{"abstract":"The Board of Governors of the Federal Reserve System (Board) is publishing a final rule revising the risk-management standards in its Regulation HH, Designated Financial Market Utilities. The Board is replacing the existing two sets of risk-management standards for payment systems and for central securities depositories and central counterparties with a common set of risk-management standards for all types of designated financial market utilities (FMUs) and making conforming changes to the definitions. The new common set of risk- management standards and the definitions are based on the Principles for Financial Market Infrastructures (PFMI), which were developed by the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) and published in April 2012.","action":"Final rule.","agencies":[{"raw_name":"FEDERAL RESERVE SYSTEM","name":"Federal Reserve System","id":188,"url":"https://www.federalregister.gov/agencies/federal-reserve-system","json_url":"https://www.federalregister.gov/api/v1/agencies/188","parent_id":null,"slug":"federal-reserve-system"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2014/11/05/2014-26090.html","cfr_references":[{"chapter":null,"citation_url":null,"part":234,"title":12}],"citation":"79 FR 65543","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"This final rule is effective December 31, 2014. Designated FMUs must be in compliance with the rule by the effective date, with the exception of establishing plans for recovery and orderly wind-down, set forth in Sec. 234.3(a)(3)(iii); addressing uncovered credit losses, set forth in Sec. 234.3(a)(4)(vi); addressing liquidity shortfalls, set forth in Sec. 234.3(a)(7)(viii); maintaining sufficient liquid net assets funded by equity and a viable capital plan, set forth in Sec. 234.3(a)(15)(i) and (ii); managing risks arising in tiered participation arrangements, set forth in Sec. 234.3(a)(19); and providing comprehensive public disclosure, set forth in Sec. 234.3(a)(23)(iv), which have a compliance date of December 31, 2015.","disposition_notes":null,"docket_ids":["Regulation HH","Docket No. R-1477"],"dockets":[],"document_number":"2014-26090","effective_on":"2014-12-31","end_page":65562,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2014/11/05/2014-26090.xml","html_url":"https://www.federalregister.gov/documents/2014/11/05/2014-26090/financial-market-utilities","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2014-26090?publication_date=2014-11-05","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2014-11-05/2014-26090/mods.xml","not_received_for_publication":null,"page_length":20,"page_views":{"count":1688,"last_updated":"2026-10-22 22:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2014-11-05/pdf/2014-26090.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2014-26090.pdf?1415108946","publication_date":"2014-11-05","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2014/11/05/2014-26090.txt","regulation_id_number_info":{"7100-AE09":{"issue":"201410","html_url":"https://www.federalregister.gov/regulations/7100-AE09/regulation-hh-financial-market-utilities-docket-no-r-1477-","title":"Regulation HH--Financial Market Utilities (Docket No: R-1477)\n","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201410&RIN=7100-AE09&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["7100-AE09"],"regulations_dot_gov_info":{"checked_regulationsdotgov_at":"2015-01-12T19:16:59Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":65543,"subtype":null,"title":"Financial Market Utilities","toc_doc":"Financial Market Utilities","toc_subject":null,"topics":["Banks, banking","Credit","Electronic funds transfers","Securities"],"type":"Rule","volume":79}