Economics
Fed Should Delay Parts of Volcker for Some Funds, Sifma Says
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Wall Street’s main lobbying group asked the Federal Reserve to extend the deadline for complying with some provisions of the Volcker Rule limiting banks’ investments in private-equity and hedge funds.
The Securities Industry and Financial Markets Association said a poll of its members shows 14 of them plan to seek extensions for about 2,965 illiquid funds before the July 21 compliance deadline. To prevent a time crunch on analyzing every request, the Fed would be better off issuing blanket extensions on some categories of funds, the organization wrote in a letter to the central bank.