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Comment Period Extended for Volcker Rule Proposal

The comment period on the so-called "Volcker Rule" proposal has been extended from January 13, 2012 to February 13, 2012.  SEC Commissioners Daniel M. Gallagher and Troy A. Paredes have issued a written statement asserting that the extension period should have been longer "given the complexities of the Volcker Rule proposal." 

The Volcker Rule proposal, required under the Dodd-Frank Act, will impose certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company to engage in proprietary trading and have interests in, or relationships with, a hedge fund or private equity fund.  Members of the industry have expressed concerns that the proposal could reduce liquidity in fixed income markets and result in higher trading costs.