Press Release
☷Federal Reserve Board announces final rule that updates risk management requirements for certain systemically important financial market utilities FMUs supervised by the Board
Federal Reserve System ( By Press Release office)
Mar 10,2024
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The Federal Reserve Board recently announced a final rule that updates risk management requirements for certain important financial market utilities supervised by the Board . These utilities play a crucial role in clearing and settling payments and financial transactions to keep the economy running smoothly . The updates provide more clarity and specific guidelines in areas like incident management , business continuity planning , third - party risk , and operational risk testing . For example , FMUs now have to have an incident management framework and focus on improving cyber resilience . The updates are similar to the proposal and align with existing measures FMUs take to meet current requirements . FMUs have 90 days to comply with certain updates and 180 days for all updates after publication in the Federal Register . For media inquiries , please contact [email protected] or call 202 - 452 - 2955 . You can find more information in the Federal Register notice and Board memo .
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