SEC Advances Proposed Volcker Rule

Law360, New York (October 12, 2011, 3:36 PM EDT) -- U.S. securities regulators on Wednesday approved a proposed rule that would restrict major banks' proprietary trading activities, just a day after other financial regulators approved their own versions of the rule.

In a 4-0 vote, the U.S. Securities and Exchange Commission voted to put its version of the Volcker Rule up for public comment. The SEC also approved, by a 3-1 vote, a rule requiring security-based swaps dealers and major market participants to register with regulators.

Under the proposed rule, bank holding companies and their subsidiaries...
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