On July 18th, the Financial Stability Oversight Council ("FSOC"), in accordance with Title VIII of the Dodd-Frank Act, issued new final rules on the designation of financial market utilities ("FMU") as systemically important. An FMU designated by the Council as systemically important would become subject to the requirements of Title VIII, including risk management standards and additional examination requirements. See also Reuters. In accordance with Section 215 of the Dodd-Frank Act, the FSOC also released a study evaluating the importance of maximizing U.S. taxpayer protections and promoting market discipline with respect to the treatment of fully secured creditors in the utilization of the orderly liquidation authority authorized by the Dodd-Frank Act. Treasury Department Press Release.