The Volcker rule may not hit fundsters' siblings too hard.
Yesterday five financial regulatory agencies approved
the rule, intended to limit banks' and Wall Street's risk-taking, and the mutual fund industry can take comfort that its trade group chief doesn't sound upset with the results.
"Regulators appear to have heard our concerns," Paul Schott Stevens
, CEO of the the ICI
, told Reuters.
The wire service's Ross Kerber and Sarah Lynch report that fundsters had worried that the rule's provision restricting banks' involvement in hedge funds and private equity ones would, if unclear, also hit "commodity pools, foreign registered mutual funds, securitized loans and corporate structures such as joint ventures." Yet the final version, according to Reuters
, "excludes publicly offered foreign funds, insurance company accounts, certain corporate vehicles, loan securitizations and a broader array of commodity pools."
"There were some successful efforts to deal with some unintended overreaching aspects of the proposed regulation," Mark Nuccio
, an attorney with Ropes & Gray
, told Reuters
Kirkland & Ellis
partner Bruce Ettelson
, ex-SEC investment management division chief Robert Plaze
, and Ken Spain
of the Private Equity Growth Capital Council
all weighed in for the article.
Neil Anderson, Managing Editor
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