Volcker

Fri 21 Jul, 2017

End of conformance period for banking entities to conform their ownership interests in, and sponsorship of, certain collateralised loan obligations (CLOs)

Tue 21 Feb, 2017

Volcker Rule effective date for entities that were granted two one-year extensions.

Sat 31 Dec, 2016

Metrics reporting requirement threshold lowered to  USD 10 billion in trading assets and liabilities. No metrics reporting requirement for a banking entity that does not engage in activities covered by the Volcker Rule.

Sat 30 Apr, 2016

Metrics reporting requirement threshold lowered to  USD 25 billion in trading assets and liabilities.

Tue 21 Jul, 2015

End of conformance period, unless extended for another year by the FRB. The banking entities covered by the Volcker Rule will be required to fully conform their activities and investments to the statute and regulations. (Except for CLOs – 21 July 2017) 

Tue 21 Jul, 2015

Deadline to adopt a compliance program, unless the banking entity does not engage in activities covered by the Volcker Rule. Light, standard or enhanced compliance program depending on the total consolidated assets.

Tue 09 Dec, 2014

Section 716 of Dodd-Frank, the “push-out” / “Lincoln” rule,  is amended. The amendment confines the rule’s application to ABS that are not eligible for hedging exemptions (Consolidated and Further Continuing Appropriations Act, 2015’)

Mon 21 Jul, 2014

End of conformance period ((N.B. the FRB has announced that the conformance period is extended to 21 July 2015)

Mon 30 Jun, 2014

Effective for banking entities with at least USD 50 billion. Metrics reporting requirement covering: Risk and Position Limits and Usage; Risk Factor Sensitivities; VaR and Stress VaR; Comprehensive Profit and Loss Attribution; Inventory Turnover; Inventory Aging; Customer Facing Trade Ratio. The  entity must report its daily metrics recorded during the month of July to the FRB by September 2, 2014.

Mon 07 Apr, 2014

The FRB issues a news release announcing its intent to extend the conformance period to 21 July 2017, but only for ownership interest in, and sponsorship of, certain collateralised loan obligations (CLO)

Tue 10 Dec, 2013

The US federal banking agencies (Federal Reserve Board, CFTC, FDIC, OCC, SEC)  issue a final rule implementing the Volcker Rule. The Final Rule is effective 1 April 2014.

Tue 10 Dec, 2013

The FRB announces that the conformance period is extended to 21 July 2015

Tue 11 Oct, 2011

The US federal banking agencies (Federal Reserve Board, CFTC, FDIC, OCC, SEC)  propose rules implementing the Volcker Rule

Wed 21 Jul, 2010

The Volcker Rule (Section 619 of the Dodd Frank Act) is signed into law. The Volcker Rule is due to become effective on 21 July 2012, and conformance period is expected to end on 21 July, 2014. The Federal Reserve Board (FRB) has the power to extend this conformance period, one year at a time, for a total of no more than three additional years (i.e. 21 July 2017). (N.B. the FRB has announced on 10 December 2013 that the conformance period is extended to 21 July 2015)

Thu 15 Jan, 2009

The Group of 30, a policy advice group chaired by former Reserve Chairman Paul Volcker, publishes a report that includes a call for restrictions on proprietary trading

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