Скачать презентацию Volcker Rule Volcker Rule Conformance Period
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Volcker Rule
Volcker Rule
Conformance Period
Conformance Period
What the Volcker Rule Covers
Financial instrument
Proprietary Trading Exclusions
Permitted Proprietary Trading
Permitted Proprietary Trading (cont’d)
Permitted Proprietary Trading (cont’d)
Permitted Hedging Activities
Permitted Hedging Activities (cont’d)
Permitted Hedging Activities (cont’d)
Permitted Market-Making Activities
Permitted Market-Making Activities (cont’d)
Permitted Market-Making Activities (cont’d)
Permitted Underwriting Activities
Permitted Underwriting Activities (cont’d)
Permitted Underwriting Activities (cont’d)
Effect on Rule 144 A transactions
Effect on Rule 144 A transactions (cont’d)
Permitted Trading for FBOs
Permitted trading for FBOs (cont’d)
Permitted trading for FBOs (cont’d)
Foreign Government Obligations
Deal flow under Rule 15 a-6
Prudential Backstops
Covered Funds Prohibition
Sponsorship
Ownership Interests
What is a Covered Fund?
Commodity Pools
Foreign Covered Funds
What is Not a Covered Fund?
Other Exclusions
What May or May Not Be a Covered Fund
Permitted Activities and Investments
“Super 23 A” and 23 B Restrictions
“Super 23 A” and 23 B Restrictions
Foreign Funds
Foreign Covered Funds
Foreign Fund Exclusion
Foreign Fund Exemption
Foreign Fund Exemption (cont’d)
Investments by Foreign Funds
Foreign Public Funds
Securitization Overview
Securitization Overview (cont’d)
Securitization Overview (cont'd)
Securitization Overview (cont'd)
Securitization Overview (cont'd)
Loan Securitization Exclusion
Loan Securitization Exclusion (cont’d)
Qualifying ABCP Conduit Exclusion
Qualifying Covered Bond Exclusion
Wholly Owned Subsidiary Exclusion
Covered Fund Problem Areas
Covered Fund Restrictions
Covered Fund Restrictions (cont’d)
Definition of “Ownership Interest”
Definition of “Ownership Interest” (cont’d)
Definition of “Ownership Interest” (cont’d)
Definition of “Sponsor”
Interagency Working Group
Compliance Programs
Compliance Programs (cont’d)
Enhanced Compliance Programs
Enhanced Compliance Programs (cont’d)
Enhanced Compliance Programs (cont’d)
Enhanced Compliance Programs – Risks
Enhanced Compliance Programs – Other Compliance Matters
Enhanced Compliance Programs (cont’d)
About Morrison & Foerster