On July 31, 2020, the Federal Register published the final Volcker Rule covered funds amendments promulgated in June by the federal financial services regulators (the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the Office of the Comptroller of the Currency, and the Commodity Futures Trading Commission).
In her latest
On March 30, 2020, the SEC ordered its third ever whistleblower award to a compliance officer in the amount of $450,000.
In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, among other things provided for the payment of monetary awards under certain circumstances to whistleblowers whose tips to the SEC
In November 2019, the financial services regulators responsible for the Volcker Rule regulations (the Board of Governors of the Federal Reserve Board, the Office of the Comptroller of the Currency, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation and the Securities and Exchange Commission, collectively, the “Agencies”) issued final rules revising the proprietary
On January 29, 2020, the Financial Stability Oversight Council (FSOC)’s finalization of its guidance on how it would assess risks to the US financial system became effective. The Final Guidance, as did the proposed guidance, now focuses on an activities-based approach to assessing such risk, rather than focusing on identifying specific systemically important financial
On Nov. 1, 2019, the US federal banking regulators published three final rules for both US banks and non-US banks with banking operations in the United States regarding prudential standards, liquidity management and resolution planning. In this edition of her New York Law Journal International Banking column, Kathleen A. Scott discusses the history of
The Volcker Rule prohibits “banking entities” (generally, insured banks and their affiliates, and non-US banks with US banking operations) from engaging in proprietary trading or sponsoring or investing in private equity funds. Regulations initially implementing the rule were adopted by the federal banking, commodities and securities regulators (Agencies) in 2014.
In 2018, the Agencies proposed
On August 20, 2019, the Federal Deposit Insurance Corporation (FDIC) and the Comptroller of the Currency (OCC) became the first two of the five agencies required to approve final amendments to the Volcker Rule that were proposed last year. Our blog post on the proposal may be accessed here.
Highlights of the final rule
On July 17, 2019, the time period for a no-action position with respect to enforcement action under the Volcker Rule for certain non-US funds was extended for two more years.
On July 21, 2017, the Federal Reserve Board, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation (the “US Banking Agencies”), issued
On July 9, 2019, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission (collectively, the Agencies), announced that it had finalized a February 2019 proposed rule to make two amendments to
On March 13, 2019, the Financial Stability Oversight Council (FSOC) published in the Federal Register proposed revised interpretive guidance (Proposed Guidance) on how the FSOC would assess risks to the US financial system, prioritizing an activities-based approach, rather than focusing on identifying specific systemically important financial institutions (SIFIs), which come under the FRB’s purview for