EFAMA challenges US Volcker Rule proposals

EFAMA says its fully recognises the challenges the US authorities face in implementing the Volcker Rule and the need to prevent banks in the US from avoiding the Rule by choosing to conduct otherwise prohibited activities outside of the US. However,  EFAMA believes that in their current form, the proposed rules represent an "inappropriate extraterritorial application of US jurisdiction and significantly exacerbate the negative impact the Volcker Rule will have on the European asset management industry."   The Association has spoken of its greatest concern with the proposed rules being ...