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Dodd-Frank mandated that the FSOC ensure that all financial companies whose failure could pose a threat to the financial stability of the United States - not just banks - will be subject to strong oversight. Using the considerations set forth in the Dodd-Frank Act, as well as taking into account public comments on a previously issued Advance Notice of Proposed Rulemaking, the FSOC today approved a proposed rule outlining the criteria that will inform the FSOC's designation of such firms and the procedures the FSOC will use in the designation process. Under the FSOC's proposed rule, if

February 8, 2011 First, the proposed rule establishes the requirements for determining if a company is "predominantly engaged in financial activities." Under the Dodd-Frank Act, a company generally can be designated by the Council only if 85 percent or more of the company's revenues or assets are related to activities that have been determined to be financial in nature under the Bank Holding Company Act. Second, the proposed rule defines the terms "significant nonbank financial company" and "significant bank holding company." Among the factors the Council must consider in determining whether

Consilium November 8, 2011 The Council of the European Union has adopted a directive amending the financial conglomerate directive (" FICOD ") in order to close loopholes and ensure appropriate supplementary supervision of financial entities in a financial conglomerate. The new directive also adapts the supervision of financial conglomerates to the EU's new supervisory structure. The revision of FICOD also amends the relevant legislation on banking and insurance supervision, namely the capital requirements directive (2006/48/EC and 2006/49/EC) and the directive on supplementary supervision of

On February 9, 2011, the Board (CFTC, FDIC, FRB, OCC, and SEC) issued its final rule to implement the provisions of section 619 of the Dodd-Frank Act that grant banking entities and nonbank financial companies supervised by the Board a period of time to conform their activities and investments with the prohibitions and restrictions imposed by that section on proprietary trading activities and on hedge fund and private equity funds activities. Subsequently, the Board received a number of requests for clarification of the manner in which this conformance period would apply to various activities

The Office of the Comptroller of the Currency (OCC) is rescinding the Office of Thrift Supervision (OTS) documents listed in Attachment A as part of its ongoing implementation of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Cross References : Dodd-Frank Title VII Related Documents : Attachment A: Rescinded OTS Documents Attachment B: Additional OCC Guidance That Applies to FSAs View notice in full here .