Financial Market Utilities

Document 2022-21222 is a Proposed Rule published by the Federal Reserve System in the Federal Register on October 5, 2022. The Board of Governors of the Federal Reserve System (Board) is proposing to amend the requirements relating to operational risk management in the Board's Regulation HH, which applies to certain financial market utilities that have been designated as systemically important (designated FMUs) by the Financial Stability Oversight Council (FSOC) under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act or Act). The proposal would update, refine, and add specificity to the operational risk management requirements in Regulation HH to reflect changes in the operational risk, technology, and regulatory landscapes in which designated FMUs operate since the Board last amended this regulation in 2014. The proposal would also adopt specific incident-notification requirements. View the original at https://www.federalregister.gov/documents/2022/10/05/2022-21222/financial-market-utilities.

No. Document 2022-21222 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.