The U.S. Federal Reserve Board has issued a final rule establishing risk-management standards for the systemically important firms that make up the infrastructure of the financial system by clearing and settling transactions.

The final rule issued Monday establishes risk-management standards governing the operations of financial market utilities that have been designated as systemically important by the Financial Stability Oversight Council, such as payment, clearing, and settlement agencies. The standards are based on principles that were developed by the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO).

The final rule also establishes requirements for these firms to provide advance notice to regulators of any significant planned changes to their rules, procedures, or operations.

The final rule will be effective on September 14.