Volcker Rule: Federal Banking Agencies Release New Guidance on the Treatment of “Foreign Excluded Funds” Under the Volcker Rule

Sullivan & Cromwell LLP - July 22, 2017
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On Friday afternoon, the staffs of the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued a joint statement relating to the implementation of section 13 of the Bank Holding Company Act of 1956, as amended, commonly known as the “Volcker Rule,” with respect to foreign banking entities’ investment in and sponsorship of certain foreign funds.