The Board of Governors of the Federal Reserve, the SEC and the CFTC jointly confirmed recently that entities subject to the Volcker Rule would the have the full two year period provided by Section 619 of the Dodd-Frank Act to fully conform its activities and investments, unless the Board extends the conformance period.  Banking entities now have until July 21, 2014 to fully conform their activities and investments to the Volcker Rule. 

The Volcker Rule has caused significant debate among politicians, regulators and Wall Street, making it possible, if not probable, that the conformance period may be extended in the future.  However, some regulators have stated that they expect a final Volcker Rule to be completed by September and possibly earlier.