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Kcy Exclusionsin the Dodd Bill as Filed April 19,2010 PRovISION

g6l9 Volcker RuleProhibitions,

SUMMARYoF RULE

KEY EXCLUSIoNS

Prohibits proprietary tradingand investing in or sponsoring private funds.

r Foreigncompanies'foreign proprietarytrading, r Foreigncompanies' investments in or sponsorship offoreign privatefunds, De-Banking("Hotel California Bankholdingcompanies r Bankholdingcompanies that with Rule"),$ I 17 receivedTARP assistance and then Iessthan$50 billionin assets as ceaseto be bankholdingcompanies o f J a n u a r1y, 2 0 1 0 . areautomatically deemedto be r Thrift holdingcompanies that systemicallyimportantnonbank receivedTARP assistance, financialoompanies, Fundingfor the Officeof Financial Imposesan annualassessment r Nonbankfinancialcompanies' on Research, nonbankfinancialcompanies and $155 thatarenotsystemically bankholdingcompanies to provide important, fundingfor the Office of Financial r Bankholdingcompanies with Research, I e s st h a n$ 5 0b i l l i o ni n a s s e t s . Designation, Systemic Authorizes r Foreignoperationsof foleign theCouncilto identifua $ I l3 nonbank financial company as nonbankfinancialcompanies are systemically important. generally not considered by the Councilin makingits determination. - Enhanced DirectstheFederal r Nonbankfinancialcornpanics Systemic Regulation Reserve to prudential establish Prudential Standards, enhanced thatarenot systemically {iI 65 including oncapitaland standards, important. plan r Bankholdingcompanies Iiquidify,andimpose resolution with requirements. andconcentration Iessthan$50billion in assets. - Approval Requires Reserve approval o Nonbankfinancialcompanies Regulation of Federal Systemic for acquisitions of largenonbank M&A Activify,$163 thatarenot systemically companies, important. r Bankholdingcompanies with lessthan$50billion in assets. r Nonbankfinancialcompanies' Requiresthe FoderalReserveto SystemicRegulation- Activities on activitiesor imposerestrictions thatarenot systemically Restrictions and BleakupPower, up ofan imposeassetsale/break impoftant. $r 2 l . Bankholdingcompanies institutionthat is deemedto posea with "gravethreat"to U.S.financial lessthan$50 billion in assets, stabiliw, o Nonbankfinancialcompanies Permitsthe Councilto require of CertifredRepofts, Submission and nonbank financial conrpanies that arenot systemically r 6 $r to submit bankholdingcompanies important. r Bankholdingcompanies certifiedreportson the financial with conditionof thecompany, lessthan$50billion in assets, . Non-publiclyhadedcompanies. by large, a riskcommittee for a Risk Committee, Requires Requiremsnt I Nonbankfinancialcompanies companies andtheirholding insurance includethriftholdingcompanies, andhedgefundsandsimilarprivatefunds. and theirholdingcompanies, broker-dealers companies,

PROVISION

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Knv Exct uslollrs

SUMMARYoF RULE

publiclyhadedbankholding companies andsystemically impoftantpubliclytradednonbank flrnancial companies,

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Bankholdingcompanies with l e s st h a n$ 1 0b i l l i o n . o Nonbankfinancialcompaniesl that arenot systemically important, Carve-outs for FarmCreditSystem FarmCreditSysteminstitutions (c.$214billionin assets Institutions carved-outfrom: for all suchinstitutions), o thedefinitionof"nonbank l)(c),e4l, financialcompany"for systemic $$ 102(aX3XB),201(aXl l 027(k) risk regulation, . thedefinitionof "financial company"for the purposesoI resolutionauthorily. o Risk retentionrequirements for securitizations. r Enforcement authorifyof the CFPB, (c) r Resolution Authorify, UpontheTreasurySecretary's Insurance companies and $203 systemicrisk determination anda insurance companysubsidiaries orderby the OrderlyLiquidation (l iquidatedor rehabilitated Panel,theFDIC is appointed understatelaw). receiverandgivenresolution r (subject Coveredbroker-dealers powers, to resolution underrulessimilar to thosethatapplyunderSIPA). r Foreigncompanies, r Companies thatarenot engaged" in "predominant