that the federal reserve board conduct annual stress tests on all bank holding companies with $ 50 billion or more in assets to determine whether they have the capital needed to absorb losses in baseline, adverse, and severely adverse economic conditions. second, it requires both these companies and certain other regulated financial firms with between $ 10 billion and $ 50 billion in assets to conduct internal stress tests. we will be implementing the specific stress - testing requirements of dodd - frank beginning later in 2012. however, in the interim we are using a modified form of stress testing as part of the annual capital planning process we have established for large bank holding companies. last month we announced the parameters and process for this year s capital review, which bis central bankers ’ speeches will be completed in march, at which time the results of the stress test will be publicly reported for the 19 largest firms. conclusion for all the work that has already gone into implementing dodd - frank, both at the federal reserve and at the other regulatory agencies, there is still considerable work to do. final regulations implementing some of the act s most important provisions, such as the “ living will ” requirement and the collins amendment, are now in place. measures to implement other prominent provisions, such as the volcker rule, have been proposed, but are not yet in final form. still others, such as the section 165 requirements, have not yet been proposed. whether completing work on proposed regulations, or moving forward with those yet to be proposed, the federal reserve will continue to pursue the four goals i noted earlier. thank you very much for your attention. i would be pleased to answer any questions you might have for me. bis central bankers ’ speeches appendix a to statement by daniel k. tarullo, member, board of governors of the federal reserve system before the committee on banking, housing, and urban affairs u. s. senate washington, dc, december 6, 2011 as of december 5, 2011 update on key implementation initiatives of the board of governors of the federal reserve system under the dodd - frank wall street reform and consumer protection act the following highlights key initiatives undertaken by the board of governors of the federal reserve system ( board ) in connection with the implementation of the dodd - frank wall street reform and consumer protection act ( the act ). as of december 5, 2011, the board has issued seventeen final rules, three public notices and nine reports ( tables 1 and 2 ). the board has proposed an additional thirteen rules for public comment. table 1. summary of

have benefitted both regions. for example, the recognition of lch. clearnet and the singapore exchange derivatives clearing by mas and eu authorities, respectively, provide local market participants and european financial institutions a choice of where to clear their transactions. more importantly, the recognition will allow market participants to comply with their respective jurisdiction ’ s central clearing requirements when they are effected, thus avoiding duplicating or conflicting requirements. beyond clearing, mas also recognises europe - based exchanges such as ice futures, london metal exchange, and eurex deutschland, which allows financial institutions, 1 / 4 bis central bankers'speeches traders, and finance and treasury centres based in singapore to have access to a wide range of risk management instruments. with this experience, mas has fine - tuned our approach to the recognition and regulation of overseas players, including european exchanges and clearing houses, in our markets. in setting our standards and the methodology to determine equivalence, we have aligned ourselves with international standards such as principles of financial market infrastructures ( pfmi ). we have also clarified the factors that we will take into consideration in determining whether an overseas player has “ substantial and reasonably foreseeable effect in singapore ” and hence requires recognition by the mas4. however, beyond just standards and rules, regulatory cooperation can promote appreciation for each other ’ s regulatory framework, and to lay the foundation for an outcomes - based approach in equivalence assessments. i am pleased to note that this has been the spirit guiding the interaction among regulators, including with our european colleagues. for instance, in, 2014, the ec recognised the central counterparty ( ccp ) regulatory regimes of several asia - pacific jurisdictions – australia, hong kong, japan, singapore and korea - as equivalent on the basis of an “ outcomes based approach ”. this was also seen in september 2016 with the positive opinion issued by esma on the grant of the aifmd passport to singapore and other asia - pacific jurisdictions. i am confident that this constructive engagement in which regulators across our regional blocs have worked together will continue in other equivalence assessments, such as in the areas of financial benchmarks and organised markets or trading platforms. as we have learnt from past experience, greater clarity in equivalence assessments, including in relation to timing, can help provide greater certainty and thereby support the continued participation of european market participants in overseas markets and vice versa. international standards and peer assessments as basis for equivalence assessment allow me to highlight one area where international standards and peer assessments have allowed a good basis