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124 STAT. 1805

PUBLIC LAW 111–203—JULY 21, 2010

subparagraph apply only with respect to the activities that

require the entity to be so registered.

(6) F

INANCIAL MARKETUTILITY

.—

(A) I

NCLUSION

.—The term ‘‘financial market utility’’

means any person that manages or operates a multilateral

system for the purpose of transferring, clearing, or settling

payments, securities, or other financial transactions among

financial institutions or between financial institutions and

the person.

(B) E

XCLUSIONS

.—The term ‘‘financial market utility’’

does not include—

(i) designated contract markets, registered futures

associations, swap data repositories, and swap execu-

tion facilities registered under the Commodity

Exchange Act (7 U.S.C. 1 et seq.), or national securities

exchanges, national securities associations, alternative

trading systems, security-based swap data repositories,

and swap execution facilities registered under the Secu-

rities Exchange Act of 1934 (15 U.S.C. 78a et seq.),

solely by reason of their providing facilities for compari-

son of data respecting the terms of settlement of securi-

ties or futures transactions effected on such exchange

or by means of any electronic system operated or con-

trolled by such entities, provided that the exclusions

in this clause apply only with respect to the activities

that require the entity to be so registered; and

(ii) any broker, dealer, transfer agent, or invest-

ment company, or any futures commission merchant,

introducing broker, commodity trading advisor, or com-

modity pool operator, solely by reason of functions

performed by such institution as part of brokerage,

dealing, transfer agency, or investment company activi-

ties, or solely by reason of acting on behalf of a finan-

cial market utility or a participant therein in connec-

tion with the furnishing by the financial market utility

of services to its participants or the use of services

of the financial market utility by its participants, pro-

vided that services performed by such institution do

not constitute critical risk management or processing

functions of the financial market utility.

(7) P

AYMENT

CLEARING

OR SETTLEMENTACTIVITY

.—

(A) I

GENERAL

.—The term ‘‘payment, clearing, or

settlement activity’’ means an activity carried out by 1

or more financial institutions to facilitate the completion

of financial transactions, but shall not include any offer

or sale of a security under the Securities Act of 1933

(15 U.S.C. 77a et seq.), or any quotation, order entry,

negotiation, or other pre-trade activity or execution activity.

(B) F

INANCIAL TRANSACTION

.—For the purposes of

subparagraph (A), the term ‘‘financial transaction’’

includes—

(i) funds transfers;

(ii) securities contracts;

(iii) contracts of sale of a commodity for future

delivery;

(iv) forward contracts;

(v) repurchase agreements;

Applicability.

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124 STAT. 1806

PUBLIC LAW 111–203—JULY 21, 2010

(vi) swaps;

(vii) security-based swaps;

(viii) swap agreements;

(ix) security-based swap agreements;

(x) foreign exchange contracts;

(xi) financial derivatives contracts; and

(xii) any similar transaction that the Council deter-

mines to be a financial transaction for purposes of

this title.

NCLUDED

ACTIVITIES

.—When conducted with

respect to a financial transaction, payment, clearing, and

settlement activities may include—

(i) the calculation and communication of unsettled

financial transactions between counterparties;

(ii) the netting of transactions;

(iii) provision and maintenance of trade, contract,

or instrument information;

(iv) the management of risks and activities associ-

ated with continuing financial transactions;

(v) transmittal and storage of payment instruc-

tions;

(vi) the movement of funds;

(vii) the final settlement of financial transactions;

and

(viii) other similar functions that the Council may

determine.

(D) E

XCLUSION

.—Payment, clearing, and settlement

activities shall not include public reporting of swap trans-

action data under section 727 or 763(i) of the Wall Street

Transparency and Accountability Act of 2010.

