The Federal Reserve held an open meeting today at which it released a proposal to modify the Volcker Rule regulations. Comments on the proposal will be due 60 days after the “date of issuance.” The other four regulators tasked with jointly implementing the Volcker Rule regulations are expected to release the same proposal in the coming days. The FDIC will meet on May 31, the CFTC will meet on June 4, and the SEC will meet on June 5; the OCC has yet to announce its timing.
We are reviewing the proposal; stay tuned to Davis Polk’s FinRegReform blog for our analysis.