The Federal Reserve approved an "extended transition period" of up to five years for SVB Financial Group, Deutsche Bank AG and UBS Group AG to conform investments to Volcker rule requirements.

The companies have investments in what the rule classifies as "illiquid funds," the Fed said in a June 7 press release. The Volcker rule, part of the Dodd-Frank Act, generally blocks banks from proprietary trading and other investments deemed too risky.

The Fed told companies they could apply for such an extension in December 2016.