(8) S

UPERVISORY AGENCY

.—

(A) I

GENERAL

.—The term ‘‘Supervisory Agency’’

means the Federal agency that has primary jurisdiction

over a designated financial market utility under Federal

banking, securities, or commodity futures laws, as follows:

(i) The Securities and Exchange Commission, with

respect to a designated financial market utility that

is a clearing agency registered with the Securities and

Exchange Commission.

(ii) The Commodity Futures Trading Commission,

with respect to a designated financial market utility

that is a derivatives clearing organization registered

with the Commodity Futures Trading Commission.

(iii) The appropriate Federal banking agency, with

respect to a designated financial market utility that

is an institution described in section 3(q) of the Federal

Deposit Insurance Act.

(iv) The Board of Governors, with respect to a

designated financial market utility that is otherwise

not subject to the jurisdiction of any agency listed

in clauses (i), (ii), and (iii).

(B) M

ULTIPLE AGENCY JURISDICTION

.—If a designated

financial market utility is subject to the jurisdictional

supervision of more than 1 agency listed in subparagraph

(A), then such agencies should agree on 1 agency to act

as the Supervisory Agency, and if such agencies cannot

agree on which agency has primary jurisdiction, the Council

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124 STAT. 1807

PUBLIC LAW 111–203—JULY 21, 2010

shall decide which agency is the Supervisory Agency for

purposes of this title.

(9) S

YSTEMICALLY IMPORTANT AND SYSTEMIC IMPORTANCE

.—

The terms ‘‘systemically important’’ and ‘‘systemic importance’’

mean a situation where the failure of or a disruption to the

functioning of a financial market utility or the conduct of a

payment, clearing, or settlement activity could create, or

increase, the risk of significant liquidity or credit problems

spreading among financial institutions or markets and thereby

threaten the stability of the financial system of the United

States.

SEC. 804. DESIGNATION OF SYSTEMIC IMPORTANCE.

(a) D

ESIGNATION

.—

(1) F

INANCIAL STABILITY OVERSIGHT COUNCIL

.—The Council,

on a nondelegable basis and by a vote of not fewer than

⁄

of members then serving, including an affirmative vote by

the Chairperson of the Council, shall designate those financial

market utilities or payment, clearing, or settlement activities

that the Council determines are, or are likely to become,

systemically important.

(2) C

ONSIDERATIONS

.—In determining whether a financial

market utility or payment, clearing, or settlement activity is,

or is likely to become, systemically important, the Council

shall take into consideration the following:

(A) The aggregate monetary value of transactions proc-

essed by the financial market utility or carried out through

the payment, clearing, or settlement activity.

(B) The aggregate exposure of the financial market

utility or a financial institution engaged in payment,

clearing, or settlement activities to its counterparties.

actions of the financial market utility or payment, clearing,

or settlement activity with other financial market utilities

or payment, clearing, or settlement activities.

(D) The effect that the failure of or a disruption to

the financial market utility or payment, clearing, or settle-

ment activity would have on critical markets, financial

institutions, or the broader financial system.

(E) Any other factors that the Council deems appro-

priate.

(b) R

ESCISSION OF

ESIGNATION

.—

(1) I

N GENERAL

.—The Council, on a nondelegable basis

and by a vote of not fewer than

⁄

of members then serving,

including an affirmative vote by the Chairperson of the Council,

shall rescind a designation of systemic importance for a des-

ignated financial market utility or designated activity if the

Council determines that the utility or activity no longer meets

the standards for systemic importance.

(2) E

FFECT OF RESCISSION

.—Upon rescission, the financial

market utility or financial institutions conducting the activity

will no longer be subject to the provisions of this title or

any rules or orders prescribed under this title.

ONSULTATION

AND

OTICE

AND

PPORTUNITY

FOR

EARING

.—

12 USC 5463.

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124 STAT. 1808

PUBLIC LAW 111–203—JULY 21, 2010

(1) C

ONSULTATION

.—Before making any determination

under subsection (a) or (b), the Council shall consult with

the relevant Supervisory Agency and the Board of Governors.

