Although the Financial Stability Oversight Council released studies and proposals on a host of critical topics, including implementation of the Volcker Rule and identification of systemically important nonbanks, the raft of documents gave little sense of what the final regulations on such issues would look like.

Regulators, for example, signaled they may rely heavily on banks themselves to identify what activities violate the Volcker ban on proprietary trading, saying banks should develop quantitative metrics for their trading, but also left themselves wiggle room to perform tougher oversight during exams.

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