The Federal Reserve extended the deadline to July 2016 for banks to sell investments in private equity and hedge funds to as part of the Volcker Rule. The delay only affects funds owned by banks prior to December 31, 2013. The Fed also indicated that it intended to grant a further extension of the deadline to July 2017 sometime in 2015. The Volcker Rule's ban on proprietary trading remains unchanged. For more information, click here.