FSOC Meeting, November 23, 2010

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Second meeting of the Financial Stability Oversight Council.

Meeting Agenda

  • Executive session on these topics:
    • Discussion of Mortgage Servicing and Foreclosure Issues
    • Discussion of Designations of Nonbank Financial Firms
  • Open Session on these topics:
    • Resolution Approving Publication of an Advanced Notice of Proposed Rulemaking Regarding Designation of Financial Markets Utilities.
    • Resolution approving the committee structure and appointing a chairperson of the Deputies Committee.
    • Resolution approving the minutes of the October 1, 2010 meeting.

Advance Notice of Proposed Rulemaking Regarding Authority to Designate Financial Market Utilities as Systemically Important

Section 803(6) of the DFA generally defines a “financial market utility” as any person that manages or operates a multilateral system for the purpose of transferring, clearing, or settling payments, securities, or other financial transactions among financial institutions or between financial institutions and that person. The utility-like arrangements used to settle financial transactions, whether involving payments, securities, derivatives, or other similar financial instruments, are critical parts of the financial infrastructure for the economy and are integral to the soundness of the financial system and overall economic performance. The importance of these arrangements has been highlighted by the recent period of market stress. This advance notice of proposed rulemaking (ANPR) invites public comment on the criteria and analytical framework that should be applied by the Council in designating financial market utilities under the DFA. The ANPR appeared in the Federal Register on December 21, 2010. The closing date for comments will be January 20, 2011.[1]


FSOC Committee Structure

The FSOC will be comprised of the following committees and sub-committees:

  • Deputies Committee -- Oversees interagency staff work
  • Systemic Risk Committee -- systemic risk monitoring
    • Institutions Sub-committee -- medium and long-term structural issues within institutions
    • Markets Sub-committee -- medium and long-term issues within markets (volatility, liquidity, etc.)
  • Standing Functional Committees
    • Designations of Nonbank Financial Companies
    • Designations of Financial Market Utilities and Payment, Clearing, and Settlement Activities
    • Heightened Prudential Standards
    • Orderly Liquidation Authority, Resolution Plans
    • Data

Related Documents: Systemically Important Institutions ANPRM; FSOC Committee Structure; Meeting Minutes


References

  1. FSOC Proposed Rules. Federal Register, Vol. 75, No. 744. Retrieved on January 19, 2011.

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