In December 2013, the federal banking agencies, SEC and CFTC adopted final rules implementing the "Volcker Rule." The Volcker Rule was enacted in 2010 as section 619 of the Dodd-Frank Act and is codified as section 13 of the Bank Holding Company Act (12 USC § 1851). The final implementing rules are codified at 12 C.F.R. §§ 44 (OCC), 248 (Federal Reserve), and 351 (FDIC), and 17 C.F.R. §§ 75 (CFTC) and 255 (SEC). The final implementing rules are effective April 1, 2014 and activities and investments must be conformed by July 21, 2015.

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