OCC, FRB, FDIC, SEC, and CFTC – Final Rule – Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds

July 31, 2020 – The OCC, FRB, FDIC, SEC, and CFTC are adopting amendments to the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13 contains certain restrictions on the ability of a banking entity or nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund (covered funds). These final amendments are intended to improve and streamline the regulations implementing section 13 of the BHC Act by modifying and clarifying requirements related to the covered fund provisions of the rules.

Effective date: The final rule is effective on October 1, 2020.

Client Impact:
Volcker Rule (Regulation VV)

For more information, visit www.federalregister.gov

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