Volcker Rule reviews of foreign funds delayed

The Federal Reserve, OCC, and FDIC issued a joint press release yesterday announcing that they will not take action related to restrictions under the Volcker Rule for certain foreign funds for an additional two years. Certain foreign funds that are organized and offered outside of the United States are excluded from the definition of covered fund under the agencies' implementing regulations. However, these foreign funds could become subject to restrictions under the Volcker Rule because of governance arrangements with or investment by foreign banking entities.