(2) A

DVANCE NOTICE AND OPPORTUNITY FOR HEARING

.—

(A) I

N GENERAL

.—Before making any determination

under subsection (a) or (b), the Council shall provide the

financial market utility or, in the case of a payment,

clearing, or settlement activity, financial institutions with

advance notice of the proposed determination of the

Council.

(B) N

OTICE IN FEDERAL REGISTER

.—The Council shall

provide such advance notice to financial institutions by

publishing a notice in the Federal Register.

EQUESTS FOR HEARING

.—Within 30 days from the

date of any notice of the proposed determination of the

Council, the financial market utility or, in the case of

a payment, clearing, or settlement activity, a financial

institution engaged in the designated activity may request,

in writing, an opportunity for a written or oral hearing

before the Council to demonstrate that the proposed des-

ignation or rescission of designation is not supported by

substantial evidence.

(D) W

RITTEN SUBMISSIONS

.—Upon receipt of a timely

request, the Council shall fix a time, not more than 30

days after receipt of the request, unless extended at the

request of the financial market utility or financial institu-

tion, and place at which the financial market utility or

financial institution may appear, personally or through

counsel, to submit written materials, or, at the sole discre-

tion of the Council, oral testimony or oral argument.

(3) E

MERGENCY EXCEPTION

.—

(A) W

AIVER

MODIFICATION

VOTE

THE

COUNCIL

.—The Council may waive or modify the require-

ments of paragraph (2) if the Council determines, by an

affirmative vote of not fewer than

⁄

of members then

serving, including an affirmative vote by the Chairperson

of the Council, that the waiver or modification is necessary

to prevent or mitigate an immediate threat to the financial

system posed by the financial market utility or the pay-

ment, clearing, or settlement activity.

(B) N

OTICE OF WAIVER OR MODIFICATION

.—The Council

shall provide notice of the waiver or modification to the

financial market utility concerned or, in the case of a

payment, clearing, or settlement activity, to financial

institutions, as soon as practicable, which shall be no later

than 24 hours after the waiver or modification in the

case of a financial market utility and 3 business days

in the case of financial institutions. The Council shall pro-

vide the notice to financial institutions by posting a notice

on the website of the Council and by publishing a notice

in the Federal Register.

(d) N

OTIFICATION OF

INAL

ETERMINATION

.—

(1) A

FTER HEARING

.—Within 60 days of any hearing under

subsection (c)(2), the Council shall notify the financial market

utility or financial institutions of the final determination of

the Council in writing, which shall include findings of fact

upon which the determination of the Council is based.

Deadlines.

Web posting.

Federal Register,

publication.

Deadlines.

Deadline.

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124 STAT. 1809

PUBLIC LAW 111–203—JULY 21, 2010

(2) W

HEN NO HEARING REQUESTED

.—If the Council does

not receive a timely request for a hearing under subsection

(c)(2), the Council shall notify the financial market utility or

financial institutions of the final determination of the Council

in writing not later than 30 days after the expiration of the

date by which a financial market utility or a financial institu-

tion could have requested a hearing. All notices to financial

institutions under this subsection shall be published in the

Federal Register.

(e) E

XTENSION OF

IME

ERIODS

.—The Council may extend

the time periods established in subsections (c) and (d) as the Council

determines to be necessary or appropriate.

SEC. 805. STANDARDS FOR SYSTEMICALLY IMPORTANT FINANCIAL

MARKET UTILITIES AND PAYMENT, CLEARING, OR SETTLE-

MENT ACTIVITIES.

(a) A

UTHORITY TO

RESCRIBE

TANDARDS

.—

(1) B

OARD OF GOVERNORS

.—Except as provided in para-

graph (2), the Board of Governors, by rule or order, and in

consultation with the Council and the Supervisory Agencies,

shall prescribe risk management standards, taking into consid-

eration relevant international standards and existing pruden-

tial requirements, governing—

(A) the operations related to the payment, clearing,

and settlement activities of designated financial market

utilities; and

(B) the conduct of designated activities by financial

institutions.

