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Risk Compliance News September 2011

Risk Compliance News September 2011

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Published by George Lekatis
International Association of Risk and Compliance Professionals (IARCP)
http://www.risk-compliance-association.com

Every Monday
Top 10 risk and compliance management related news stories and world events
Do you want to receive (at not cost) every Monday the Top 10 risk and compliance management related news stories and world events that (for better or for worse) shaped the week's agenda, and what is next?
You can register at:
http://www.risk-compliance-association.com/Top_10_Risk_Compliance_Management_Stories_Events.html

Receive the New Member Orientation Newsletters
You will have the opportunity to learn (at not cost) what members registered before you have already learned. Understand better risk and compliance management, projects, careers, challenges and opportunities.
You can register at:
http://www.risk-compliance-association.com/New_Member_Orientation_Newsletters.html
International Association of Risk and Compliance Professionals (IARCP)
http://www.risk-compliance-association.com

Every Monday
Top 10 risk and compliance management related news stories and world events
Do you want to receive (at not cost) every Monday the Top 10 risk and compliance management related news stories and world events that (for better or for worse) shaped the week's agenda, and what is next?
You can register at:
http://www.risk-compliance-association.com/Top_10_Risk_Compliance_Management_Stories_Events.html

Receive the New Member Orientation Newsletters
You will have the opportunity to learn (at not cost) what members registered before you have already learned. Understand better risk and compliance management, projects, careers, challenges and opportunities.
You can register at:
http://www.risk-compliance-association.com/New_Member_Orientation_Newsletters.html

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Categories:Types, Research
Published by: George Lekatis on Sep 01, 2011
Copyright:Attribution Non-commercial

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06/14/2013

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 _____________________________________________________________ International Association of Risk and Compliance Professionals (IARCP) www.risk-compliance-association.com
International Association of Risk and ComplianceProfessionals (IARCP)
1200 G Street NW Suite 800 Washington, DC 20005-6705 USA  Tel: 202-449-9750 www.risk-compliance-association.com
 Welcome to the September 2011 edition of the International Association of Risk and Compliance Professionals (IARCP)newsletter
Dear Member,
 
 Today we will start from the new Financial Stability Oversight Council As established under theDodd-Frank Act,the Financial StabilityOversight Council (FSOC) will provide, for the first time, comprehensivemonitoring to ensure the stability of the US financial system. The Council is charged withidentifying threats to the financial stability of the United States; promoting market discipline; and responding toemerging risks to the stability of the United States financial system.  The Council consists of 10 voting members and 5 nonvoting membersand brings together the expertise of federal financial regulators, stateregulators, and an insurance expert appointed by the President.
Q: What is the Financial Stability Oversight Council and what will it do?
 A: The Financial Stability Oversight Council (FSOC) has a clear statutorymandate that creates for the first time collective accountability foridentifying risks and responding to emerging threats to financial stability.It is a collaborative bodychaired by the Secretary of the Treasurythatbrings together the expertise of the federal financial regulators, an
 
 _____________________________________________________________ International Association of Risk and Compliance Professionals (IARCP) www.risk-compliance-association.com
insurance expert appointed by the President, and state regulators. The FSOC has important new authorities to constrain excessive risk inthe financial system.For instance,the FSOC has authority to designate a nonbank financialfirm for tough new supervision and therefore avoid the regulatory gapsthat existed before the recent crisis.Closing these gaps in supervision will help minimize the risk of anonbank financial firm threatening the stability of the financial system. Additionally, to help with the identification of emerging risks to financialstability, the FSOC can provide direction to, and request data andanalyses from the newly created Office of Financial Research (OFR)housed within Treasury.
Q: How will the FSOC help maintain financial stability?
 A: Prior to the crisis, the existing regulatory framework focused regulatorsnarrowly on individual institutions and markets, which allowedsupervisory gaps to grow and regulatory inconsistencies to emerge
 — 
inturn,allowing arbitrage and weakened standards. No single entity had responsibility for monitoring and addressing risks tofinancial stability, which too often involves different types of financialfirms operating in and institutions across multiple markets andimportant parts of the system were left unregulated. The Dodd Frank Wall Street Reform and Consumer Protection Act(
the Act
)addresses these problems through the creation of the FSOC, which is authorized to:
 Facilitate Regulatory Coordination:The FSOC has a statutory duty tofacilitate information sharing and coordination among the memberagencies regarding domestic financial services policy development,
 
 _____________________________________________________________ International Association of Risk and Compliance Professionals (IARCP) www.risk-compliance-association.com
rulemaking, examinations, reporting requirements, and enforcementactions. Through this role, the FSOC will help eliminate gaps and weaknesses within the regulatory structure, to promote a safer and more stablesystem.
 Facilitate Information Sharing and Collection:By statute, the FSOC hasa duty to facilitate the sharing of data and information among themember agencies.In instances where the data available provesinsufficient,the FSOChas the authority to direct the OFR to collect information from certainindividual financial companies to assess risks to the financial system,including the extent to which a financial activity or financial market in which the financial company participates, or the financial company itself, poses a threat to the financial stability of the United States. The collection and analysis of this data will aid the FSOC and OFR intheir shared goal of removing blind spots in the financial system so thatregulators will be more able to see the entire landscape and be betterequipped to identify systemic risks and other emerging threats.
 Designate Nonbank Financial Companies for ConsolidatedSupervision:In the run up to the financial crisis, some of the firms which posed the greatest risk to the financial system were not subject to toughconsolidated supervision. The Actgives the FSOC with the authority to require consolidatedsupervision of nonbank financial companies, regardless of their corporateform.
 Designate Systemic Financial Market Utilities and Systemic Payment,Clearing, or Settlement Activities:The Act authorizes the FSOC todesignate financial market utilities and payment, clearing, or settlement

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