On July 30, the Fed approved a final rule, Regulation HH, implementing provisions of sections 805(a) and 806(e) of the Dodd-Frank Act.  The final rule establishes risk-management standards related to the payment, clearing, and settlement activities of certain financial market utilities (FMUs) designated as systemically important by the FSOC, and standards for determining when a designated FMU must provide advance notice of proposed changes to its rules, procedures, or operations.  The rule will be effective on September 14. 

Fed Release.  Final Rule.