PwC's Managing upstream risk: Regulatory reform review - An asian perspective December 2013 | Page 15

2.2 Dodd-Frank Act

Excerpt from PwC’s regulatory brief
– “Volcker Shrugged”

The most eagerly awaited final rule in the
history of financial regulation was delivered
last week – 1,238 days since it became law
and 764 days since being formally issued in
proposed form. Was the final Volcker rule
worth the wait? For foreign banks and custody
banks, the answer is clearly yes. The expansion
of the SOTUS exemption and the narrowing of
the covered fund definition from the original
version of the rule gave those banks most of
what they wanted.