The raft of documents released Tuesday by the Financial Stability Oversight Council gave little sense of what the final regulations would look like for implementing the Volcker Rule, identifying systematically important nonbanks or dealing with other issues involved in Wall Street reform.
Regulators, for example, signaled they may rely heavily on banks themselves to identify what activities violate the Volcker ban on proprietary trading, saying banks should develop quantitative metrics for their trading, but also left themselves wiggle room to perform tougher oversight during exams.
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