The US financial regulators are expected to act on December 10, 2013, on final regulations implementing Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”). The Volcker Rule prohibits US banks and non-US banks with US banking operations, as well as their affiliates, from engaging in proprietary trading and from sponsoring and investing in private equity funds and hedge funds (covered funds). The final regulations will seek to define the scope of the Volcker Rule prohibitions and exemptions, including those for market making, hedging, asset management, securitization, and for certain activities conducted “solely outside the United States.”
Please join Mayer Brown lawyers David Sahr, Jerome Roche, Carol Hitselberger and Donald Waack as they provide a high-level overview of the final regulations, including the principal changes from the proposed regulations and their potential extraterritorial effect. Session One, on Thursday, December 19, will cover the prohibition on sponsoring, investing in and lending to covered funds. Session Two, on Friday, December 20, will examine the prohibition on proprietary trading, the impacts on securitization, and the Volcker Rule compliance program requirements. We will also address expected changes in the conformance period.
View our Legal Report on the Volcker Rule
View our Legal Update, "The Volcker Rule – Application to Securitization Transactions."