The Volcker provisions introduce restrictions on hedging and market making and prohibit banks from trading from their own accounts. Implementation has to be signed off as being 'reasonably designed' by the chief executive in the largest entities. One lawyer told the Financial Times: 'The compliance part is much more intense than we’ve seen come out of other Dodd-Frank rules. So much depends on what ‘reasonably designed’ means and each regulator could have a different idea of that.'
Good communication
Carolyn Walsh of Patton Boggs said: 'There really needs to be good communication on all aspects. You don’t want to be caught thinking you are following the rule but then end up in the headlines for violations.' Source: FInancial Times
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