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MoFo Reenforcement The Enforcement Blog

Volcker Rule Relief for Foreign Banking Entities

Posted in Regulatory Developments

On August 20, 2019, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) approved a final rule which will amend the Volcker Rule to simplify and tailor compliance with Section 13 of the Bank Holding Company Act’s restrictions on a bank’s ability to engage in proprietary trading and own certain funds. It is expected that the other three federal agencies responsible for implementing the Volcker Rule will adopt the final rule as well. On August 26, 2019, we summarized in a Client Alert key changes under the 2019 Final Rule affecting all banking entities. In this Client Alert, we focus on the changes that affect foreign banking entities.

Read our client alert.