The Federal Reserve Board has approved changes to its Policy on Payments System Risk that revise the Board's expectations for systemically important payments and settlement systems subject to its authority and update and clarify the policy with regard to central counterparties.
Under the revised policy, systemically important payments and settlement systems subject to the Board's authority are expected to complete and disclose publicly self-assessments against the principles and minimum standards in the policy.
The Board expects each systemically important system subject to its authority to complete and publish its initial self-assessment by December 31, 2007. The Board will communicate directly with each system expected to complete a self-assessment.
The revisions also incorporate the Recommendations for Central Counterparties developed by the Committee on Payment and Settlement Systems of the central banks of the Group of Ten countries and the Technical Committee of the International Organization of Securities Commissions.
See the Board's press release for full details.