Volcker Rule Demystified LIVE Webcast
The controversial Volcker Rule which limits banks’ trading activity with their own funds remains a topic of high interest for finance companies. The complexities and potential impact of the rule triggered federal agencies to extend comment period in January. With the rule to take effect later in the year, finance companies need to overhaul their investment model now to avoid potential catastrophic penalties.A panel of key experts and thought leaders is being assembled by The Knowledge Group to provide companies with comprehensive information regarding this significant topic. In a two-hour live webcast, our experts will examine the substantive provisions of this rule as well as its impact in the financial industry. In addition to regulatory updates, speakers will also provide practical guidance on how to comply right now. A live interaction with the speakers is also included in this event
Arthur S. Long, Partner,
Davis Polk & Wardwell LLP
- Overview of proprietary trading prohibitions and principal exceptions
- General themes of the public comments on the proprietary trading prohibition, and what they mean for the final rule
- Conformance strategies given that the statute is effective on July 21, and the final rule may be finalized only close to that date
Kim Olson, Principal,
Deloitte & Touche LLP
The Volcker Rule, as proposed, would require banking entities to develop programmatic compliance regimes aimed at proving that prohibited activities have not been disguised as permitted trading (such as market-making/ underwriting). While the final rule has not been issued and the proposed requirements may change, distinguishing proprietary activities from permitted is challenging because both can evidence similar characteristics. Some of the practical challenges in operationalizing the Volcker Rule include:
- Identifying the universe of covered transactions, determining the trading unity level and systematically applying exemption criteria
- Applying the quantitative metrics at the trading unit level
- Establishing a comprehensive compliance regime to corroborate that trading activities are permissible
Adam Gale, Counsel,
Chadbourne & Parke LLP
- Overview of prohibition on sponsoring and investing in hedge funds and private equity funds
- Issues relating to the fund prohibition under the proposed rules and comment letters
- How the fund prohibition affects other types of transactions, such as project finance tax equity transactions
Marilyn Selby Okoshi, Partner, Financial Services Practice,
Katten Muchin Rosenman LLP
- prohibitions on private equity/hedge fund investments and sponsorship on foreign banks,
- implications of Super 23A to asset management businesses and prime brokerage exception
- what is “solely outside the U.S.” and problems with the definition
- implications for structuring for bank affiliated managers.
Who Should Attend:
- Bank Regulators
- Bank Presidents
- Bank Owner/Executives
- Financial Institutions’ Executives
- Bank Supervisors
- Compliance Officers
- Chief Risk Officers
- Banking Regulation Lawyers
- Banking Lawyers & Consultants
- Finance Lawyers
- Senior Management
- And other related professionals
Mr. Long has a reputation as a leading bank regulatory lawyer in the United States, having represented domestic and foreign banking organizations since the late 1990s. Mr. Long has recently taken a principal role in advising financial institutions on Dodd-Frank implementation with a special focus on the Volcker Rule. He is a magna cum laude graduate of the Harvard Law School and a former Supreme Court clerk to The Honorable Clarence Thomas.
Mr. Long has a reputation as a leading bank regulatory lawyer in the United States, having represented domestic and foreign …
Kim is a principal with Deloitte & Touche LLP and specializes in advising and delivering solutions to financial institutions on risk management, capital adequacy, internal controls, and regulatory compliance. She leads Deloitte’s service offering covering the Volcker Rule. Her career includes significant experience in industry and as a banking supervisor.Prior to joining Deloitte, she was managing director at a large international investment bank, where she headed the Risk Analytics Instruments function for the Americas and globally for securitization products. She also worked at a leading global rating agency, where she served as a managing director in the credit policy group. Prior to that, she spent several years at the Federal Reserve Bank of New York and held various positions within the Bank Supervision Group, including key roles with respect to the formulation of Basel II and the supervision of foreign banks.
