Emergency exception.

CFR · 2024-01-01 · US · Title 12

(a) (1) The Council determines that the waiver or modification is necessary to prevent or mitigate an immediate threat to the financial system posed by the financial market utility; and (2) The Council provides notice of the waiver or modification, and an explanation of the basis for the waiver or modification, to the financial market utility concerned, as soon as practicable, but not later than 24 hours after the waiver or modification. (b) (1) Be made by the Council; and (2) Require the affirmative vote of not fewer than two-thirds of members then serving, including the affirmative vote of the Chairperson of Council. (c) (d) (e)

official document · source cfr-2024 · id 12:§ 1320.14