Fed Seeks Tighter Definition Of Cos. Governed By Dodd-Frank

Law360, New York (April 2, 2012, 7:34 PM EDT) -- The Federal Reserve Board on Monday moved to tighten up proposed rules for what nonbank financial companies could fall under the central bank's regulatory umbrella under the Dodd-Frank Act.

The Fed said that it was seeking comment on an amendment to existing rules for determining when a company is "predominantly engaged in financial activities," and therefore could be deemed to be systemically significant.

The central bank said that it had received 23 comments after submitting a proposed final rule in February 2011 that said that any...
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