(2) S

PECIAL PROCEDURES FOR DESIGNATED CLEARING ENTI

TIES AND DESIGNATED ACTIVITIES OF CERTAIN FINANCIAL INSTITU

TIONS

.—

(A) CFTC

AND COMMISSION

.—The Commodity Futures

Trading Commission and the Commission may each pre-

scribe regulations, in consultation with the Council and

the Board of Governors, containing risk management stand-

ards, taking into consideration relevant international

standards and existing prudential requirements, for those

designated clearing entities and financial institutions

engaged in designated activities for which each is the

Supervisory Agency or the appropriate financial regulator,

governing—

(i) the operations related to payment, clearing, and

settlement activities of such designated clearing enti-

ties; and

(ii) the conduct of designated activities by such

financial institutions.

(B) R

EVIEW AND DETERMINATION

.—The Board of Gov-

ernors may determine that existing prudential require-

ments of the Commodity Futures Trading Commission, the

Commission, or both (including requirements prescribed

pursuant to subparagraph (A)) with respect to designated

clearing entities and financial institutions engaged in des-

ignated activities for which the Commission or the Com-

modity Futures Trading Commission is the Supervisory

Agency or the appropriate financial regulator are insuffi-

cient to prevent or mitigate significant liquidity, credit,

12 USC 5464.

Federal Register,

publication.

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124 STAT. 1810

PUBLIC LAW 111–203—JULY 21, 2010

operational, or other risks to the financial markets or to

the financial stability of the United States.

RITTEN DETERMINATION

.—Any determination by

the Board of Governors under subparagraph (B) shall be

provided in writing to the Commodity Futures Trading

Commission or the Commission, as applicable, and the

Council, and shall explain why existing prudential require-

ments, considered as a whole, are insufficient to ensure

that the operations and activities of the designated clearing

entities or the activities of financial institutions described

in subparagraph (B) will not pose significant liquidity,

credit, operational, or other risks to the financial markets

or to the financial stability of the United States. The Board

of Governors’ determination shall contain a detailed anal-

ysis supporting its findings and identify the specific pruden-

tial requirements that are insufficient.

(D) CFTC

AND

COMMISSION

RESPONSE

.—The Com-

modity Futures Trading Commission or the Commission,

as applicable, shall within 60 days either object to the

Board of Governors’ determination with a detailed analysis

as to why existing prudential requirements are sufficient,

or submit an explanation to the Council and the Board

of Governors describing the actions to be taken in response

to the Board of Governors’ determination.

(E) A

UTHORIZATION

.—Upon an affirmative vote by not

fewer than 2/3 of members then serving on the Council,

the Council shall either find that the response submitted

under subparagraph (D) is sufficient, or require the Com-

modity Futures Trading Commission, or the Commission,

as applicable, to prescribe such risk management standards

as the Council determines is necessary to address the spe-

cific prudential requirements that are determined to be

insufficient.’’

(b) O

BJECTIVES AND

RINCIPLES

.—The objectives and principles

for the risk management standards prescribed under subsection

(a) shall be to—

(1) promote robust risk management;

(2) promote safety and soundness;

(3) reduce systemic risks; and

(4) support the stability of the broader financial system.

COPE

.—The standards prescribed under subsection (a) may

address areas such as—

(1) risk management policies and procedures;

(2) margin and collateral requirements;

(3) participant or counterparty default policies and proce-

dures;

(4) the ability to complete timely clearing and settlement

of financial transactions;

(5) capital and financial resource requirements for des-

ignated financial market utilities; and

(6) other areas that are necessary to achieve the objectives

and principles in subsection (b).

