Advance Notice of Proposed Rulemaking Regarding Authority to Designate Financial Market Utilities as Systemically Important - November 23, 2010
ANPR Regarding Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies - October 1, 2010
The
Dodd-Frank Act gives the Council a mandate to designate systemically
important nonbank financial firms for heightened supervision, in order
to ensure that these institutions cannot escape tough oversight or
threaten the stability of the broader financial sector. The ANPR is an
initial step in the process by which the Council intends to develop a
robust and disciplined framework for the designation of nonbank
financial companies for heightened supervision. The ANPR consists of
fifteen questions to solicit public comment regarding the implementation
of these provisions and will have a 30-day public comment period. The
ANPR will inform development of a specific regulatory proposal expected
to be published for comment near year-end, with final Council action on
the designation criteria and process is expected in the spring of
2011.