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Subject: Prohibitions and Restrictions on Proprietary Trading (the Volcker Rule): Notice of Proposed Rulemaking
Date: January 10, 2012
To: Chief Executive Officers of All National Banks, Federal Savings Associations, Federal Branches and Agencies, Department and Division Heads, and All Examining Personnel
Description: Extension of Comment Period
On November 7, 2011, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the U.S. Securities and Exchange Commission (the agencies) published in the Federal Register a proposed rule to implement section 619 of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd–Frank Act), which contains certain prohibitions and restrictions on the ability of a banking entity to engage in proprietary trading and to have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed rule stated that the public comment period would close on January 13, 2012.
Because of the complexity of the issues involved and to facilitate coordination of the rulemaking among the responsible agencies as provided in section 619 of the Dodd–Frank Act, the agencies are extending the comment period from January 13, 2012, until February 13, 2012.
The notice of extension of comment period (attached) was published in the Federal Register on January 3, 2012.
For further information, please contact Deborah Katz, Assistant Director; Ursula Pfeil, Counsel; Legislative and Regulatory Activities Division, at (202) 874–5090; or Roman Goldstein, Attorney, Securities and Corporate Practices Division, at (202) 874–5210.