Section 619 of the Dodd-Frank Wall Street Reform and ConsumerProtection Act amends the Bank Holding Company Act by adding new section13 to generally prohibit, subject to exception, a banking entity, essentially anyentity within a holding company structure containing an FDIC insured bank,from engaging in proprietary trading and from acquiring or retaining anownership interest in or sponsoring a hedge fund or private equity fund. On December 10, 2013, the FRB, OCC, FD IC, the SEC, and the CFTCadopted the final version of the Volcker Rule. The Final Rule provides that"proprietary trading" covers Short-Term Trading Account, Market Risk RuleTrading Account, and Dealer Trading Account. The Rule is expected to reduce risks posed to banking entities byproprietary trading activities while permitting banking entities to continue toprovide client-oriented financial services that are critical to capital generation andliquid markets. The regulators suggest Appendix B outlining six factors that theagencies believe distinguish prohibited proprietary trading from permissiblemarket making. The author, however, examines the ambiguity and difficulty of the various tests which the regulators suggest and insists the ring fencingregulation is enough for Korean banking industry.