If you spent your Christmas break looking over at the pile of 1,000 pages of regulatory impenetrability you’ve got to master before turning back towards the television, you are in luck: An army of junior associates at Davis Polk spent their vacations digging into the regulatory Christmas present known as the Volcker rule, and can explain it to you in 27 PowerPoint slides.
Normally, it’s not in the nature of law firms to oversimplify complex government regulations for their biggest customers. But Davis Polk & Wardwell LLP has decided to do just that for its mega-banking clients to start off the new year, giving them a handy, color-coded, “user-friendly” flow chart to help them navigate the Volcker rule, which restricts banks from making market bets with their own capital.
How simple? The chart extends over 27 pages.
Davis Polk: Explaining the Volcker Rule in 27 Pages [WSJ MoneyBeat blog]
Final Volcker Rule: Flowcharts: Prop Trading [Davis Polk]