Understand the key elements of the current Volcker Rule compliance regime.
As the Volcker Rule was being implemented, the OCC, one of the regulatory agencies in charge of implementing it, estimated that its cost to the banking industry could run into the billions. As the Volcker Rule approaches its ninth birthday (and the Dodd-Frank Act that created it nears its twelfth), the OCC's estimate has been fully borne out. While the banking industry has settled in with the Volcker Rule (with perhaps varying degrees of grudging acceptance), significant compliance requirements, especially for large and complex banks, are ongoing. This course will teach you what the Volcker Rule is, where it came from, and what institutions and entities are impacted by the rule. This material will also review how the rule has changed over the decade or so it has existed, what its current requirements are, including requirements that form the backbone of a Volcker Rule compliance program.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Introduction and Background
- What Is the Volcker Rule?
- Where Did the Volcker Rule Come From and Why Does It Exist?
- Who Does the Volcker Rule Impact?
What Does the Volcker Rule Do?
- Key Terminology
- Banking Entity
- Proprietary Trading
- Covered Fund
- Proprietary Trading Limitations
- General Prohibition
- Exclusions and Exemptions
- Covered Fund Limitations
- General Prohibition
- Exclusions and Exemptions
- Covered Transactions
- Compliance Program Requirements
- Different Levels of Compliance for Banking Entities
How Has the Volcker Rule Changed Since It Was Enacted?
- EGRRCPA Changes (Congress, 2018)
- Created a Community Bank Exemption
- Created an Exception From Sponsorship Prohibition Through Name Sharing
- Regulatory Agency Changes, 2018-2020
- Narrowing the Definition of Proprietary Trading
- New and Expanded Proprietary Trading Exclusions and Exemptions
- New and Expanded Covered Fund Exclusions and Exemptions
- Amended Compliance Regime to Reduce Regulatory Burden
Key Elements of the Current Volcker Rule Compliance Regime
- For Banking Entities With Significant TALs
- Six Pillars
- Annual CEO Attestation
- Simplified Program for Banking Entities With Moderate TALs
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on June 23, 2022.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.1
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.0
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
- NH MCLE 1.1
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 64 Minutes.
- NM CLE 1.0
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.0 hours of credit.
- NV CLE 1.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
- NY CLE 1.0 including Areas of Professional Practice 1
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Education- Noggin Guru, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Nathan Brownback
Seward & Kissel LLP
Nathan S. Brownback
- Associate in Seward & Kissel’s Financial Services Regulatory Group, in their Washington D.C. office
- Practice focuses on the regulation of domestic and foreign banks, with particular emphasis on the regulation under the Dodd-Frank Act, including the Volcker Rule
- Co-authored the United States chapter of the 2022 edition of Lexology, Getting the Deal Through: Fintech, which provides a summary of key aspects of United States fintech law, and he is a contributor to Seward & Kissel’s Cryptocurrency and Blockchain blog, SKrypto
- Served as a law clerk for Judge Richard T. Morrison on the U.S. Tax Court
- Prior to receiving his law degree, he was an economic research analyst, first in the private sector and subsequently for a regional Federal Reserve Bank
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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