Jurisdiction(s):
United Kingdom

Key definition

General requirements definition

What does General requirements mean? In construction practice, “general requirements” describes the project or site overheads needed to run the job but not tied to a specific construction activity. In UK and Irish usage this aligns with “preliminaries” in bills of quantities and standard forms (e.g. JCT and NEC), and is a descriptive, industry term rather than one defined by legislation or case law. Typical items include rental of the contractor’s buildings and site accommodation, offices and welfare, general support and supervisory staff costs, security, temporary utilities and services, health and safety management, insurances and bonds, permits, communications, cleaning and waste management,...

US Volcker Rule: extraterritorial scope and impact on non‑US banking entities, proprietary trading ban, covered funds regime, compliance and reporting, and Economic Growth Act changes

Published by a LexisNexis Financial Services expert

Practice notes

Background to the Volcker Rule and implementation

US regulators signed off regulations arising from the so‑called Volcker Rule elements of the Dodd‑Frank Wall Street Reform and Consumer Protection Act 2010 (Dodd‑Frank) on 10 December 2013, and the Rules then came into force on 1 April 2014. At its core, the Volcker Rule removes the capacity of US banks to deal as principal in particular trading or investment fund‑related activities. The final rule also provided a conformance window running until 21 July 2015, allowing banking entities time to come into compliance with its prohibitions on proprietary trading and on covered fund ownership and sponsorship, as set out in the rule.

General requirements of the final rule

Section 619 of Dodd‑Frank inserted a new section 13 into the Bank Holding Company Act of 1956 (BHC Act). Under that section, in general terms, any banking entity is prohibited from engaging in proprietary trading, or from acquiring or retaining an ownership interest in, sponsoring, or having certain other relationships with a hedge fund or private equity fund (covered funds), subject to certain exceptions...

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Web page updated on 22/05/2026

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