On June 25, 2020, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Commodity Futures Trading Commission (collectively, the “Agencies”) finalized revisions to the covered funds provisions of the Volcker Rule (the “2020 Revisions”). The 2020 Revisions address the prohibitions and restrictions regarding covered fund activities.