Financial Stability Oversight Council – Federal Register Recent Federal Regulation Documents

Proposed Collections; Comment Requests
Document Number: 2016-30846
Type: Notice
Date: 2016-12-22
Agency: Financial Stability Oversight Council
The Financial Stability Oversight Council (the ``Council'') invites members of the public and affected agencies to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. The Council is soliciting comments concerning its collection of information related to its authority to designate financial market utilities as systemically important. Section 804 of the Dodd-Frank Wall Street Reform and Consumer Protection (the ``Dodd-Frank Act'') provides the Council the authority to designate a financial market utility (``FMU'') that the Council determines is or is likely to become systemically important because the failure of or a disruption to the functioning of the FMU could create, or increase, the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the United States financial system.
Revision of Freedom of Information Act Regulations
Document Number: 2016-28413
Type: Rule
Date: 2016-11-28
Agency: Financial Stability Oversight Council
This rule makes revisions to the regulations of the Financial Stability Oversight Council (the ``Council'') under the Freedom of Information Act (``FOIA'') as required by the FOIA Improvement Act of 2016.
Submission for OMB Review; Comment Request
Document Number: 2015-09145
Type: Notice
Date: 2015-04-21
Agency: Financial Stability Oversight Council
The Financial Stability Oversight Council (the ``Council'') invites members of the public and affected agencies to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995.\1\ Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') \2\ provides the Council the authority to determine that a nonbank financial company shall be subject to supervision by the Board of Governors of the Federal Reserve System (``Board of Governors'') and enhanced prudential standards if the Council determines that material financial stress at the nonbank financial company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the nonbank financial company, could pose a threat to financial stability. The Council is soliciting comments concerning its extension of a currently approved collection of information related to its authority to determine that certain nonbank financial companies shall be subject to supervision by the Board of Governors and enhanced prudential standards. The Council will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, Public Law 104-13, on or after the date of publication of this notice.
Notice Seeking Comment on Asset Management Products and Activities
Document Number: 2015-02813
Type: Notice
Date: 2015-02-11
Agency: Financial Stability Oversight Council
On December 24, 2015, the Financial Stability Oversight Council (the Council) published a ``Notice Seeking Comment on Asset Management Products and Activities'' (the Notice), which states that comments on the Notice must be received not later than February 23, 2015. The Council has determined that an extension of the comment period until March 25, 2015, is appropriate.
Supplemental Procedures Relating to Nonbank Financial Company Determinations
Document Number: 2015-02812
Type: Notice
Date: 2015-02-11
Agency: Financial Stability Oversight Council
This notice announces the availability of ``Supplemental Procedures Relating to Nonbank Financial Company Determinations'' (Supplemental Procedures).
Proposed Collections; Comment Requests
Document Number: 2015-00860
Type: Notice
Date: 2015-01-27
Agency: Financial Stability Oversight Council
The Financial Stability Oversight Council (the ``Council'') invites members of the public and affected agencies to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). The Council is soliciting comments concerning its extension of a currently approved collection of information related to its authority to determine that certain nonbank financial companies shall be subject to supervision by the Board of Governors of the Federal Reserve System (Board of Governors) and enhanced prudential standards. Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') provides the Council the authority to determine that a nonbank financial company shall be subject to Board of Governors supervison and enhanced prudential standards if the Council determines that material financial stress at the nonbank financial company, or the nature, scope, size, scale, concentration, interconnectedness, or the mix of activities of the nonbank financial company, could pose a threat to financial stability. On April 11, 2012, the Council published in the Federal Register a final rule and interpretive guidance (77 FR 21637), 12 CFR part 1310, that describe the manner in which the Council intends to apply the statutory standards and considerations, and the processes and procedures the Council intends to follow, in making determinations under Section 113 of the Dodd-Frank Act. The Council has made final determinations regarding four nonbank financial companies. The Council uses information collected under 12 CFR 1310.20 to assess whether a nonbank financial company meets the standards for a Council determination under Section 113 of the Dodd-Frank Act. The collection of information under 12 CFR 1310.21 affords a nonbank financial company an opportunity to submit materials to contest the Council's consideration of the company for a proposed determination and to contest a proposed determination. The collection of information in 12 CFR 1310.22 provides a nonbank financial company an opportunity to contest the Council's waiver or modification of the notice or other procedural requirements contained in 12 CFR 1310.21 by requesting a hearing. The Council uses information collected under 12 CFR 1310.23 in a reevaluation of its determination regarding a nonbank financial company subject to a Council determination.
