Fed Rule on Risk-Management Standards for FMUs

On July 30, the Fed approved a final rule, Regulation HH, implementing provisions of sections 805(a) and 806(e) of the Dodd-Frank Act. The final rule establishes risk-management standards related to the payment, clearing, and settlement activities of certain financial market utilities (FMUs) designated as systemically important by the FSOC, and standards for determining when a designated FMU must provide advance notice of proposed changes to its rules, procedures, or operations. The rule will be effective on September 14. Fed Release. Final Rule.

FSOC Final Rule on Designation of FMUs as Systemically Important

On July 18, pursuant to Section 804 of the Dodd-Frank Act, the FSOC adopted a final rule establishing criteria for the designation of a financial market utility (FMU) as systemically important. The final rule will be effective 30 days after publication in the Federal Register. FSOC Final Rule.

Fed Proposed Rule on Supervision of Financial Market Utilities

On March 30, the Fed issued a notice of proposed rulemaking implementing Sections 805 and 806 of the Dodd-Frank Act. The proposed rule establishes risk-management standards for Financial Markets Utilities (FMUs) designated as systemically important by the Financial Stability Oversight Council. The rule also sets forth advanced notice requirements for a designated FMU seeking to change rules, procedures, or operations that could materially affect the risks presented by the designated FMU. Comments must be submitted within 45 days after publication in the Federal Register. Fed Release. Proposed Rule.