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Some Highlights of the New Law

• Systemic Risk • Other Regulatory Relief |

Proposed Changes to the Volcker Rule

• Proposed SOTUS Changes • Other Proposed Changes Compliance Programs

“Limited trading assets and liabilities”—Banking entities with an average gross sum of less than $1 billion would be presumed to be in compliance with the Volcker Rule and not be required to establish a Volcker Rule compliance program unless otherwise specifically ordered to do so by their primary federal regulator.

“Moderate trading assets and liabilities”—Banking entities with an average gross sum between $1 billion and $10 billion will be required to establish a more simplified compliance program than currently required, but still will need to comply with the current CEO attestation requirement that the banking entity does not, directly or indirectly, guarantee, assume or otherwise insure the obligations or performance of the covered fund or of any covered fund in which the covered fund invests.

“Significant trading assets and liabilities”—Banking entities with an average gross sum of $10 billion or more will be subject to the most detailed compliance program requirements, including written policies and procedures, internal controls, independent testing and audit obligations, and recordkeeping requirements, in addition to the CEO attestation requirement.