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Volcker Rule: Fed Issues Guidelines on Requesting Extension of Seeding Period for Covered Funds
27 July 2017
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On Monday, the Federal Reserve Board (the “FRB”) released guidance on the procedures banking entities should follow to request an extension of the one-year seeding period for a covered fund sponsored in reliance on the Volcker Rule's "asset management" exemption.
The guidance describes how the FRB and the Federal Reserve Banks will process requests, including the criteria that will allow a Reserve Bank to act to approve an extension under delegated authority.
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