(d) L

IMITATION ON

COPE

.—Except as provided in subsections

(e) and (f) of section 807, nothing in this title shall be construed

to permit the Council or the Board of Governors to take any action

or exercise any authority granted to the Commodity Futures

Trading Commission under section 2(h) of the Commodity Exchange

Deadline.

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124 STAT. 1811

PUBLIC LAW 111–203—JULY 21, 2010

Act or the Securities and Exchange Commission under section 3C(a)

of the Securities Exchange Act of 1934, including—

(1) the approval of, disapproval of, or stay of the clearing

requirement for any group, category, type, or class of swaps

that a designated clearing entity may accept for clearing;

(2) the determination that any group, category, type, or

class of swaps shall be subject to the mandatory clearing

requirement of section 2(h)(1) of the Commodity Exchange Act

or section 3C(a)(1) of the Securities Exchange Act of 1934;

(3) the determination that any person is exempt from the

mandatory clearing requirement of section 2(h)(1) of the Com-

modity Exchange Act or section 3C(a)(1) of the Securities

Exchange Act of 1934; or

(4) any authority granted to the Commodity Futures

Trading Commission or the Securities and Exchange Commis-

sion with respect to transaction reporting or trade execution.

(e) T

HRESHOLD

EVEL

.—The standards prescribed under sub-

section (a) governing the conduct of designated activities by financial

institutions shall, where appropriate, establish a threshold as to

the level or significance of engagement in the activity at which

a financial institution will become subject to the standards with

respect to that activity.

(f) C

OMPLIANCE

EQUIRED

.—Designated financial market utili-

ties and financial institutions subject to the standards prescribed

under subsection (a) for a designated activity shall conduct their

operations in compliance with the applicable risk management

standards.

SEC. 806. OPERATIONS OF DESIGNATED FINANCIAL MARKET UTILI-

TIES.

(a) F

EDERAL

ESERVE

CCOUNT AND

ERVICES

.—The Board

of Governors may authorize a Federal Reserve Bank to establish

and maintain an account for a designated financial market utility

and provide the services listed in section 11A(b) of the Federal

Reserve Act (12 U.S.C. 248a(b)) and deposit accounts under the

first undesignated paragraph of section 13 of the Federal Reserve

Act (12 U.S.C. 342) to the designated financial market utility that

the Federal Reserve Bank is authorized under the Federal Reserve

Act to provide to a depository institution, subject to any applicable

rules, orders, standards, or guidelines prescribed by the Board

of Governors.

(b) A

DVANCES

.—The Board of Governors may authorize a Fed-

eral Reserve bank under section 10B of the Federal Reserve Act

(12 U.S.C. 347b) to provide to a designated financial market utility

discount and borrowing privileges only in unusual or exigent cir-

cumstances, upon the affirmative vote of a majority of the Board

of Governors then serving (or such other number in accordance

with the provisions of section 11(r)(2) of the Federal Reserve Act

(12 U.S.C. 248(r)(2)) after consultation with the Secretary, and

upon a showing by the designated financial market utility that

it is unable to secure adequate credit accommodations from other

banking institutions. All such discounts and borrowing privileges

shall be subject to such other limitations, restrictions, and regula-

tions as the Board of Governors may prescribe. Access to discount

and borrowing privileges under section 10B of the Federal Reserve

Act as authorized in this section does not require a designated

12 USC 5465.

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124 STAT. 1812

PUBLIC LAW 111–203—JULY 21, 2010

financial market utility to be or become a bank or bank holding

company.

ARNINGS ON

EDERAL

ESERVE

ALANCES

.—A Federal

Reserve Bank may pay earnings on balances maintained by or

on behalf of a designated financial market utility in the same

manner and to the same extent as the Federal Reserve Bank

may pay earnings to a depository institution under the Federal

Reserve Act, subject to any applicable rules, orders, standards,

or guidelines prescribed by the Board of Governors.

