Financial Market Utilities; Final Rule (FRB - Pre Fed. Reg. Version)

The Board is publishing a final rule, Regulation HH, Designated Financial Market Utilities. This rule implements provisions of Sections 805(a) and 806(e) of the Dodd-Frank Act, including risk-management standards for financial market utilities ("FMUs") that are designated as systemically important by the Financial Stability Oversight Council and standards for determining when a designated FMU is required to provide advance notice of proposed changes to its rules, procedures or operations that could materially affect the nature or level of risks presented by the designated FMU. [SL Comment: Among the interesting aspects of the rule was that the regulators asserted authority to determine whether the FMUs had (i) "objective and publicly disclosed criteria for participation, which permit fair market access" and (ii) "effective, accountable and transparent governance."]

Cross Reference(s): Dodd-Frank Act Sections 803, 805(a), 805(b), and 806(e); Commodity Exchange Act Section 5b; Exchange Act Section 17A.