Regulators also provided some flexibility on restrictions on investing in private equity and hedge funds. Banks will now have more freedom to do so if the investments are done on behalf of clients.

The changes to the five-agency rule also have to be approved by the Fed, Securities and Exchange Commission and Commodity Futures Trading Commission.

With the bulk of Volcker out of the way, there are a number of other Wall Street rules awaiting attention -- many of them being handled by the Fed. They include significant shifts in bank capital rules and leverage limits, plus fundamental changes to the Fed’s annual stress tests.

This article provided by Bloomberg News.

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