ASF Submits Comment Letter re Volcker Implications of Commodity Pool Changes
August 23, 2012
On August 23, ASF submitted a supplemental letter to the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission (“CFTC”), Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities and Exchange Commission (the “Joint Regulators”) outlining the Volcker Rule implications of recent changes to the definition of commodity pools and seeking appropriate relief for securitization vehicles. A determination that a securitization trust is a commodity pool would cause it to be considered a “covered fund” under the proposed Volcker Rule, which would prevent banks from sponsoring such vehicles or even owning a portion of outstanding bonds linked to such vehicles. The views expressed in the letter follow and are consistent with those set forth in ASF’s August 17th letter to the CFTC requesting an exclusion for securitization trusts from potential regulation as commodity pools. Tim Mohan of Chapman and Cutler LLP has been serving as ASF’s outside counsel for the Volcker Rule proposals. Ellen Marks of Latham and Watkins LLP is serving as ASF’s outside counsel for the commodity pool issues.
ASF Comment Letter: Volcker Rule: Commodity Pools - August 23, 2012
ASF Comment Letter: Request for Exclusion from Commodity Pool Regulation for Securitization Vehicles - August 17, 2012
ASF Summary: Request for Securitization Exclusion from Commodity Pool Regulation - August 17, 2012