In addition, the Volcker Rule does not apply to Banking Entity’s investing in or sponsoring hedge funds or private equity funds that occur solely outside the United States as long as (i) no ownership interest in such funds is offered to . residents, and (ii) the Banking Entity is not directly or indirectly controlled by another Banking Entity that is organized under the laws of the United States or a . state). Under the Act, the Federal banking agencies, the SEC, the CFTC and the Board of Governors of the Federal Reserve System (the “Fed”) will coordinate to.
