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
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