The federal banking regulators, SEC, and CFTC have jointly proposed revisions to the Volcker Rule that address the prohibitions and restrictions regarding covered fund activities in the same way that the agencies’ August 2019 rulemaking primarily focused on the Volcker Rule’s restrictions on proprietary trading. The agencies intend for the proposed revisions to clarify, streamline, and ease the compliance burden of the covered funds provisions of the Volcker Rule.