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Fed grants extension for Volcker compliance
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Volcker Rule
Tuesday, December 30, 2014
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Under Section 619 of the Dodd-Frank Act, commonly referred to as the Volcker Rule, banks generally are prohibited from engaging in proprietary trading and from acquiring or retaining an ownership interest in, sponsoring or having certain relationships with a hedge fund or private equity fund. In what the American Bankers Association has called a “win,” the Board of Governors of the Federal Reserve System has extended the conformance period for legacy covered funds.
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