US Agencies (CFTC, FDIC, FED, OCC, and SEC) issued technical corrections to the Volcker rule amendments that were published in the Federal Register on July 31, 2020. The rule from July 2020 amends regulations implementing section 13 of the Bank Holding Company Act (2020 amendments) by modifying the Volcker rule's prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as covered funds. The agencies note that the effective date for the 2020 amendments is unchanged and continues to be October 01, 2020.
Two of the amendatory instructions of the 2020 amendments did not accurately reflect changes to the agencies' rules. Specifically, this correction notice corrects an instruction stating that the agencies were revising paragraph (d)(1) of section __.20 of the 2020 amendments when the agencies intended to revise the introductory text to paragraph (d)(1). This correction notice also corrects instructions concerning 17 CFR 255.10(c)(11) and 75.10(c)(11) to retain the introductory text for those paragraphs.
Effective Date: October 01, 2020
Keywords: Americas, US, Banking, Volcker Rule, BHC Act, Covered Funds Restrictions, US Agencies
Previous ArticleEC Discusses Strategy to Tackle Non-Performing Loans in EU
Next ArticleEBA Launches Transparency Exercise for Banks in EU
In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.
The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.
The European Insurance and Occupational Pensions Authority (EIOPA) proposed to amend the supervisory statement on supervision of run-off undertakings that are subject to Solvency II regulation.
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.