---
kind: "section"
citation: "12 C.F.R. § 1320.13"
title: "12"
number: "1320.13"
heading: "Council determination regarding systemic importance."
url: "https://uscodex.org/cfr/12/1320.13"
---

# §1320.13. Council determination regarding systemic importance.

- (a) **Designation determination.** The Council shall designate a financial market utility if the Council determines that the financial market utility is, or is likely to become, systemically important.
- (b) **Rescission determination.** The Council shall rescind a designation of systemic importance for a designated financial market utility if the Council determines that the financial market utility no longer meets the standards for systemic importance.
- (c) **Vote required.** Any determination under paragraph [(a)](#a) or [(b)](#b) of this section and any proposed determination under [§ 1320.12](/cfr/12/1320.12.md) shall—
  - (1) Be made by the Council and must not be delegated by the Council; and
  - (2) Require the vote of not fewer than two-thirds of the members of the Council then serving, including the affirmative vote of the Chairperson of the Council.
- (d) **Consultations.** Before making any determination under paragraph [(a)](#a) or [(b)](#b) of this section or any proposed determination under [§ 1320.12](/cfr/12/1320.12.md), the Council shall consult with the relevant Supervisory Agency and the Board of Governors.

## Notes

### Authority

Authority: 12 U.S.C. 5321; 12 U.S.C. 5322; 12 U.S.C. 5463; 12 U.S.C. 5468; 12 U.S.C. 5469

### Source

Source: 76 FR 44773, July 27, 2011, unless otherwise noted.