Fed approves rule on supervision of nonbank financial firms

04/4/2013 | Reuters

The Federal Reserve has approved a rule that clarifies how the Financial Stability Oversight Council will determine which nonbank financial companies must face increased oversight under the Dodd-Frank Act. The rule, which defines the requirement of being "predominantly engaged in financial activities," is similar to one proposed earlier but excludes physically settled derivatives transactions from counting as financial activity, according to the Fed.

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