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More haste, less speed for Volcker Rule
07 May 2012
It seemed like a foregone conclusion that the Volcker Rule will be enacted, but with delays predicted and a US presidential election approaching, its future is not absolutely certain, Annabelle Palmer finds
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Volcker Rule
The Volcker Rule is a provision of the Dodd Frank Wall Street Reform and Consumer Protection Act which would prohibit banks and their affiliates from conducting proprietary trading, meaning no more speculative investment for their own profit using hedge funds, private equity funds and other investment vehicles.
The specific language of the Volcker Rule is currently being determined by the Federal Reserve, the Securities and
Exchange Commission (SEC), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Commodities Futures Trading Commission (CFTC). Those institutions released a proposed rule in October of last year and have since received a barrage of comments.
Taking into account the thousands of comments received and the complexity of the rule, it now seems unlikely that these regulators will be able to meet the mandated deadline - July 21 2012 - for putting it into effect.
Some may have breathed a sigh...
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