The five US financial agencies ("Agencies") have approved jointly prepared final regulations ("Final Rules") to implement the prohibitions on engaging in proprietary trading and investment in or sponsorship of a private equity fund or hedge fund that apply to "banking entities" as defined in the Final Rules. These prohibitions are referred to as the Volcker Rule. The Board of Governors of the Federal Reserve System ("Board"), the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Securities and Exchange Commission ("SEC") and the Commodities Futures Trading Commission approved virtually identical Final Rules on December 10, 2013.
 Agency Joint Release on Final Rules on Prohibition and Restrictions on Proprietary Trading and Certain Interests In, and Relationships with, Hedge Funds and Private Equity Funds (December 10, 2013) ("Release").
 The Volcker Rule is codified as Section 13 of the Bank Holding Company Act of 1956, as amended ("BHC Act"). 12 U.S.C. §1851.
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