SYNOPSIS:

Final regulations for implementation of the “Volcker Rule” were issued by five U.S. federal agencies in December 2013. The Volcker Rule restricts banking entities from engaging in proprietary trading and from investing in or sponsoring private equity and hedge funds (so-called “covered funds”) – absent an applicable exemption. The Volcker Rule’s restrictions also apply to “foreign banking organizations” (FBOs), i.e., non-U.S. banks which maintain a bank branch, agency office or subsidiary in the United States, including all branches of the FBO globally and all 25% affiliates of the FBO globally. This presentation will focus on the extra-territorial impact of the Volcker Rule on FBOs, on significant exceptions to the definitions of “proprietary trading” and “covered funds”, and on the most relevant exemptions which FBOs may utilize in respect of their proprietary trading and funds activities.  FULL DETAILS