Legislation Amending Volcker Rule Passes in House
The Investor Clarity and Bank Parity Act (HR 4096) passed in the U.S. House of Representatives. The Volcker Rule adopted by the regulators limited the ability of bank holding companies and their affiliates, including investment advisers, to sponsor covered funds. Consequently, according to the current regulations, a covered fund cannot use the name of a sponsor. The Act eliminates this prohibition and simply allows an investment adviser to share a similar name with a covered fund, subject to certain limitations.
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