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The Volcker Rule's Impact on CLO Issuances and other Securities Offerings

Section 619 of the Dodd-Frank Wall Street Reform Act of 20101 (the "Dodd-Frank Act") – commonly known as the "Volcker Rule" – adds a new section 13 to the Bank Holding Company Act of 1956, as amended, and prohibits "banking entities" (including US banking organizations and foreign banking organizations with a branch or agency in the United States and their US and non US subsidiaries and affiliates) from engaging in proprietary trading financial instruments, or from acquiring or retaining "ownership interests", in "covered funds", subject to certain exceptions.

This Insight offers an overview of the key provisions of the Volcker Rule that relate to capital markets issuers that may fall within the definition of an "investment company" for purposes of the IC Act. The overview is presented in a question-and-answer format to provide easy access to the issues of most interest to issuers subject to the Volcker Rule.

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