The Board of Governors of the Federal Reserve System (Board) has adopted revisions to part I of its Federal Reserve Policy on Payment System Risk (PSR policy) to reflect the prevailing international standards, the Principles for Financial Market Infrastructures (PFMI), which were developed by the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) and published in April 2012, and the supervisory framework for designated financial market utilities (FMUs) established in Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act or Act). The Board also made conforming and technical changes to part I of the PSR policy.