(d) R

ESERVE

EQUIREMENTS

.—The Board of Governors may

exempt a designated financial market utility from, or modify any,

reserve requirements under section 19 of the Federal Reserve Act

(12 U.S.C. 461) applicable to a designated financial market utility.

(e) C

HANGES TO

ULES

, P

ROCEDURES

PERATIONS

.—

(1) A

DVANCE NOTICE

.—

(A) A

DVANCE

NOTICE

PROPOSED

CHANGES

REQUIRED

.—A designated financial market utility shall pro-

vide notice 60 days in advance notice to its Supervisory

Agency of any proposed change to its rules, procedures,

or operations that could, as defined in rules of each Super-

visory Agency, materially affect, the nature or level of

risks presented by the designated financial market utility.

(B) T

ERMS AND STANDARDS PRESCRIBED BY THE SUPER

VISORY AGENCIES

.—Each Supervisory Agency, in consulta-

tion with the Board of Governors, shall prescribe regula-

tions that define and describe the standards for deter-

mining when notice is required to be provided under

subparagraph (A).

ONTENTS OF NOTICE

.—The notice of a proposed

change shall describe—

(i) the nature of the change and expected effects

on risks to the designated financial market utility,

its participants, or the market; and

(ii) how the designated financial market utility

plans to manage any identified risks.

(D) A

DDITIONAL

INFORMATION

.—The Supervisory

Agency may require a designated financial market utility

to provide any information necessary to assess the effect

the proposed change would have on the nature or level

of risks associated with the designated financial market

utility’s payment, clearing, or settlement activities and the

sufficiency of any proposed risk management techniques.

(E) N

OTICE OF OBJECTION

.—The Supervisory Agency

shall notify the designated financial market utility of any

objection regarding the proposed change within 60 days

from the later of—

(i) the date that the notice of the proposed change

is received; or

(ii) the date any further information requested

for consideration of the notice is received.

(F) C

HANGE NOT ALLOWED IF OBJECTION

.—A designated

financial market utility shall not implement a change to

which the Supervisory Agency has an objection.

(G) C

HANGE ALLOWED IF NO OBJECTION

WITHIN 60

DAYS

.—A designated financial market utility may imple-

ment a change if it has not received an objection to the

proposed change within 60 days of the later of—

Deadline.

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124 STAT. 1813

PUBLIC LAW 111–203—JULY 21, 2010

(i) the date that the Supervisory Agency receives

the notice of proposed change; or

(ii) the date the Supervisory Agency receives any

further information it requests for consideration of the

notice.

(H) R

EVIEW

EXTENSION

FOR

NOVEL

COMPLEX

ISSUES

.—The Supervisory Agency may, during the 60-day

review period, extend the review period for an additional

60 days for proposed changes that raise novel or complex

issues, subject to the Supervisory Agency providing the

designated financial market utility with prompt written

notice of the extension. Any extension under this subpara-

graph will extend the time periods under subparagraphs

(E) and (G).

(I) C

HANGE ALLOWED EARLIER IF NOTIFIED OF NO OBJEC

TION

.—A designated financial market utility may imple-

ment a change in less than 60 days from the date of

receipt of the notice of proposed change by the Supervisory

Agency, or the date the Supervisory Agency receives any

further information it requested, if the Supervisory Agency

notifies the designated financial market utility in writing

that it does not object to the proposed change and author-

izes the designated financial market utility to implement

the change on an earlier date, subject to any conditions

imposed by the Supervisory Agency.

(2) E

MERGENCY CHANGES

.—

(A) I

NGENERAL

.—A designated financial market utility

may implement a change that would otherwise require

advance notice under this subsection if it determines that—

(i) an emergency exists; and

(ii) immediate implementation of the change is

necessary for the designated financial market utility

to continue to provide its services in a safe and sound

manner.

(B) N

OTICE REQUIRED WITHIN 24 HOURS

.—The des-

ignated financial market utility shall provide notice of any

such emergency change to its Supervisory Agency, as soon

as practicable, which shall be no later than 24 hours after

implementation of the change.