Notice Seeking Comment on Asset Management Products and Activities
Document Number: 2014-30255
Type: Notice
Date: 2014-12-24
Agency: Financial Stability Oversight Council
Consistent with its responsibility to identify risks to the financial stability of the United States, the Financial Stability Oversight Council (Council) is issuing this notice seeking public comment on aspects of the asset management industry (Notice), in particular whether asset management products and activities may pose potential risks to the U.S. financial system in the areas of liquidity and redemptions, leverage, operational functions, and resolution, or in other areas. The Council is inviting public comment as part of its ongoing evaluation of industry-wide products and activities associated with the asset management industry.
Submission for OMB Review; Comment Requests
Document Number: 2014-19010
Type: Notice
Date: 2014-08-12
Agency: Financial Stability Oversight Council
The Financial Stability Oversight Council will submit the following information collection request to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, Public Law 104-13, on or after the date of publication of this notice.
Proposed Collections; Comment Requests
Document Number: 2014-12181
Type: Notice
Date: 2014-05-27
Agency: Financial Stability Oversight Council
The Financial Stability Oversight Council (the ``Council'') invites members of the public and affected agencies to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). The Council is soliciting comments concerning its collection of information related to its authority to designate financial market utilities as systemically important. Section 804 of the Dodd-Frank Wall Street Reform and Consumer Protection (the ``Dodd- Frank Act'') provides the Council the authority to designate a financial market utility (``FMU'') that the Council determines is or is likely to become systemically important because the failure of or a disruption to the functioning of the FMU could create, or increase, the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the United States financial system. On July 27, 2011, the Council published in the Federal Register a final rule (12 CFR part 1320) that describes the criteria that will inform and the processes and procedures established under the Dodd-Frank Act for the Council's designation of FMUs as systemically important under the Dodd-Frank Act. On July 18, 2012, the Council designated eight FMUs as systemically important under Title VIII of the Dodd-Frank Act. The collection of information under 12 CFR 1320.11 affords FMUs that are under consideration for designation, or rescission of designation, an opportunity to submit written materials to the Council in support of, or in opposition to, designation or rescission of designation. The collection of information under 12 CFR 1320.12 affords FMUs an opportunity to contest a proposed determination of the Council by requesting a hearing and submitting written materials (or, at the sole discretion of the Council, oral testimony and oral argument). The collection of information in 12 CFR 1320.14 affords FMUs an opportunity to contest the Council's waiver or modification of the notice, hearing, or other requirements contained in 12 CFR 1320.11 and 1320.12 by requesting a hearing and submitting written materials (or, at the sole discretion of the Council, oral testimony and oral argument). The information collected from FMUs under 12 CFR 1320.20 will be used by the Council to determine whether to designate an additional FMU or to rescind the designation of a designated FMU.
Hearing Procedures
Document Number: 2013-08877
Type: Notice
Date: 2013-04-16
Agency: Financial Stability Oversight Council
The Financial Stability Oversight Council (Council) has adopted amendments to its hearing procedures (Council Hearing Procedures) for hearings conducted by the Council under Title I and Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Council initially approved hearing procedures on May 22, 2012 (Initial Hearing Procedures), and has adopted amendments to apply the procedures to financial institutions engaged in payment, clearing, or settlement activities that are the subject of a proposed designation by the Council under Title VIII of the Dodd-Frank Act.
Proposed Recommendations Regarding Money Market Mutual Fund Reform
Document Number: 2013-01037
Type: Notice
Date: 2013-01-18
Agency: Financial Stability Oversight Council
On November 19, 2012, the Financial Stability Oversight Council (``Council'') published in the Federal Register proposed recommendations regarding money market mutual funds (``MMFs'') pursuant to Section 120 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), which authorizes the Council to issue recommendations to a primary financial regulatory agency to apply new or heightened standards and safeguards for a financial activity or practice conducted by bank holding companies or nonbank financial companies under the agency's jurisdiction.\1\ The Council has determined that an extension of the comment period until February 15, 2013, is appropriate.
Proposed Recommendations Regarding Money Market Mutual Fund Reform
Document Number: 2012-28041
Type: Notice
Date: 2012-11-19
Agency: Financial Stability Oversight Council
Section 120 of the Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the Financial Stability Oversight Council (Council) to issue recommendations to a primary financial regulatory agency to apply new or heightened standards and safeguards for a financial activity or practice conducted by bank holding companies or nonbank financial companies under the agency's jurisdiction. The Council is seeking public comment on proposed recommendations that the Council may make to the Securities and Exchange Commission to implement structural reforms for money market mutual funds (MMFs). Proposed Recommendations Regarding Money Market Mutual Fund Reform provides an overview of MMFs, an outline of the history of reform efforts and the role of the Council, the Council's proposed determination that MMFs' activities and practices create or increase certain risks, three proposed alternatives for reform, and an assessment of the impact of the Council's proposed recommendations on long-term economic growth. In addition, the Council is requesting public comment on alternative structural reforms for MMFs.
