Volcker Rule Update: Extension Granted for Legacy Funds
Yesterday, the Federal Reserve Board made a much-welcomed announcement: the deadline for divesting or conforming investments and relationships with so-called “legacy covered funds” has been extended by one year to July 21, 2016. In addition, the Federal Reserve Board indicated that it intends to grant another one-year extension next year, which would bring the deadline for these funds to July 21, 2017, for a two-year additional extension.