In August 2017, the OCC requested comment on whether certain aspects of the Volcker Rule’s implementation regulation should be revised to better accomplish the purpose of the rule and decrease the compliance burden on banks. The Volcker Rule specifically prohibits investments in an issuer that would be an investment company, as defined in the Investment Company Act of 1940, but for section 3(c)(1) or 3(c)(7) of that Act. Most private placement separate account BOLI references those same exemptions from registration. However, as part of the initial development of the rule, variable separate account BOLI was provided an exemption, subject to meeting certain conditions. In our comment letter, we recommended two additional clarifications to the existing BOLI exemption.