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Volcker Rule Revisions Streamline and Clarify Proprietary Trading and Covered Fund Restrictions and Compliance Obligations

August 27, 2019, Covington Alert

On August 20, 2019, the Board of Directors of the Federal Deposit Insurance Corporation (the “FDIC”) approved a final rule (the “final rule”)1 that will significantly revise existing regulations implementing the Volcker Rule – a statutory provision that generally prohibits banking entities from engaging in proprietary trading or taking an ownership interest in, sponsoring, or having certain other relationships with hedge funds or private equity funds.

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