FSOC Meeting, March 17, 2011
|Proposal Date||Final Rule Issue||Effective Date|
|March 28, 2011||July 27, 2011||August 26, 2011|
Fourth meeting of the Financial Stability Oversight Council.
The Financial Stability Oversight Council (FSOC) convened its fourth meeting at the U.S. Department of the Treasury on March 17, 2011. Three documents and resolutions were discussed and approved:
- a Notice of Proposed Rulemaking (NPRM) regarding designations of financial market utilities for heightened supervision;
- an NPRM on the FSOC’s FOIA Regulations; and
- the minutes of the FSOC’s previous meeting, held on January 18, 2011.
Financial Market Utilities (FMUs) NPRM
The Dodd-Frank Act has given the FSOC the authority to identify and designate as systemically important a financial market utility (FMU) if the FSOC determines that its failure or disruption could threaten the stability of the U.S. financial system. If an FMU is designated as "systemically important" would be subject to more stringent requirements. This proposed rule seeks additional information from the public and market participants, in order to craft the final rule by which it will designate FMUs as systemically important. The proposal was entered into the Federal Register on March 28, 2011. The deadline for public comments was May 27, 2011. Comments can be viewed here.
Related Documents: FMU Rule Proposal, Meeting Minutes
- Financial Stability Oversight Council Moves Forward to Minimize Risk in the Financial System. U.S. Department of the Treasury. Retrieved on March 21, 2011.