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FSOC RIN: 4030-AA01 Publication ID: Spring 2011 
Title: ●Authority To Designate Financial Market Utilities as Systemically Important 
Abstract: The Dodd-Frank Wall Street Reform and Consumer Protection Act (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. 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 rulemaking invites public comment on the criteria and analytical framework that should be applied by the Council in designating financial market utilities under the DFA. 
Agency: Financial Stability Oversight Council(FSOC)  Priority: Other Significant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 13   
Legal Authority: PL 111-203   
Legal Deadline:  None
Timetable:
Action Date FR Cite
ANPRM  12/21/2010  75 FR 79982   
ANPRM Comment Period End  01/20/2011    
NPRM  03/28/2011  76 FR 17047   
NPRM Comment Period End  05/27/2011    
Final Rule  07/00/2011    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Lance Auer
Policy Advisor
Financial Stability Oversight Council
Department of Treasury,
Washington, DC 20220
Phone:202 622-1286