Kim is a principal with Deloitte & Touche LLP and specializes in advising and delivering solutions to financial institutions on …
Adam Gale specializes in regulatory and compliance issues for banks, broker-dealers, hedge funds, private equity funds, commodity traders and registered investment companies. He is a frequent writer and speaker on regulatory issues, including issues relating to the Dodd-Frank Act and the Volcker Rule. Adam is the head of Chadbourne’s hedge fund practice and represents both established fund managers and start-up entities in fund structure and formation, as well as a number of major investors into funds. Prior to joining Chadbourne, Adam was Senior Counsel at The Bank of New York (now BNY Mellon). He was recently called on to advise the Office of the Comptroller of the Currency on issues relating to the Volcker Rule. Adam has represented both large and small U.S. and foreign banking institutions on U.S. bank regulatory issues.
Adam Gale specializes in regulatory and compliance issues for banks, broker-dealers, hedge funds, private equity funds, commodity traders and registered …
Marilyn Selby Okoshi, a partner in Katten Muchin Rosenman LLP’s Financial Services Practice and Chair of the Structured Products Practice, focuses her practice on investment funds and managers, commodity pool and CTA regulation, finance, derivatives and financial products. She has significant experience in the organization and representation of on-shore and off-shore hedge funds and managed futures funds, formation of managed account platforms and private equity funds, and expertly guides investment advisers and CTAs through securities and futures regulatory requirements and compliance. She also advises funds of funds and institutional investors with respect to derivatives, loan transactions, loan trading, financial products and investments in Asia. Her clients include U.S. and non-U.S. asset management firms and financial institutions. She also represents lenders and borrowers in bank loans, private placements of securities and structured transactions, and advises on mergers and acquisitions, joint ventures, securities offerings, and general corporate matters. Ms. Okoshi is fluent in English, Japanese and Mandarin Chinese.
Marilyn Selby Okoshi, a partner in Katten Muchin Rosenman LLP’s Financial Services Practice and Chair of the Structured Products Practice, …
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Method of Presentation:
On-demand Webcast (CLE)
NY Category of CLE Credit:
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About Davis Polk & Wardwell LLP
Davis Polk has one of the preeminent Financial Institutions practices in the United States, and its FIG group is at the forefront of advising on Dodd-Frank implementation matters. Davis Polk has been engaged as principal outside counsel for this work by all six of the largest U.S. banking organizations, the Securities Industry and Financial Markets Association (SIFMA), many of the largest foreign banks with operations in the United States, as well as other financial institutions.
About Deloitte & Touche LLP
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization of member firms around the world devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 169,000 people worldwide, Deloitte delivers services in the following professional areas – audit, consulting, financial advisory risk management and tax services – and serves more than one-half of the world’s largest companies, as well as large national enterprises, public institutions, locally important clients, and successful, fast-growing global growth companies.
About Chadbourne & Parke LLP
Chadbourne & Parke LLP is an international law firm with 13 offices around the world. Since its founding in 1902, Chadbourne has been dedicated to providing practical business solutions to a diverse range of clients in virtually all areas of law, emphasizing private equity and hedge fund formation, regulatory and compliance, M&A, corporate/corporate finance, U.S. and international tax, bankruptcy and financial restructuring, energy/renewable energy, project finance, insurance/reinsurance, intellectual property, commercial and product liability litigation, securities litigation and regulatory enforcement, antitrust, real estate and communications/technology. In addition to the U.S. and North America, major geographical areas of concentration include Latin America, Western Europe, Central and Eastern Europe, Russia and the Middle East
About Katten Muchin Rosenman LLP
Katten Muchin Rosenman LLP is a full-service law firm with 600 attorneys in offices across the United States and in Shanghai and an affiliate in London. Katten offers an extensive range of legal services across numerous industries, with core corporate, financial services, litigation, real estate, commercial finance, intellectual property and trusts and estates practices. Its Financial Services Practice represents many of the world’s premier hedge funds, CTAs, proprietary trading firms, FCMs, money managers, major investment and commercial banks, clearing corporations, derivatives dealers, family offices, insurance companies, investors and several international exchanges. Katten’s attorneys are at the leading edge of the global marketplace and are well versed in the latest developments in the industry.