Regulatory Alerts2024-03-15 | 2024-05322Federal Reserve Final Rule on Operational Risk Management for Financial Market Utilities
The Board of Governors of the Federal Reserve System issued a final rule amending Regulation HH to update operational risk management requirements for systemically important financial market utilities. The amendments refine standards to address evolving technology, cyber threats, and third-party risks while introducing specific incident-notification obligations. Designated utilities must comply with the new requirements by September 11, 2024, with incident notification provisions taking effect earlier on June 13, 2024.
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