2016-07-15 — bloomberg.com
``The industry has until July 21, 2017, to sever most ties with private funds after the Fed signed off on the last of three 12-month extensions it was permitted to grant under the Dodd-Frank Act. That means the clock is winding down for Goldman Sachs to shed as much as $7.2 billion of investments and for Morgan Stanley to unload as much as $3.4 billion. Regulatory filings for other big banks don't provide as much detail on investments they might have to exit to satisfy Volcker.
...
[Goldman] said it can't pull its money from certain investments, including some private equity and real estate funds, until the underlying assets are sold. So adhering to Volcker may force Goldman Sachs to sell its stakes to other investors, a process the bank said could trigger losses.
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