Federal Reserve System June 28, 2006 – Federal Register Recent Federal Regulation Documents

The Board requests comments on proposed changes to Part I of its Policy on Payments System Risk (PSR policy) addressing risk management in payments and settlement systems. The proposed policy changes include (1) incorporating into the PSR policy the Recommendations for Central Counterparties (Recommendations for CCP) as the Board's minimum standards for central counterparties, (2) clarifying the purpose of Part I of the policy and revising its scope with regard to central counterparties, and (3) establishing an expectation that systemically important systems disclose publicly self- assessments against the Core Principles for Systemically Important Payment Systems (Core Principles), Recommendations for Securities Settlement Systems (Recommendations for SSS), or Recommendations for CCP, as appropriate, demonstrating the extent to which these systems meet the principles or minimum standards. The Board is also making other technical changes.