Volcker Rule …. understanding and implementing it

The proposals are named after their creator, former Federal Reserve Chairman Paul Volcker. As part of the Dodd-Frank Act, Congress adopted a ban on proprietary trading and restricted investment in hedge funds and private equity by commercial banks and their affiliates, the so-called “Volcker Rule.”

The newly created Financial Stability Oversight Council (FSOC) and the Federal Reserve Bank (FRB) are responsible for writing the regulations that will enforce this legislation. The first step in the rulemaking process for the Volcker Rule is for the FSOC to complete a study of the legislation and make recommendations to the FRB, Federal Depository Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC).

Institutions have a seven year timeframe to become compliant with the final regulations.

Dodd-Frank Act deadline nearing, is your company in compliance?

July 21 deadline for  Dodd–Frank Wall Street Reform and Consumer Protection Act is approaching.  With the Dodd-Frank deadline nearing, it is important that you evaluate whether the systems, processes and people you have in place can support the many requirements of the rule, including greater transparency and disclosure mandated by the reform. And the Impact of Dodd-Frank on OTC Derivatives: Supporting Central Trading and Clearing.

House Agricultural Committee would delay the implementation of new derivatives regulations until December 31, 2012. The bill is expected to be voted soon by the House Financial Services Committee and should it pass, would then be considered by the full House.