Financial Stability Oversight Council October 2010 – Federal Register Recent Federal Regulation Documents
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Advance Notice of Proposed Rulemaking Regarding Authority To Require Supervision and Regulation of Certain Nonbank Financial Companies
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
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.
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