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Regulators release Volcker Rule compliance deadline

Banks are expected to fully comply with the Volcker Rule by July 21, 2014, or two years after the rule technically takes effect, the federal banking regulators said in a statement released on April 23.

[B]anking entities by statute have two years from July 21, 2012, to conform all of their activities and investments to [the Volcker Rule], unless that period is extended by the [Federal Reserve],” the statement said. “[They] should engage in good-faith planning efforts … to enable them to conform their activities and investments to the [rule's] requirements … and final implementing [regulations] by no later than the end of the conformance period.

This may include complying with reporting or record-keeping requirements if such elements are included in the final rules."

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