Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act contains the “Volcker Rule.” The Volcker Rule is of interest to subscription credit facility lenders since it will broadly restrict banking entities from engaging in, among other things, certain private fund sponsorship, general partner, management and investment activities in connection with the funds that serve as borrowers and related credit parties under subscription credit facilities (for the full text of the Volcker Rule see rRuleFinalText06-30-2010.pdf). Existing subscription credit facilities should remain unaffected by the new legislation as the new rules are not expected to take effect for a minimum of four years. However, the Volcker Rule places a number of issues on the horizon and is expected to impact the private equity businesses of banks in the coming years as discussed below.