Who matters? Under Dodd-Frank, a nonbank financial company can be designated as “systemically important” by the Financial Stability Oversight Council if at least 85% of the company’s revenues or assets are related to activities that are financial in nature under the Bank Holding Company Act. The proposed rule also
On March 14, MoFo will unv eil an on line resource that tracks rulemaking pursuant to the Dodd -Frank Act.
defines the terms “significant nonbank financial company” and “significant bank holding company” as firms that have at least $50 billion in total consolidated assets or have been designated by the Council as systemically important. Comments on the proposal must be submitted by March 30, 2011. Publication in the Federal Register is expected shortly.