On April 19, 2012, the FRB, CFTC, FDIC, OCC and SEC issued a joint release clarifying the implementation date of the Volcker Rule. The release explains that entities covered by the Volcker Rule have a full two-year period after the statutory effective date of the rule (July 21, 2012) to fully conform their activities and investments to the rule's requirements. This means that banking entities covered by the Volcker Rule have until July 21, 2014 to conform to the rule. The release also states that the FRB has the authority to extend the conformance period further, if it believes it appropriate to do so.

For more information on the Volcker Rule, see Practice Note, Summary of the Dodd-Frank Act: The Volcker Rule.