Section
619 required the Board to adopt rules governing the conformance periods for
activities and investments restricted by that section, which the Board did on
February 9, 2011. However, the Board has since then received a number of
requests for clarification of the manner in which this conformance period would
apply and how the prohibitions will be enforced. The Board is issuing this
statement to address this question.
The
Board’s conformance rule grants entities covered by the Volcker Rule a period
of two years after the statutory effective date, which would be until July 21,
2014, to fully conform their activities and investments to the requirements of
section 619 of the Dodd-Frank Act and any implementing rules adopted in final
under that section, unless that period is extended by the Board.
The Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission (the “agencies”) plan to administer their oversight of banking entities under their respective jurisdictions in accordance with the Board’s conformance rule. The agencies have invited public comment on a proposal to implement the Volcker rule, but have not adopted a final rule.
Source: --> http://www.cftc.gov/PressRoom/PressReleases/pr6238-12
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