Volcker Rule
Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the Volcker rule, generally prohibits insured depository institutions and any company affiliated with an insured depository institution from engaging in proprietary trading and from acquiring or retaining ownership interests in, sponsoring, or having certain relationships with a hedge fund or private equity fund. These prohibitions are subject to a number of statutory exemptions, restrictions, and definitions. The Federal Reserve Board is working closely with the other agencies charged with implementing the requirements of section 619, including the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.
Conformance materials
- SR Letter 16-18: Procedures for a Banking Entity to Request an Extended Transition Period for Illiquid Funds (December 9, 2016)
- Federal Reserve Board formalizes previously announced one-year conformance period extension for certain Volcker rule legacy fund investments (July 7, 2016)
- Federal Reserve Board announces banking entities have until July 21, 2016, to conform investments in and relationships with covered funds and foreign funds that were in place prior to December 31, 2013 (December 18, 2014)
- Federal Reserve Board announces it intends to grant banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations covered by section 619 of Dodd-Frank (April 7, 2014)
- Federal Reserve Board announces banking entities covered by section 619 of the Dodd-Frank Act are required to fully conform their activities by July 21, 2015 (December 10, 2013)
- Volcker rule conformance period clarified (April 19, 2012)
- Federal Reserve issues final rule to implement Volcker rule conformance period (February 9, 2011)
Open Board meeting regarding final rule to implement section 619 of the Dodd-Frank Act
Collateralized debt obligations backed by trust preferred securities (TruPS CDOs)
- Agencies approve interim final rule authorizing retention of interests in and sponsorship of collateralized debt obligations backed primarily by bank-issued trust preferred securities (January 14, 2014)
- Agencies reviewing treatment of collateralized debt obligations backed by trust preferred securities under final rules implementing the "Volcker rule" (December 27, 2013)
- Agencies issue FAQ document regarding collateralized debt obligations backed by trust preferred securities under final rules implementing the "Volcker rule" (December 19, 2013)