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Partner Guy Dempsey Comments on Volcker Rule in MarketWatch and Bloomberg

Firm News | December 16, 2013

Guy Dempsey, a partner in the Financial Services practice, spoke with The Wall Street Journal’s MarketWatch and Bloomberg regarding the long-delayed Volcker rule. Part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Volcker Rule officially tightens rules so that banks can no longer participate in proprietary trading. Guy notes that the requirement of “CEO attestation”—whereby every CEO of every bank must be able to attest that the bank is in compliance—means that if a CEO attested correctly and something goes wrong, then he/she is in trouble, and adds, “I don’t think anybody but Santa has enough elves to read that rule right when it comes out.” (“Volcker Rule Called ‘Reasonable,’ but Details Will Prove Devilish, Analysts Say,” December 10, 2013; “Volcker Rule Seen as Boon for $1,000-an-Hour Wall Street Lawyers,” December 10, 2013)

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