On February 8th, the Federal Reserve Board published for comment proposed amendments to Regulation Y that establish the criteria for determining whether a company is "predominantly engaged in financial activities;" and define the terms "significant nonbank financial company" and "significant bank holding company" for purposes of the Dodd-Frank Act. These terms are relevant to various provisions of the Act, including section 113, which authorizes the Financial Stability Oversight Council (FSOC) to designate a nonbank financial company for supervision by the Federal Reserve Board if the FSOC determines that the company could pose a threat to the financial stability of the United States. Comments should be submitted on or before March 30, 2011. Federal Reserve Board Press Release.