The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Mon, 13 Jul 2026 13:35:40 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Senate-House Conference Agrees on Final Volcker Rule – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Senate-House Conference Agrees on Final Volcker Rule https://corpgov.law.harvard.edu/2010/06/27/senate-house-conference-agrees-on-final-volcker-rule/?utm_source=rss&utm_medium=rss&utm_campaign=senate-house-conference-agrees-on-final-volcker-rule https://corpgov.law.harvard.edu/2010/06/27/senate-house-conference-agrees-on-final-volcker-rule/#comments Sun, 27 Jun 2010 14:02:14 +0000 http://blogs.law.harvard.edu/corpgov/?p=10603?d=20150120101640EST Posted by Margaret E. Tahyar, Davis Polk & Wardwell LLP, on Sunday, June 27, 2010
Editor's Note:

Margaret E. Tahyar is a partner and member of the New York Financial Institutions Group at Davis Polk & Wardwell LLP. This post is based on a Davis Polk client memorandum by Ms. Tahyar, Robert L.D. Colby, Randall D. Guynn, Arthur S. Long and Annette L. Nazareth.

Early Friday morning, the House-Senate Conference on the Dodd-Frank Act of 2010 (the “Act”) agreed on the final legislative text of the Act, including Section 619 (the “Volcker Rule”). The Volcker Rule is a revised version of an amendment introduced by Senators Merkley (D–OR) and Levin (D–MI) in the final stages of the Senate debate, and takes the form of new Section 13 of the Bank Holding Company Act of 1956 and new Section 27B of the Securities Act of 1933.

Summary

Subject to certain exceptions, the Volcker Rule prohibits any “banking entity” from engaging in proprietary trading, or sponsoring or investing in a hedge fund or private equity fund. It also requires systemically important nonbank financial companies to carry additional capital and comply with certain other quantitative limits on such activities, although it does not expressly prohibit them.

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