On May 30, 2018, the Board of Governors of the Federal Reserve System issued a proposal (the “Proposed Rule”) to amend the rules implementing Section 13 of the Bank Holding Company Act of 1956 (the “Volcker Rule”). Shortly thereafter, the other federal agencies responsible for implementing the Volcker Rule followed suit. In general, the Proposed Rule would provide regulatory relief to banking entities subject to the Volcker Rule by tailoring its application, simplifying certain standards and requirements, and reducing compliance burden. Comments on the Proposed Rule are due 60 days after its publication in the Federal Register.
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