In each of these areas, U.S. regulators will need to carefully consider the concerns that have been raised and the broader international implications of the Volcker Rule as we work to finalize our implementing rules. 4  BIS central bankers’ speeches  Similarly, the swaps “push-out” requirement in section 716 of the Dodd-Frank Act also appears unlikely to be pursued internationally.
Under section 716, U.S. insured depository institutions and U.S. branches and agencies of foreign banks will be required to “push out” certain types of derivatives dealing activities to affiliated entities. The global effects of the swaps push-out provision are multifaceted.