[author: Lai Lam]

The Financial Stability Oversight Council (FSOC) voted unanimously to remove Prudential from its list of non-bank systemically important financial institutions (SIFIs). Prudential was the only institution left on the council’s SIFI list.

The FSOC has issued an explanation of its decision to rescind the SIFI label, which can be viewed here. The council is expected to revamp its SIFI designation process going forward and may issue an outline of the new process before the end of 2018.