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
APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.
EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
HM Treasury notified that, after considering all responses, the government intends to bring forward further legislation, when the Parliamentary time allows, to address issues identified in the consultation on supporting the wind-down of critical benchmarks.
EIOPA launched the 2021 stress test for the insurance sector in EU.
UK authorities jointly published the third edition of Regulatory Initiatives Grid setting out the planned regulatory initiatives for the next 24 months.
EC is requesting feedback on the proposed Commission Delegated Regulation on the content, methodology, and presentation of information that large financial and non-financial undertakings should disclose about their environmentally sustainable economic activities under the Taxonomy Regulation.
OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.
Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.
ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.
EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.