On July 19th, the Federal Reserve Board reaffirmed its long-standing policy of applying relevant international risk-management standards to the Federal Reserve Banks' Fedwire funds and Fedwire securities services. The announcement follows the Financial Stability Oversight Council's ("FSOC") final designation of eight financial market utilities as systemically important. Under the Federal Reserve Act, the Board has supervisory authority over the Reserve Banks, including the Reserve Banks' provision of payment and settlement services. The Board's examination framework for Fedwire is consistent with the framework that will be used by the Federal Reserve for financial market utilities designated as systemically important by the FSOC and supervised by the Board. In addition, the Board is ensuring that the Reserve Banks are held to procedural requirements with respect to Board review of proposed material changes to Fedwire rules, procedures, and operations that are the same as, or higher than, the requirements for designated financial market utilities. Federal Reserve Board Press Release.
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Federal Reserve Board statement regarding Fedwire
- Winston & Strawn LLP
- July 23 2012
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