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Volcker Rule CliffsNotes Not Quite As Terse As Initially Thought

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It appears we mistyped when we wrote that Davis Polk could explain the Volcker rule to you in 27 pages. It will actually take 66. And while the firm's Gabe Rosenberg warns that the funds portion of the regulation is "even more complicated" than the prop. trading part, it is not so complicated that it cannot be explicated in a series of flowcharts.

Final Volcker Rule Regulations: Flowcharts: Funds: Substantive Rules [Davis Polk]