Summary of Federal Reserve Proposed Rule on Definitions Related to Nonbank Financial Companies and Interconnectedness of Systemically Important Firms
On February 8, 2011, the Board of Governors of the Federal Reserve System (the “Board”) issued a notice of proposed rulemaking and request for comment setting forth suggested definitions of terms that appear in the systemic risk provisions of Title I of the Dodd-Frank Act—”predominantly engaged in financial activities,” “significant nonbank financial company” and “significant bank holding company.”
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