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Thursday, June 8, 2017

Fed Issues First Volcker Rule Extensions for Illiquid Funds

Pursuant to a process announced in December 2016, the Federal Reserve issued five-year extensions for three banking firms to conform legacy illiquid fund investments with the Volcker Rule’s prohibition on ownership interests in legacy covered funds. ABA persistently urged the Fed over several years to set up the process. Applications were due to the Fed in January 2017. Banks that do not seek extensions or are not granted extensions have until July 21 to divest interests in prohibited funds, provided they were in place by the end of 2013. 

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