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Volcker rule revisions are finalized

  • Five federal financial regulatory agencies finalize revisions to simplify compliance requirements relating to the Volcker rule.
  • The rule generally prohibits banks from engaging in proprietary trading or investing in or sponsoring hedge funds or private equity funds.
  • Under the revised rule, firms that don't have significant trading activities will have simplified and streamlined requirements, while firms with significant trading activity will have more stringent requirements.
  • Community banks generally are exempt from the rule.
  • The revisions continue to prohibit proprietary trading, while providing greater clarity and certainty for activities allowed under the law, the agencies said.
  • The rules become effective Jan. 1, 2020 with a compliance date of Jan. 1, 2021.
  • The changes were developed by the Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Securities and Exchange Commission.
  • ETFs: NYSEARCA:KRE, NYSEARCA:KBE, NYSEARCA:IAT, NASDAQ:KBWB, NYSEARCA:DPST, NASDAQ:QABA, NASDAQ:KBWR, NYSEARCA:WDRW, NASDAQ:FTXO, NYSEARCA:BNKD, NYSEARCA:BNKO, NYSEARCA:BNKU, NYSEARCA:KNAB, NYSEARCA:BNKZ
  • Previously: Volcker rule revamp could hurt bank credit quality - Moody's (Aug. 26)

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