Interim Final Rules
Revision of Freedom of Information Act Regulations
On November 16, 2016, the FSOC adopted an interim final rule making revisions to the FSOC’s regulations under the Freedom of Information Act as required by the FOIA Improvement Act of 2016. The interim final rule is effective on November 28, 2016. Interested persons were invited to submit comments regarding the interim final rule on or before January 27, 2017, in accordance with the instructions provided in the rule. All properly submitted comments are available at regulations.gov.
Notices of Proposed Rulemaking
Notice of Proposed Interpretive Guidance Regarding Nonbank Financial Company Determinations
Proposed Analytic Framework for Financial Stability Risk Identification, Assessment, and Response
On April 21, 2023, the Council approved a notice of proposed guidance and request for public comment regarding nonbank financial company designations. In addition, the Council approved a proposed analytic framework for financial stability risk identification, assessment, and response. Interested persons were invited to submit comments regarding the proposed interpretive guidance and proposed analytic framework in accordance with the instructions in the notices. All properly submitted comments are available at regulations.gov.
The Council announced on June 16, 2023, that it extended the comment periods on the two proposals until July 27, 2023.
Notice of Proposed Interpretive Guidance Regarding Nonbank Financial Company Determinations
On March 6, 2019, the Council approved a notice of proposed interpretive guidance and request for public comment regarding nonbank financial company determinations. Interested persons are invited to submit comments regarding the proposed interpretive guidance in accordance with the instructions in the notice. All properly submitted comments will be available at regulations.gov.
Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies
Section 113 of the Dodd-Frank Act authorizes the Council to require a nonbank financial company to be supervised by the Board of Governors of the Federal Reserve System and be subject to prudential standards 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 60-day comment period for this NPR closed on December 19, 2011. An advance notice of proposed rulemaking (ANPR) on nonbank designations was approved for public comment at the Council's October 2010 meeting. Additionally, the Council approved a Notice of Proposed Rulemaking (NPR) on nonbank designations for public comment at its January 2011 meeting. The public comments submitted for this NPR are available on regulations.gov. A docket folder summary can be obtained by searching for Docket ID: FSOC-2011-0001 and clicking on the Docket ID link from the search results.
NPR Regarding Designations of Financial Market Utilities for Heightened Supervision
Section 804 of the Dodd-Frank Act gives the FSOC the authority to identify and designate as systemically important a Financial Market Utility (FMU) if the FSOC determines that its failure or disruption 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 U.S. financial system. An FMU designated by the FSOC as systemically important would become subject to the heightened prudential and supervisory provisions of Title VIII of the Dodd-Frank Act. Through this proposed rule, the FSOC was seeking to gather additional information to inform the rule by which it will designate FMUs as systemically important. This was the second step in the FSOC's rulemaking process for designating systemically important FMUs. An advance notice of proposed rulemaking was discussed and approved for public comment at the FSOC's November 2011 meeting. The 60-day comment period for this NPR closed on May 27, 2011. The public comments submitted for this NPR are available on regulations.gov. A docket folder summary can be obtained by searching for Docket ID: FSOC-2011-0003 and clicking on the Docket ID link from the search results.
NPR on FSOC's FOIA Regulations
Section 112 of the Dodd-Frank Act provides that the Freedom of Information Act (FOIA), including the exceptions thereunder, shall apply to any data or information submitted to the FSOC. The proposed regulations in this NPR would implement the requirements of the FOIA as applied to the FSOC by setting forth procedures for requesting access to FSOC records. The 60 day comment period for this NPR closed on May 27, 2011. The public comments submitted for this NPR are available on regulations.gov. A docket folder summary can be obtained by searching for Docket ID: FSOC-2011-0004 and clicking on the Docket ID link from the search results.