Hearing Procedures; Notice of Availability; Request for Comments
Document Number: 2012-12963
Type: Notice
Date: 2012-05-30
Agency: Financial Stability Oversight Council
The Financial Stability Oversight Council (Council) announces the availability of its hearing procedures (Council Hearing Procedures) for hearings conducted by the Council under Title I and Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd- Frank Act). The Council invites comments to be submitted on the Council Hearing Procedures.
Authority To Require Supervision and Regulation of Certain Nonbank Financial Companies
Document Number: 2012-8627
Type: Rule
Date: 2012-04-11
Agency: Financial Stability Oversight Council
Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') authorizes the Financial Stability Oversight Council (the ``Council'') to determine that a nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System (the ``Board of Governors'') and shall be subject to prudential standards, in accordance with Title I of the Dodd-Frank Act, if the Council determines that material financial distress at the nonbank financial company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the nonbank financial company, could pose a threat to the financial stability of the United States. This final rule and the interpretive guidance attached as an appendix thereto describe the manner in which the Council intends to apply the statutory standards and considerations, and the processes and procedures that the Council intends to follow, in making determinations under section 113 of the Dodd-Frank Act.
Implementation of the Freedom of Information Act
Document Number: 2012-8625
Type: Rule
Date: 2012-04-11
Agency: Financial Stability Oversight Council
The Financial Stability Oversight Council (the ``Council'' or ``FSOC'') issues this rule to implement provisions of the Freedom of Information Act (the ``FOIA''). This final rule implements the requirements of the FOIA by setting forth procedures for requesting access to, and making disclosures of, information contained in Council records.
Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies
Document Number: 2011-26783
Type: Proposed Rule
Date: 2011-10-18
Agency: Financial Stability Oversight Council
Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') authorizes the Financial Stability Oversight Council (the ``Council'') to require a nonbank financial company to be supervised by the Board of Governors of the Federal Reserve System (the ``Board of Governors'') and be subject to prudential standards in accordance with Title I of the Dodd-Frank Act if the Council determines that material financial distress at the nonbank financial company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the nonbank financial company, could pose a threat to the financial stability of the United States. The proposed rule and attached guidance describe the manner in which the Council intends to apply the statutory standards and considerations, and the processes and procedures that the Council intends to follow, in making determinations under section 113 of the Dodd-Frank Act. The Council issued an advance notice of proposed rulemaking on October 6, 2010, and a notice of proposed rulemaking on January 26, 2011, regarding determinations under section 113.
Authority To Designate Financial Market Utilities as Systemically Important
Document Number: 2011-18948
Type: Rule
Date: 2011-07-27
Agency: Financial Stability Oversight Council
Section 804 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``DFA'') provides the Financial Stability Oversight Council (the ``Council'') the authority to designate a financial market utility (``FMU'') that the Council determines is or is likely to become systemically important because the failure of or a disruption to the functioning of the FMU could create, or increase, the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the United States financial system. This final rule describes the criteria that will inform and the processes and procedures established under the DFA for the Council's designation of FMUs as systemically important under the DFA. The Council published an advance notice of proposed rulemaking regarding the designation criteria in section 804 on December 21, 2010, followed by a notice of proposed rulemaking (``NPRM'') on March 28, 2011. The Council notes that this final rule only addresses the designation of FMUs. The Council expects to address the designation of payment, clearing, or settlement activities as systemically important in a separate rulemaking.
Implementation of the Freedom of Information Act
Document Number: 2011-7005
Type: Proposed Rule
Date: 2011-03-28
Agency: Financial Stability Oversight Council
The Financial Stability Oversight Council (the ``Council'' or ``FSOC'') proposes regulations to implement the Freedom of Information Act (the ``FOIA''). This proposed rule would implement the requirements of the FOIA by setting forth procedures for requesting access to FSOC records. The Dodd-Frank Act, which established the Council, provides that FOIA applies to data or information submitted to the Council.
Authority To Designate Financial Market Utilities as Systemically Important
Document Number: 2011-7003
Type: Proposed Rule
Date: 2011-03-28
Agency: Financial Stability Oversight Council
Section 804 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``DFA'') provides the Financial Stability Oversight Council (the ``Council'') the authority to designate a financial market utility (an ``FMU'') the Council determines is or is likely to become systemically importantthat is, the failure of or a disruption to the functioning of which could create, or increase, the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the United States financial system. This notice of proposed rulemaking (NPR) describes the criteria that will inform, and the processes and procedures established under the DFA for, the Council's designation of FMUs as systemically important under the DFA. The Council, on December 21, 2010, published an advance notice of proposed rulemaking regarding the designation criteria in section 804.
