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News Release 2020-82
June 25, 2020
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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 regulatory agencies today finalized a rule modifying the Volcker rule's prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as covered funds. The final rule is broadly similar to the proposed rule from January.
The Volcker rule generally prohibits banking entities from engaging in proprietary trading and from acquiring or retaining ownership interests in, sponsoring, or having certain relationships with a hedge fund or private equity fund.
Like the proposal, the final rule modifies three areas of the rule by:
The rule will be effective on October 1.
Federal Reserve BoardEric Kollig(202) 452-2955
CFTCPublic Affairs(202) 418-5080
FDICBrian Sullivan(202) 898-6534
OCCBryan Hubbard(202) 649-6870
SECPublic Affairs(202) 551-4120