The Federal Reserve today issued a final rule to designate as "Systemically Important" the payment, clearing, and settlement activities of designated FMUs. The risk-management standards are based on the recognized international standards developed by the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO).
The final rule includes a new provision that would allow the Board to waive the application of certain Regulation HH standards to a particular type of designated FMU, where the risks presented by or the design of that designated FMU would make application of certain standards inappropriate.
The vote was unanimous.
Read the press release.
Read the final rule.