Recommendations Regarding Modifications to the Concentration Limit on Large Financial Companies
Document Number: 2011-2717
Type: Notice
Date: 2011-02-08
Agency: Financial Stability Oversight Council
Section 622 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Act'' or ``Dodd-Frank Act'') establishes a financial sector concentration limit that generally prohibits a financial company \1\ from merging or consolidating with, acquiring all or substantially all of the assets of, or otherwise acquiring control of, another company if the resulting company's consolidated liabilities would exceed 10 percent of the aggregate consolidated liabilities of all financial companies.\2\ This concentration limit is intended, along with a number of other provisions in the Dodd-Frank Act, to promote financial stability and address the perception that large financial institutions are ``too big to fail.'' Section 622 of the Act also requires the Financial Stability Oversight Council (the ``Council'') to: (i) Complete a study of the extent to which the concentration limit would affect financial stability, moral hazard in the financial system, the efficiency and competitiveness of United States financial firms and financial markets, and the cost and availability of credit and other financial services to households and businesses in the United States; and (ii) make recommendations regarding any modifications to the concentration limit that the Council determines would more effectively implement section 622.\3\ On January 18, 2011, the Council approved and issued its concentration limit study and the recommendations on how to effectively implement section 622. The Council seeks public comment on the Council recommendations described below. The Council will review and, if appropriate, revise its recommendations in response to the public comments it receives.
Authority To Require Supervision and Regulation of Certain Nonbank Financial Companies
Document Number: 2011-1551
Type: Proposed Rule
Date: 2011-01-26
Agency: Financial Stability Oversight Council
Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``DFA'') provides the Financial Stability Oversight Council (the ``Council'') the authority to require that a nonbank financial company be supervised by the Board of Governors of the Federal Reserve System (``Board of Governors'') and be subject to prudential standards in accordance with Title I of the DFA if the Council determines that material financial distress at such a firm, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the firm, could pose a threat to the financial stability of the United States. The proposed rule describes the criteria that will inform, and the processes and procedures established under the DFA for, the Council's designation of nonbank financial companies under the DFA. The Council, on October 6, 2010, issued an advance notice of proposed rulemaking regarding the designation criteria in section 113.
Authority To Designate Financial Market Utilities as Systemically Important
Document Number: 2010-32005
Type: Proposed Rule
Date: 2010-12-21
Agency: Financial Stability Oversight Council
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``DFA'') gives the Financial Stability Oversight Council (the ``Council'') the authority to identify and designate as systemically important a financial market utility if the Council determines that the failure, or a disruption to the functioning, of a financial market utility could create or increase the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the financial system of the United States. The DFA generally defines a ``financial market utility'' as any person that manages or operates a multilateral system for the purpose of transferring, clearing, or settling payments, securities, or other financial transactions among financial institutions or between financial institutions and that person.\1\ The utility-like arrangements used to settle financial transactions, whether involving payments, securities, derivatives, or other similar financial instruments, are critical parts of the financial infrastructure for the economy and are integral to the soundness of the financial system and overall economic performance. The importance of these arrangements has been highlighted by the recent period of market stress. This advance notice of proposed rulemaking (ANPR) invites public comment on the criteria and analytical framework that should be applied by the Council in designating financial market utilities under the DFA.
Advance Notice of Proposed Rulemaking Regarding Authority To Require Supervision and Regulation of Certain Nonbank Financial Companies
Document Number: 2010-25321
Type: Proposed Rule
Date: 2010-10-06
Agency: Financial Stability Oversight Council
Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``DFA'') gives the Financial Stability Oversight Council (the ``Council'') the authority to require that a nonbank financial company be supervised by the Board of Governors of the Federal Reserve System (``Board of Governors'') and subject to prudential standards if the Council determines that material financial distress at such a firm, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the firm, could pose a threat to the financial stability of the United States. This advance notice of proposed rulemaking (ANPR) invites public comment on the criteria that should inform the Council's designation of nonbank financial companies under the DFA.
Public Input for the Study Regarding the Implementation of the Prohibitions on Proprietary Trading and Certain Relationships With Hedge Funds and Private Equity Funds
Document Number: 2010-25320
Type: Notice
Date: 2010-10-06
Agency: Financial Stability Oversight Council
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') prohibits banking entities from engaging in proprietary trading and from maintaining certain relationships with hedge funds and private equity funds. These prohibitions, commonly known as the ``Volcker Rule,'' are contained in Section 619 of the Dodd-Frank Act. Section 619 of the Dodd-Frank Act requires the Financial Stability Oversight Council (``FSOC'') to study and make recommendations on implementing the Volcker Rule. Under Section 619, the Office of the Comptroller of the Currency (``OCC''), the Federal Deposit Insurance Corporation (``FDIC''), the Board of Governors of the Federal Reserve System (``Board''), the Securities and Exchange Commission (``SEC'') and the Commodity Futures Trading Commission (``CFTC'') must consider the recommendations of the FSOC study in developing and adopting regulations to implement the Volcker Rule. To assist the FSOC in conducting the study and formulating its recommendations, the FSOC is issuing this request for information through public comment.