On this page, you’ll find a collection of background materials that may be helpful in digesting the Volcker Rule and tracking its evolution from statute to final regulation.

• Each of the items below, except for most of the links to agency statements, is in PDF format.
• If viewing on a tablet or other mobile device, please click on a document and then select your preferred reading app (e.g., iBooks or Kindle) to download, save and view offline.

We will continue to post key documents relating to the Volcker Rule as they become available. We invite you to bookmark this page for future updates.

DAVIS POLK ANALYSIS

• 2019 Final Rule Proprietary Trading Flowcharts
• 2019 Volcker Final Rule Visual Memorandum Introduction

DAVIS POLK ANALYSIS

• Visual Memorandum on 2018 Proposed Amendments to the Volcker Rule Regulations (June 18, 2018)

PROPOSED RULE

• Joint Agency Proposed Rule Draft (June 5, 2018)
• Draft Information Collection 1
• Draft Information Collection 2

AGENCY MATERIALS

• FDIC Staff Memo (May 31, 2018)
• FDIC Financial Institution Letter 31-2018 (June 4, 2018)
• Memo from Vice Chairman Quarles with Federal Reserve Staff Memo (May 25, 2018)

REGULATOR STATEMENTS

• CFTC Chairman J. Christopher Giancarlo (June 4, 2018)
• CFTC Commissioner Rostin Behnam (June 4, 2018)
• CFTC Commissioner Brian Quintenz (June 4, 2018)
• FDIC Chairman Martin J. Gruenberg (May 31, 2018)
• Federal Reserve Chairman Jerome J. Powell (May 30, 2018)
• Federal Reserve Vice Chairman for Supervision Randal K. Quarles (May 30, 2018)
• Federal Reserve Governor Lael Brainard (May 30, 2018)
• SEC Chairman Jay Clayton (June 5, 2018)
• SEC Commissioner Robert J. Jackson Jr. (June 5, 2018)
• SEC Commissioner Hester M. Peirce (June 5, 2018)
• SEC Commissioner Kara M. Stein (June 5, 2018)

DAVIS POLK ANALYSIS

• 2013 Final Rule Proprietary Trading Flowcharts
• 2013 Final Rule Hedge/PE Fund Flowcharts

FINAL RULE

• Federal Register Volcker Final Rule with Linked TOC (January 31, 2014)
• Davis Polk Volcker Final Rule with Linked TOC (December 10, 2013)
• FDIC, Fed and OCC Final Volcker Rule Regulations (December 10, 2013)
• FDIC, Fed, OCC and SEC Final Volcker Rule Preamble (December 10, 2013)
• CFTC Final Volcker Rule Regulations (December 10, 2013)
• CFTC Final Volcker Rule Preamble (December 10, 2013)
• Fed Order Approving Extension of Conformance Period (December 10, 2013)
• Davis Polk Blackline of Proposed vs. Final Volcker Rule (December 10, 2013)

AGENCY MATERIALS

• Agency FAQs
• Fed Order Approving Extension of Conformance Period (December 18, 2014)
• Joint Agency Statement Regarding Treatment of Certain CDOs Backed by TruPS under the Rules Implementing Section 619 of the Dodd-Frank Act (December 27, 2013)
• Joint Agency FAQ Regarding CDOs backed by TruPS under the Final Volcker Rule (December 19, 2013)
• Joint Agency Press Release (December 10, 2013)
• Joint Agency Final Rule Fact Sheet (December 10, 2013)
• Joint Banking Agency Release on Community Bank Applicability (December 10, 2013)
• FDIC Staff Recommendation (December 10, 2013)
• Federal Reserve Staff Recommendation (December 9, 2013)

REGULATOR STATEMENTS

• CFTC Chairman Gary Gensler (December 10, 2013)
• CFTC Commissioner Bart Chilton (December 10, 2013)
• CFTC Commissioner Scott D. O’Malia (December 10, 2013)
• CFTC Commissioner Mark P. Wetjen (December 10, 2013)
• Comptroller of the Currency Thomas J. Curry (December 10, 2013)
• FDIC Chairman Martin J. Gruenberg (December 10, 2013)
• FDIC Vice Chairman Thomas M. Hoenig (December 10, 2013)
• Federal Reserve Chairman Ben S. Bernanke (December 10, 2013)
• Federal Reserve Governor Daniel K. Tarullo (December 10, 2013)
• SEC Chair Mary Jo White (December 10, 2013)
• SEC Commissioner Luis A. Aguilar (December 10, 2013)
• SEC Commissioner Daniel M. Gallagher (December 10, 2013)
• SEC Commissioner Michael S. Piwowar (December 10, 2013)
• SEC Commissioner Kara M. Stein (December 10, 2013)

• Proposed Volcker Rule Regulations (November 7, 2011)
• Davis Polk Client Memo: Summary of Leaked Proposed Rules (October 7, 2011) PROP | FUNDS
• Davis Polk Volcker Rule Slides (October 12, 2011) PROP | FUNDS
• SIFMA Comment Letter (February 13, 2012) PROP | FUNDS
• SIFMA Comment Letter — AMG (February 13, 2012) PROP
• SIFMA Supplemental Comment Letter (March 9, 2012) FUNDS
• SIFMA Pre-Proposed Rules Comment Letter (April 14, 2011) FUNDS
• SIFMA Pre-Proposed Rules Supplemental Comment Letter (May 9, 2011) FUNDS

• Final Conformance Rules (February 14, 2011)
• Proposed Conformance Rules (November 26, 2010)
• Statement of Policy Regarding the Conformance Period (June 8, 2012)
• Davis Polk Client Memo: Summary of Final Conformance Rules (February 14, 2011)
• Davis Polk Client Memo: Summary of Statement of Policy Regarding the Conformance Period (April 20, 2012)
• SIFMA Comment Letter — Proposed Conformance Rules (December 27, 2010)

• Volcker Rule Statute — §619 of Dodd-Frank Act (July 21, 2010)
• House and Senate Colloquies (June 29-30, 2010; July 14-15, 2010)

• FSOC Study (January 18, 2011)
• Davis Polk Client Memo: Summary of the FSOC Study (January 19, 2011) PROP | FUNDS
• SIFMA Comment Letter — FSOC Study (November 5, 2010) PROP | FUNDS