Agencies Issue Final Rules Implementing the Volcker Rule
Five federal agencies on Tuesday issued final rules developed jointly to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule").
The final rules prohibit insured depository institutions and companies affiliated with insured depository institutions ("banking entities") from engaging in short-term proprietary trading of certain securities, derivatives, commodity futures and options on these instruments, for their own account. The final rules also impose limits on banking entities' investments in, and other relationships with, hedge funds or private equity funds.
Like the Dodd-Frank Act, the final rules provide exemptions for certain activities, including market making, underwriting, hedging, trading in government obligations, insurance company activities, and organizing and offering hedge funds or private equity funds. The final rules also clarify that certain activities are not prohibited, including acting as agent, broker, or custodian.
The compliance requirements under the final rules vary based on the size of the banking entity and the scope of activities conducted. Banking entities with significant trading operations will be required to establish a detailed compliance program and their CEOs will be required to attest that the program is reasonably designed to achieve compliance with the final rule. Independent testing and analysis of an institution's compliance program will also be required. The final rules reduce the burden on smaller, less-complex institutions by limiting their compliance and reporting requirements. Additionally, a banking entity that does not engage in covered trading activities will not need to establish a compliance program.
The Federal Reserve Board announced on Tuesday that banking organizations covered by section 619 will be required to fully conform their activities and investments by July 21, 2015. (Press Rel. 2013-258)
The following registration statements have been filed with the SEC under the Securities Act of 1933. The reported information appears as follows: Form, Name, Address and Phone Number (if available) of the issuer of the security; Title and the number and/or face amount of the securities being offered; Name of the managing underwriter or depositor (if applicable); File number and date filed; Assigned Branch; and a designation if the statement is a New Issue.
Registration statements may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at http://www.sec.gov/answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
S-8 Investors Bancorp Inc, 101 JFK PARKWAY, SHORT HILLS, NJ, 07078, 800-252-8119 - 662,800 ($10,342,938.00) Equity, (File 333-192717 - Dec. 9) (BR. 07B) S-4 NORTHRIM BANCORP INC, P O BOX 241489, ANCHORAGE, AK, 99524-1489, 0 ($7,522,031.82) Equity, (File 333-192718 - Dec. 9) (BR. 07B) S-8 American Airlines Group Inc., 4333 AMON CARTER BLVD, FORT WORTH, TX, 76155, 8179631234 - 0 ($220,614,328.00) Equity, (File 333-192719 - Dec. 9) (BR. 05A) S-8 KAMADA LTD, 7 SAPIR ST. WEIZMANN SCIENCE PARK, NESS ZIONA, L3, 74140, 97289406472 - 2,594,456 ($28,009,910.00) Equity, (File 333-192720 - Dec. 9) (BR. 01A) S-3ASR TE Connectivity Ltd., RHEINSTRASSE 20, CH-8200 SCHAFFHAUSEN, V8, 1, 41 (0)52 633 6661 - 0 ($0.00) Other, (File 333-192721 - Dec. 9) (BR. 10B) S-8 GAP INC, TWO FOLSOM STREET, SAN FRANCISCO, CA, 94105, 6509524400 - 0 ($40,000,000.00) Other, (File 333-192723 - Dec. 9) (BR. 09A) F-10 PLATINUM GROUP METALS LTD, 788 - 550 BURRARD STREET, VANCOUVER, A1, V6C 2B5, 6048995450 - 0 ($188,732,250.00) Equity, (File 333-192726 - Dec. 9) (BR. 09A) S-8 PROVIDENT FINANCIAL HOLDINGS INC, 3756 CENTRAL AVE, RIVERSIDE, CA, 92506, 9096866060 - 600,000 ($8,790,000.00) Equity, (File 333-192727 - Dec. 9) (BR. 07C) S-8 LOGITECH INTERNATIONAL SA, 6505 KAISER DR, C/O LOGITECH INC, FREMONT, CA, 94555, 5107958500 - 8,000,000 ($77,760,000.00) Equity, (File 333-192728 - Dec. 9) (BR. 03B) S-8 Syneron Medical Ltd., 972-4-909-6200 - 160,000 ($1,011,036.40) Equity, (File 333-192729 - Dec. 9) (BR. 10B) S-4 Meritage Homes CORP, 17851 NORTH 85TH STREET, SUITE 300, SCOTTSDALE, AZ, 85255, 480-515-8100 - 0 ($100,000,000.00) Debt, (File 333-192730 - Dec. 9) (BR. 06A) S-3ASR WGL HOLDINGS INC, 101 CONSTITUTION AVE, N.W., WASHINGTON, DC, 20080, 2026246011 - 0 ($0.00) Equity, (File 333-192731 - Dec. 9) (BR. 02B) S-4 DYNEGY INC., 601 TRAVIS, SUITE 1400, HOUSTON, TX, 77002, (713) 507-6400 - 0 ($500,000,000.00) Debt, (File 333-192732 - Dec. 9) (BR. 02C) S-8 BROADRIDGE FINANCIAL SOLUTIONS, INC., 1981 MARCUS AVENUE, LAKE SUCCESS, NY, 11042, 516-472-5400 - 0 ($255,493,000.00) Equity, (File 333-192734 - Dec. 9) (BR. 02C) S-8 HARRIS CORP /DE/, 1025 W NASA BLVD, MELBOURNE, FL, 32919, 3217279100 - 1,500,000 ($96,225,000.00) Equity, (File 333-192735 - Dec. 9) (BR. 05B)
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