The Federal Reserve Board announced its approval of a statement clarifying that an entity covered by section 619 of the Dodd-Frank Act, or the Volcker Rule, has the full two-year period provided by the statute to fully conform its activities and investments, unless the Board extends the conformance period.
Institutions will have until July 21, 2014 to fully conform activities and investments to the Volcker Rule requirements. During the conformance period, institutions would engage in good-faith planning efforts, appropriate for their activities and investments, to enable them to conform their activities and investments to the requirements by no later than the end of the conformance period.
The Federal Reserve Board, the OCC, the FDIC, the SEC, and the CFTC plan to administer their oversight of banking entities under their respective jurisdictions in accordance with the conformance rule. The agencies have invited public comment on a proposal to implement the Volcker rule, but have not adopted a final rule.
Read the full statement.