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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1809

(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 Federal Register,
institutions under this subsection shall be published in the publication.
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 12 USC 5464.
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-

LAWS modity Futures Trading Commission is the Supervisory Agency or the appropriate financial regulator are insuffi- cient to prevent or mitigate significant liquidity, credit,PUBLIC with on anorris VerDate Nov 24 2008 00:49 Aug 26, 2010 Jkt 089139 PO 00203 Frm 00435 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203