Financial institutions regulation and enforcement head William Sweet and investment management partner Heather Cruz participated in "The Volcker Rule 2016: What It Means for Financial Institutions and Markets," a PLI seminar held May 17 in New York. As co-chair, Mr. Sweet delivered the seminar introduction. Ms. Cruz participated in a discussion titled "The Volcker Rule — Funds," focusing on relevant definitions; exclusions for foreign funds, RICs (registered investment companies), securitizations and joint ventures; treatment of securitizations; organization and operation of a permitted fund; and the challenges of restructuring existing funds, among other topics.