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.
Register Now As you are not an existing subscriber please register for your free daily legal newsfeed service.Register
If you have any questions about the service please contact email@example.com or call Lexology Customer Services on +44 20 7234 0606.
Federal Reserve Board statement regarding Fedwire
- Winston & Strawn LLP
- July 23 2012
If you are interested in submitting an article to Lexology, please contact Andrew Teague at firstname.lastname@example.org.
”Lexology is a useful and informative tool. I keep copies of relevant articles and often forward them to colleagues. Although I do not know all of the authors/firms, by reading their articles I do gain an understanding of...
”Lexology is a useful and informative tool. I keep copies of relevant articles and often forward them to colleagues. Although I do not know all of the authors/firms, by reading their articles I do gain an understanding of their appreciation of a topic, and should the need arise I would not hesitate to contact them on those topics.”
Legal Department Administrator
Jovian Capital Corporation