Page:United States Statutes at Large Volume 124.djvu/1835

 124 STAT. 1809 PUBLIC LAW 111–203—JULY 21, 2010 (2) WHEN 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) EXTENSION OF TIME PERIODS.—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) AUTHORITY TO PRESCRIBE STANDARDS.— (1) BOARD 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) SPECIAL 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) REVIEW 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.