developed in coordination with the Federal Reserve, FDIC, OCC, and SEC to ensure consistent application across financial regulators.
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