NPR Regarding Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies
The Dodd-Frank Act mandated that the FSOC ensure that all financial companies whose failure could pose a threat to the financial stability of the United States – not just banks – will be subject to strong oversight. Using the considerations set forth in the Dodd-Frank Act, as well as taking into account public comments on a previously issued Advance Notice of Proposed Rulemaking, the FSOC approved a proposed rule outlining the criteria that informs the FSOC's designation of such firms and the procedures the FSOC will use in the designation process. Under the FSOC's proposed rule, if designated, the largest, most interconnected and highly-leveraged companies would face stricter prudential regulation, including higher capital requirements and more robust consolidated supervision. The 30 day comment period for this NPR closed on February 25, 2011. The public comments submitted for this NPR are available on regulations.gov. A docket folder summary can be obtained by searching for Docket ID: FSOC-2011-0001 and clicking on the Docket ID link from the search results.
Advanced Notices of Proposed Rulemaking
The ANPR consisted of ten questions to solicit public comment regarding the implementation of the subsequent proposed rule. The 30-day comment period for this ANPR closed on January 20. 2011. The public comments submitted for this ANPR are available on regulations.gov. A docket folder summary can be obtained by searching for Docket ID: FSOC-2010-0003 and clicking on the Docket ID link from the search results.
The ANPR consisted of fifteen questions to solicit public comment regarding the implementation of the subsequent proposed rule. The 30-day comment period for this ANPR closed on November 5, 2010. The public comments submitted for this ANPR are available on regulations.gov. A docket folder summary can be obtained by searching for Docket ID: FSOC-2010-0001 and clicking on the Docket ID link from the search results.
Requests for Information and Notices
Notice Seeking Comment on Asset Management Products and Activities
The Financial Stability Oversight Council (Council) voted on December 18, 2014 to release a notice seeking public comment regarding potential risks to U.S. financial stability from asset management products and activities. On February 4, 2015, the Council voted to extend the initial 60-day comment period by an additional 30 days. The extended comment period closed on March 25, 2015. The public comments submitted for this notice and request for information are available on regulations.gov. A docket folder summary can be obtained by searching for Docket ID: FSOC-2014-0001 and clicking on the Docket ID link from the search results.
Notice and Request for Information Regarding the Council's "Volcker Rule" Study and Recommendations
The Dodd-Frank Act requires the Council to conduct a study and make recommendations by January 22, 2011, to inform coordinated agency rulemaking on the "Volcker Rule." The Volcker Rule will help improve the safety of our nation's banking system by prohibiting proprietary trading activities and certain private fund investments. The 30-day comment period closed on November 5, 2010. The public comments submitted for this notice and request for information are available on regulations.gov. A docket folder summary can be obtained by searching for Docket ID: FSOC-2010-0002 and clicking on the Docket ID link from the search results.
Hearing Procedures; Notice of Availability; Request for comments
The Council announced 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 on May 30, 2012. The 60 day comment period closed on July 30, 2012. The public comments submitted for this notice and request for comments are available on regulations.gov. A docket folder summary can be obtained by searching for Docket ID: FSOC-2012-0002 and clicking on the Docket ID link from the search results.
See the FSOC Hearing Procedures page for more information on hearing procedures rulemakings.
Proposed Recommendations
Proposed Recommendations Regarding Money Market Mutual Fund Reform
Under Section 120 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), if the Council determines that the conduct, scope, nature, size, scale, concentration, or interconnectedness of a financial activity or practice conducted by bank holding companies or nonbank financial companies could create or increase the risk of significant liquidity, credit, or other problems spreading among bank holding companies and nonbank financial companies, the financial markets of the United States, or low-income, minority, or under-served communities, the Council may provide for more stringent regulation of such financial activity or practice by issuing recommendations to a primary financial regulatory agency to apply new or heightened standards or safeguards.
In an effort to address threats money market mutual funds (MMFs) can pose to the financial system, the Council is proposing to use this authority to recommend that the Securities and Exchange Commission proceed with structural reforms of MMFs. Public comments on the proposed recommendations were due on February 15, 2013.