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Banks get extension on Volcker provision compliance

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Banks get extension on Volcker provision compliance

Banks finally received confirmation that they had more time todivest themselves of pre-2014 investments in hedge funds.

The Federal Reserve Board officially pushed back thedeadline to July 21, 2017. Originally scheduled for 2014, that makes thisextension the last one-year postponement that the regulator can grant forcompliance with that section of the Volcker Rule.

The Volcker Rule, part of the Dodd-Frank Act, bans insureddepository institutions and their affiliates from proprietary trading. It alsobans some of their relationships with hedge funds or private equity funds. Theprovision in question prohibits "legacy covered fund" investmentsmade before Dec. 31, 2013.