Identifying which of its activities may be subject to the Volcker Rule.

Establishing Volcker compliance programs.

Establishing a plan for avoiding material conflicts of interest and material exposures to high-risk assets and high-risk trading strategies, as required under the Volcker Rule.

Reporting of certain metrics to federal bank regulators as and when required.

Using these metrics to monitor for impermissible proprietary trading under the Volcker Rule.

Identifying its market-making-related activities, inventory and reasonably expected near term demand.

Establishing compliance programs for the following permitted activities under the Volcker Rule:

Finalizing plans for conforming asset management and sponsorship activities to the Volcker Rule.

Finalizing plans for covered funds (funds that would result in prohibited ownership interests under the Volcker Rule) that engage in:

Ensuring that de minimis ownership limits permitted under the Volcker Rule (3% of tier 1 capital) are not violated for covered funds that engage in:

Divesting non-conforming covered funds.

An enhanced compliance program for banks with $50 billion or more in consolidated assets, which requires the bank to establish, maintain, and enforce enhanced compliance programs specific to the banking institution, and which must include independent testing by qualified personnel.

A standard compliance program for banks with between $10 billion and $50 billion in consolidated assets, which requires the bank to develop and administer standard compliance programs that document and limit permitted trading activities, prevent prohibited activities, delineate accountability for compliance and provide for independent testing effectiveness.

A simplified compliance program for banks with $10 billion or less in consolidated assets, which requires the bank to supplement its existing compliance policies and procedures with appropriate references to the regulations and with appropriate adjustments given the bank's size, complexity and activities.

The bank must include ownership interests held:

The bank need not include ownership interests held:

Obtaining and evaluating the bank's analysis regarding whether its ABS holdings qualify as ownership interests in covered funds.

Obtaining and evaluating the bank’s analysis regarding whether the securitization's special purpose vehicle (SPV) is a covered fund. Securitization SPVs are, in general, covered funds.

Relying on Rule 3a-7 under the Investment Company Act of 1940 (static securitization pools).

Relying on section 3(c)(5)(C) of the Investment Company Act of 1940 (real estate securitizations).

Qualifying as loan securitizations under the Volcker Rule. This requires that no other assets other than loans be included in the securitized asset pool, in addition to related servicing assets, related interest rate or foreign exchange (FX) hedges, and special units of beneficial interest or collateral certificates. Securitizations that contain assets other than loans and certain other permitted assets (e.g., collateralized debt obligations (CDO), municipal tender option bonds, collateralized loan obligations (CLOs) with non-loan assets, and auction rate securities) do not qualify for the exclusion.

Qualifying asset-backed commercial paper (ABCP) conduits.

Determine whether the bank has satisfied or is taking actions to meet the covered fund exclusion requirements for loan securitizations.

Determine whether the bank's holdings of CDO obligations backed primarily by trust preferred securities (TruPS) are on the list of permissible TruPS CDO investments or meet the qualifications for permissible TruPS CDOs (see Legal Update Volcker Rule Exemption Issued for Collateralized Debt Obligations Backed by Trust Preferred Securities).