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Abstract: 

On June 25, 2020, the federal agencies responsible for implementing section 619 of the Dodd-Frank Act, known as the “Volcker Rule,” issued a final rule amending the “covered funds” provisions of the regulations permitting banking entities to engage in certain activities that the agencies concluded do not raise concerns that the Volcker Rule was intended to address. In this article, the author provides an overview of the new “qualifying venture capital fund” exclusion which has facilitated significant investments in minority- and women-owned funds and businesses.

Keywords: “Venture Capital Fund” Under SEC Rule 203(l)-1; “Super 23A” and “Super 23B” Restrictions

Affiliations:  1: Sullivan & Cromwell LLP.