Key takeaways

• On December 10, 2013, the federal banking agencies, the Securities and Exchange Commission and the Commodity Futures Trading Commission adopted final regulations to implement the Volcker Rule. The culmination of a well-reported and extraordinary regulatory process, the Final Rule is approximately 70 pages long and accompanied by a 900-page preamble that seeks to provide interpretive guidance, respond to the extensive comments received on the proposed rules and clarify the intent of the agencies.
• This Client Update presents a top-level review of the major components of the Final Rule for the benefit of clients and friends that seek a way to understand the new regulatory framework and its principal features. We anticipate providing a more in-depth analysis of the regulation and its implications for affected institutions in the coming weeks.