Wall Street Said to Win Softer Volcker Rule CEO Certification

In a victory for Wall Street, regulators won’t require chief executives to guarantee that their firms are complying with the Volcker rule, only that they have set up proper procedures to assure the proprietary trading ban is being followed, said people familiar with the rule.

The wording will be a relief to large bank executives who were concerned that they would have to personally guarantee that their firms were in compliance with the rule. Instead, they will just have to sign off on having policies and systems in place, the people said.