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ARTICLE · 30 JUNE 2016

FSOC Approves 2016 Annual Report (With Delta Strategy Group Summary)

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The Financial Stability Oversight Council ("FSOC") approved unanimously its 2016 Annual Report containing recommendations on central counterparties ("CCPs"), cybersecurity and market structure.

United StatesFinance and Banking

The Financial Stability Oversight Council ("FSOC") approved unanimously its 2016 Annual Report containing recommendations on central counterparties ("CCPs"), cybersecurity and market structure. In open and executive sessions, the FSOC reviewed (i) updates on market developments, (ii) the Federal Reserve's proposed rulemaking applying to certain insurance companies, and (iii) the annual reevaluation of the designation of non-bank financial companies.

The 2016 Annual Report offered the following recommendations:

  • Cybersecurity. Financial regulators should "strongly support" efforts to implement the Cybersecurity Act of 2015 in order to establish a "robust legal framework for sharing cyber-related information." Regulators must maintain a "common risk-based approach to assess cybersecurity and resilience," and develop "robust sector-wide plans" for responding to significant cybersecurity incidents.

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