Non-bank financial companies-including mutual fund operators-should get ready to find out whether they will be designated a "systemically important financial institution," aka, SIFI, now that the Financial Stability Oversight Council released final rules on April 3, according to Federal Reserve Chairman Ben Bernanke.

"The FSOC's issuance of this rule is an important step forward in ensuring that the systemically critical nonblank financial firms will be subject to strong consolidated supervision and regulation," he said, addressing the Financial Markets Conference on April 9. "Once designated, these firms would be subject to consolidated supervision by the Federal Reserve and would be required to satisfy enhanced prudential standards established by the Federal Reserve under Title I of Dodd-Frank Wall Street Reform and Consumer Protection Act."

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