Volcker Rule Moves Ahead; SEC Commissioner Dissents
Volcker Rule Moves Ahead; SEC Commissioner Dissents

The Securities and Exchange Commission (SEC) is the last of five agencies which has voted to seek public comment on the Volcker revamp, as reported by Bloomberg. After reviewing feedback to be submitted during the 60-day comment period, “regulators will likely hold a second round of votes on whether to make the changes final.”  SEC Chairman Clayton said that “the proposal seeks to simplify and tailor the 2013 final rule,” and that he looks “forward to commentator input about implementing the Volcker Rule in a more effective way.”

In a separate article in Asset Securitization Report, Rostin Behnam, the U.S. Commodity Futures Trading Commission’s (CFTC) lone Democratic commissioner became the first regulator to oppose proposed changes to the Volcker Rule.

“Unfortunately, the concerns I have outlined, and my exclusion from the process, leave me unable to support this proposal,” Behnam said about his vote. “Specifically here at the CFTC, we need to think very carefully about how the definition of hedging activity in the proposal compares to our definitions of hedging activity in the context of other critical rules like the de minimis threshold or position limits.”

SFIG will submit comments via our Volcker Task Force during the 60 day comment period. In recent advocacy, SFIG met with key regulators on Tuesday, April 24, to discuss our policy recommendations on the Volcker Rule and also submitted  comments to the Office of the Comptroller of the Currency in September 2017 in response to the request for public input on the final rule. If you wish to participate in our Volcker Task Force, please contact Michael.Williams@sfindustry.org

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