IIF President and CEO, Tim Adams, issued the following statement today, following the Federal Reserve Board, Federal Deposit Insurance Corp., and Office of the Comptroller of the Currency’s proposed changes to the Volcker rule:
“We’re glad to see U.S. regulators continue to evaluate the effectiveness and unintended consequences of existing regulation, and make adjustments where necessary. In this instance, we’re glad to see that the Volcker rule’s definitional issues have been reviewed and addressed to ensure that the rule accurately capture true proprietary trading but does not disallow other fund investments, customer market making or liquidity risk management. Our members also applaud the formalization of the exemption for qualifying foreign funds, which addresses some of the extraterritoriality issues.”
About the IIF: The Institute of International Finance is the global association of the financial industry, with more than 450 members from more than 70 countries. Its mission is to support the financial industry in the prudent management of risks; to develop sound industry practices; and to advocate for regulatory, financial and economic policies that are in the broad interests of its members and foster global financial stability and sustainable economic growth. IIF members include commercial and investment banks, asset managers, insurance companies, sovereign wealth funds, hedge funds, central banks and development banks.