On March 30, the Fed issued a notice of proposed rulemaking implementing Sections 805 and 806 of the Dodd-Frank Act. The proposed rule establishes risk-management standards for Financial Markets Utilities (FMUs) designated as systemically important by the Financial Stability Oversight Council. The rule also sets forth advanced notice requirements for a designated FMU seeking to change rules, procedures, or operations that could materially affect the risks presented by the designated FMU. Comments must be submitted within 45 days after publication in the Federal Register. Fed Release. Proposed Rule.