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Expert Analysis

Key Points From The Fed's Foreign Funds Volcker Relief

Law360, New York (June 24, 2015, 10:30 AM EDT) -- The Federal Reserve this month began addressing the question of whether foreign funds should be considered "banking entities" under the Bank Holding Company Act (BHCA), and therefore be subject to the Volcker Rule's proprietary trading restriction. The Fed's guidance (provided in the form of a "frequently asked question," or FAQ) clarifies that foreign public funds (e.g., undertakings for the collective investment in transferable securities, or UCITS[1]) will not be considered banking entities merely due to their boards being controlled by an affiliate (i.e., an affiliate within the BHC capable of holding a majority of a fund's director seats).[2]...

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