ONTENTS OF EMERGENCY NOTICE

.—In addition to

the information required for changes requiring advance

notice, the notice of an emergency change shall describe—

(i) the nature of the emergency; and

(ii) the reason the change was necessary for the

designated financial market utility to continue to pro-

vide its services in a safe and sound manner.

(D) M

ODIFICATION OR RESCISSION OF CHANGE MAY BE

REQUIRED

.—The Supervisory Agency may require modifica-

tion or rescission of the change if it finds that the change

is not consistent with the purposes of this Act or any

applicable rules, orders, or standards prescribed under sec-

tion 805(a).

(3) C

OPYING THE BOARD OF GOVERNORS

.—The Supervisory

Agency shall provide the Board of Governors concurrently with

a complete copy of any notice, request, or other information

it issues, submits, or receives under this subsection.

Time period.

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124 STAT. 1814

PUBLIC LAW 111–203—JULY 21, 2010

(4) C

ONSULTATION WITH

BOARD OF GOVERNORS

.—Before

taking any action on, or completing its review of, a change

proposed by a designated financial market utility, the Super-

visory Agency shall consult with the Board of Governors.

SEC. 807. EXAMINATION OF AND ENFORCEMENT ACTIONS AGAINST

DESIGNATED FINANCIAL MARKET UTILITIES.

(a) E

XAMINATION

.—Notwithstanding any other provision of law

and subject to subsection (d), the Supervisory Agency shall conduct

examinations of a designated financial market utility at least once

annually in order to determine the following:

(1) The nature of the operations of, and the risks borne

by, the designated financial market utility.

(2) The financial and operational risks presented by the

designated financial market utility to financial institutions,

critical markets, or the broader financial system.

(3) The resources and capabilities of the designated finan-

cial market utility to monitor and control such risks.

(4) The safety and soundness of the designated financial

market utility.

(5) The designated financial market utility’s compliance

with—

(A) this title; and

(B) the rules and orders prescribed under this title.

(b) S

ERVICE

ROVIDERS

.—Whenever a service integral to the

operation of a designated financial market utility is performed

for the designated financial market utility by another entity,

whether an affiliate or non-affiliate and whether on or off the

premises of the designated financial market utility, the Supervisory

Agency may examine whether the provision of that service is in

compliance with applicable law, rules, orders, and standards to

the same extent as if the designated financial market utility were

performing the service on its own premises.

NFORCEMENT

.—For purposes of enforcing the provisions

of this title, a designated financial market utility shall be subject

to, and the appropriate Supervisory Agency shall have authority

under the provisions of subsections (b) through (n) of section 8

of the Federal Deposit Insurance Act (12 U.S.C. 1818) in the same

manner and to the same extent as if the designated financial

market utility was an insured depository institution and the Super-

visory Agency was the appropriate Federal banking agency for

such insured depository institution.

(d) B

OARD OF

OVERNORS

NVOLVEMENT IN

XAMINATIONS

.—

(1) B

OARD OF GOVERNORS CONSULTATION ON EXAMINATION

PLANNING

.—The Supervisory Agency shall consult annually

with the Board of Governors regarding the scope and method-

ology of any examination conducted under subsections (a) and

(b). The Supervisory Agency shall lead all examinations con-

ducted under subsections (a) and (b)

(2) B

OARD OF GOVERNORS PARTICIPATION IN EXAMINATION

.—

The Board of Governors may, in its discretion, participate in

any examination led by a Supervisory Agency and conducted

under subsections (a) and (b).

(e) B

OARD OF

OVERNORS

NFORCEMENT

ECOMMENDATIONS

.—

(1) R

ECOMMENDATION

.—The Board of Governors may, after

consulting with the Council and the Supervisory Agency, at

any time recommend to the Supervisory Agency that such

Deadline.

12 USC 5466.

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