Key takeways:

• Earlier today, the Federal Reserve Board acted to extend the Volcker Rule conformance period for investments in and relationships with covered funds and foreign funds.
• The conformance period is extended through July 21, 2016, one year beyond the previously scheduled end of the conformance period. The Federal Reserve intends to exercise its statutory authority next year to further extend the conformance period through July 21, 2017.
• The conformance period is extended only for investments and relationships "related to investments” in a covered fund made prior to December 31, 2013.