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12 U.S.C. § 5464 — Findings and purposes
Federal law — U.S. Code and appendices · legal_authorities
**(a) Findings** Congress finds the following:
(1) The proper functioning of the financial markets is dependent upon safe and efficient arrangements for the clearing and settlement of payment, securities, and other financial transactions.
(2) Financial market utilities that conduct or support multilateral payment, clearing, or settlement activities may reduce risks for their participants and the broader financial system, but such utilities may also concentrate and create new risks and thus must be well designed and operated in a safe and sound manner.
(3) Payment, clearing, and settlement activities conducted by financial institutions also present important risks to the participating financial institutions and to the financial system.
(4) Enhancements to the regulation and supervision of systemically important financial market utilities and the conduct of systemically important payment, clearing, and settlement activities by financial institutions are necessary—
(A) to provide consistency;
(B) to promote robust risk management and safety and soundness;
(C) to reduce systemic risks; and
(D) to support the stability of the broader financial system.
**(b) Purpose** The purpose of this subchapter is to mitigate systemic risk in the financial system and promote financial stability by—
(1) authorizing the Board of Governors to promote uniform standards for the—
(A) management of risks by systemically important financial market utilities; and
(B) conduct of systemically important payment, clearing, and settlement activities by financial institutions;
(2) providing the Board of Governors an enhanced role in the supervision of risk management standards for systemically important financial market utilities;
(3) strengthening the liquidity of systemically
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Source location: Title 12, Chapter 53, § 5464; chapter-053-wall-street-reform-and-consumer-protection.md
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**(a) Findings** Congress finds the following:
(1) The proper functioning of the financial markets is dependent upon safe and efficient arrangements for the clearing and settlement of payment, securities, and other financial transactions.
(2) Financial market utilities that conduct or support multilateral payment, clearing, or settlement activities may reduce risks for their participants and the broader financial system, but such utilities may also concentrate and create new risks and thus must be well designed and operated in a safe and sound manner.
(3) Payment, clearing, and settlement activities conducted by financial institutions also present important risks to the participating financial institutions and to the financial system.
(4) Enhancements to the regulation and supervision of systemically important financial market utilities and the conduct of systemically important payment, clearing, and settlement activities by financial institutions are necessary—
(A) to provide consistency;
(B) to promote robust risk management and safety and soundness;
(C) to reduce systemic risks; and
(D) to support the stability of the broader financial system.
**(b) Purpose** The purpose of this subchapter is to mitigate systemic risk in the financial system and promote financial stability by—
(1) authorizing the Board of Governors to promote uniform standards for the—
(A) management of risks by systemically important financial market utilities; and
(B) conduct of systemically important payment, clearing, and settlement activities by financial institutions;
(2) providing the Board of Governors an enhanced role in the supervision of risk management standards for systemically important financial market utilities;
(3) strengthening the liquidity of systemically important financial market utilities; and
(4) providing the Board of Governors an enhanced role in the supervision of risk management standards for systemically important payment, clearing, and settlement activities by financial institutions.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5301
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Federal law — U.S. Code and appendices · legal_authorities
Unless otherwise provided by its terms, this subchapter does not divest any appropriate financial regulator, any Supervisory Agency, or any other Federal or State agency, of any authority derived from any other applicable law, except that any standards prescribed by the Board of Governors under [section 5464 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5464&num=0&edition=prelim) shall supersede any less stringent requirements established under other authority to the extent of any conflict.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5491
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Federal law — U.S. Code and appendices · legal_authorities
Page 1931
TITLE 12—BANKS AND BANKING
§ 5464
(B) Notice of waiver or modification
The Council shall provide notice of the
waiver or modification to the financial mar-
ket utility concerned or, in the case of a
payment, clearing, or settlement activity, to
financial institutions, as soon as prac-
ticable, 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 provide the notice to fi-
nancial institutions by posting a notice on
the website of the Council and by publishing
a notice in the Federal Register.
(d) Notification of final determination
(1) After hearing
Within 60 days of any hearing under sub-
section (c)(2), the Council shall notify the fi-
nancial market utility or financial institu-
tions of the final determination of the Council
in writing, which shall include findings of fact
upon which the determination of the Council
is based.
(2) When no hearing requested
If the Council does not receive a timely re-
quest for a hearing under subsection (c)(2), the
Council shall notify the financial market util-
ity or financial institutions of the final deter-
mination of the Council in writing not later
than 30 days after the expiration of the date
by which a financial market utility or a finan-
cial institution could have requested a hear-
ing. All notices to financial institutions under
this subsection shall be published in the Fed-
eral Register.
(e) Extension of time periods
The Council may extend the time periods es-
tablished in subsections (c) and (d) as the Coun-
cil determines to be necessary or appropriate.
(Pub. L. 111–203, title VIII, § 804, July 21, 2010, 124
Stat. 1807.)
§ 5464. Standards for syste
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5464
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