FSOC Issues Final Rule on Designation of Systemically Important Nonbank Financial Companies
Yesterday, the Financial Stability Oversight Council issued its final rule and interpretive guidance setting forth the process by which it will designate a nonbank financial company as systemically important under the Dodd-Frank Act. Although the final rule contains some noteworthy modifications and clarifications, it adopts without substantial change the proposal from October 2011, including the three-stage designation process and the quantitative screening criteria for the Stage I analysis.
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