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Tuesday, December 10, 2013

Federal Reserve Sets Volcker Rule Conformance Period

The Federal Reserve Board has announced that banking entities covered by section 619 of the Dodd-Frank Act will be required to fully conform their activities and investments to the statute and regulations by July 21, 2015.

The Dodd-Frank Act directed the Board to adopt rules governing the conformance period for section 619 and requires banking entities to conform by July 21, 2014, unless extended by the Board. To ensure effective compliance, the Board is extending the conformance period by one year.

The Federal Reserve Board, OCC, FDIC, SEC and CFTC will apply section 619 in accordance with the Board's conformance rule.

Read more.

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