12 USC 5463 - Designation of systemic importance

U.S Code last checked for updates: Apr 27, 2024

§ 5463.

Designation of systemic importance

(a)

Designation

(1)

Financial stability oversight council

(2)

Considerations

In determining whether a financial market utility or payment, clearing, or settlement activity is, or is likely to become, systemically important, the Council shall take into consideration the following:

(A)

The aggregate monetary value of transactions processed by the financial market utility or carried out through the payment, clearing, or settlement activity.

(B)

The aggregate exposure of the financial market utility or a financial institution engaged in payment, clearing, or settlement activities to its counterparties.

(C)

The relationship, interdependencies, or other interactions of the financial market utility or payment, clearing, or settlement activity with other financial market utilities or payment, clearing, or settlement activities.

(D)

The effect that the failure of or a disruption to the financial market utility or payment, clearing, or settlement activity would have on critical markets, financial institutions, or the broader financial system.

(E)

Any other factors that the Council deems appropriate.

(b)

Rescission of designation

(1)

In general

(2)

Effect of rescission

(c)

Consultation and notice and opportunity for hearing

(1)

Consultation

(2)

Advance notice and opportunity for hearing

(A)

In general

(B)

Notice in Federal Register

(C)

Requests for hearing

(D)

Written submissions

(3)

Emergency exception

(A)

Waiver or modification by vote of the Council

(B)

Notice of waiver or modification

(d)

Notification of final determination

(1)

After hearing

(2)

When no hearing requested

(e)

Extension of time periods

(Pub. L. 111–203, title VIII, § 804, July 21, 2010, 124 Stat. 1807.)

cite as: 12 USC 5463