HALISTER: Deutsche Bank, UBS Given Fed Extensions for Volcker Compliance

Deutsche Bank, UBS Given Fed Extensions for Volcker Compliance

(Bloomberg) -- Federal Reserve grants five-year Volcker Rule compliance extensions for funds owned by Deutsche Bank AG, UBS Group AG, SVB Financial Group, according to Wednesday statement.
  • Certain “illiquid funds” owned by the three will get extended transition period for as long as five years before they must be sold to satisfy Volcker, Fed says
  • Note: Dodd-Frank Act gave Fed authority to grant extension for Volcker compliance for funds too difficult to easily liquidate -- typically, private equity investments
  • Earlier: Banks Get Five Years to Meet Volcker Demand to Divest Funds
To contact the reporter on this story: Jesse Hamilton in Washington at jhamilton33@bloomberg.net To contact the editors responsible for this story: Jesse Westbrook at jwestbrook1@bloomberg.net Gregory Mott

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
DBK GR (Deutsche Bank AG)
UBSG VX (UBS Group AG)
SIVB US (SVB Financial Group)

Topics
First Word DC - Foreign Policy

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