FDIC approves easing of Volcker Rule
Brendan McDermid | Reuterson Tuesday voted to approve a five-agency revision of the post-crisis regulation known as the Volcker Rule.
The approval helps clarify the way in which banks to trade securities using their own funds, the ban of which was a key portion of legislation from the post-financial crisis bank crackdown. A key issue addressed by the proposed rollback concerned the definition of "proprietary trading," a transaction conducted by a firm designed for direct market gain instead of investing on behalf of clients. The regulators will clarified the definition of proprietary trading and editing the ban that prohibits banks from making short-term investments with their own capital.
Specifically, the final rule will remove an "accounting prong" used to determine the types of prohibited trading. Instead, regulators will defer to easier-to-digest models within the original Volcker Rule. Though magnitude of barred trading isn't anticipate to change significantly, banks will receive better guidance on their ability to make markets for customers.
The Volcker Rule was initially proposed the regulation and enacted under the Dodd-Frank Wall Street Reform and Protection Act and prevented banks from investing their own money in hedge funds and private equity funds.
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