United States: Agencies finalize changes to simplify Volcker Rule
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The U.S. federal financial regulatory agencies have finalized revisions to simplify compliance requirements relating to the “Volcker rule.”
By statute, the Volcker rule generally prohibits banking entities from engaging in proprietary trading or investing in or sponsoring hedge funds or private equity funds.
Under the revised rule, firms that do not have significant trading activities will have simplified and streamlined compliance requirements.
Firms with significant trading activity will have more stringent compliance requirements.
The rules will be effective on January 1, 2020, with a compliance date of January 1, 2021.
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