The US Federal Reserve should grant permanent relief from the Volcker Rule’s treatment of foreign banks’ investments in their overseas hedge funds and private equity funds, a group representing these banks said.
US regulators granted temporary relief from this provision to offshore banks with US operations in July 2017, and extended it last month for two more years.
The Institute of International Bankers’ letter to the Fed acknowledged that the temporary relief has been effective.
Foreign banks in US seek relief from Volcker Rule's treatment of their overseas hedge funds
1 August 2019 10:03pm