Agencies Extend Comment Period for Proposed Rule Simplifying and Tailoring the “Volcker Rule”

Joint Release Board of Governors of the Federal Reserve System Commodity Futures Trading Commission Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Securities and Exchange Commission Five federal financial regulatory agencies on Tuesday extended until Oct. 17, 2018, the comment period for a proposed rule to simplify and tailor compliance requirements for the “Volcker rule.” The Volcker rule generally restricts banking entities from engaging in proprietary trading and from owning or controlling hedge funds or private equity funds. With the extension, the Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission will have provided interested parties with approximately four and a half months from the date the proposal was released to the public to submit comments.