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shall decide which agency is the Supervisory Agency for purposes of this title. (9) SYSTEMICALLY 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. 12 USC 5463.
(a) DESIGNATION.—
(1) FINANCIAL STABILITY OVERSIGHT COUNCIL.—The Council,
on a nondelegable basis and by a vote of not fewer than 2⁄3
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) CONSIDERATIONS.—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.
(C) The relationship, interdependencies, or other inter-
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) RESCISSION OF DESIGNATION.—
(1) IN GENERAL.—The Council, on a nondelegable basis
and by a vote of not fewer than 2⁄3 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) EFFECT 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

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