Reporting Rules Could Close Volcker Loopholes: Attys

Law360, New York (October 11, 2011, 12:40 PM EDT) -- Despite including several exemptions, reporting requirements in the hotly anticipated proposal to restrict banks’ proprietary trading activities will make it difficult for banks to fully get around the new rules, attorneys say.

The Federal Reserve Board, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. on Tuesday put out for comment a proposal for the so-called Volcker rule, named after former Fed Chairman Paul A. Volcker, who championed the restriction on proprietary trading by systemically important banks.

The intent of the...
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