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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    Akufo-Addo worried over impact of fertiliser shortage on poultry industry

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    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

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Fed gives banks five years to comply with Volcker Rule limits

bycitibusinessnews
December 13, 2016
in INTERNATIONAL, US
Lower Manhattan including the financial district is pictured from the Manhattan borough of New York, U.S. June 1, 2016. REUTERS/Carlo Allegri/File Photo - RTX2M4AG

Lower Manhattan including the financial district is pictured from the Manhattan borough of New York, U.S. June 1, 2016. REUTERS/Carlo Allegri/File Photo - RTX2M4AG

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The Federal Reserve Board laid out on Monday how U.S. banks can apply to take five more years to comply with the Volcker Rule, a reform emerging from the 2007-09 financial crisis that has received some of the harshest criticism from Wall Street.

The rule, intended to keep banks from speculating with their customers’ money, limits the amount of illiquid investments firms can hold. Big Wall Street banks have said they need more time to exit fund investments that are difficult to sell but no longer allowed by the 2010 Dodd-Frank Wall Street reform law.

The Fed said it was the final grace period it could grant following three one-year extensions.

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It said a bank would qualify for an extension as long as it demonstrated meaningful progress in divesting illiquid funds, had a sufficient compliance program and the Fed was not concerned it was trying to evade the law.

Firms will also need to certify that the funds meet the definition of illiquid and lay out a plan for divesting or making the investments conform to the rule.

Before the crisis, big banks had proprietary trading desks that made bets on market direction, as well as in-house hedge funds, investments in external hedge funds and co-investments alongside clients in internal private-equity funds. Underlying assets could range from investments in private companies to real estate and long-dated derivatives.

In regulatory filings, banks have said they may face difficulty in getting rid of those investments by upcoming deadlines.

–

Credit: Reuters

 

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