The Volcker Rule, which is scheduled to go into effect July 21, 2012, restricts proprietary trading activities and owning equity interests in or sponsoring of private equity funds by “banking entities.” The term “banking entities” is defined by the Act to include (i) FDIC-insured depository institutions, (ii) bank holding companies, (iii) savings and loan holding companies, (iv) other entities that control an FDIC-insured depository institution, and (v) foreign banks that are regulated as if they are bank holding companies under the International Banking Act ( i.e., foreign banks that have a U.S. The three federal banking agencies and the SEC recently approved for comment a proposed regulation implementing Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”), 1 more generally known as the “Volcker Rule.” The 298-page proposal has yet to be published in the Federal Register, but the agencies have already agreed to an extended comment period for the proposal – running until Janu– given the subject matter’s significance. Resources : Clients & Friends The Volcker Rule’s Impact on Financial Institutions’ Ownership and Sponsorship of Structured Finance and Securitization Transactions
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