The Federal Reserve Board announced today that it has acted under the Volcker Rule to give banking entities until July 21, 2016, to conform investments in, and relationships with, covered funds and foreign funds that were in place prior to December 31, 2013, ("legacy covered funds") with the requirements of the Volcker Rule. The Board also announced its intention to act next year to grant banking entities an additional one-year extension of the conformation period until July 21, 2017, to conform ownership interests in, and relationships with, legacy covered funds.
For a copy of the Board's announcement, click here.
