12 U.S. Code § 5468 - Requests for information, reports, or records

(a) Information to assess systemic importance
(1) Financial market utilities
The Council is authorized to require any financial market utility to submit such information as the Council may require for the sole purpose of assessing whether that financial market utility is systemically important, but only if the Council has reasonable cause to believe that the financial market utility meets the standards for systemic importance set forth in section 5463 of this title.
(2) Financial institutions engaged in payment, clearing, or settlement activities
The Council is authorized to require any financial institution to submit such information as the Council may require for the sole purpose of assessing whether any payment, clearing, or settlement activity engaged in or supported by a financial institution is systemically important, but only if the Council has reasonable cause to believe that the activity meets the standards for systemic importance set forth in section 5463 of this title.
(b) Reporting after designation
(1) Designated financial market utilities
The Board of Governors and the Council may each require a designated financial market utility to submit reports or data to the Board of Governors and the Council in such frequency and form as deemed necessary by the Board of Governors or the Council in order to assess the safety and soundness of the utility and the systemic risk that the utility’s operations pose to the financial system.
(2) Financial institutions subject to standards for designated activities
The Board of Governors and the Council may each require 1 or more financial institutions subject to the standards prescribed under section 5464 (a) of this title for a designated activity to submit, in such frequency and form as deemed necessary by the Board of Governors or the Council, reports and data to the Board of Governors and the Council solely with respect to the conduct of the designated activity and solely to assess whether—
(A) the rules, orders, or standards prescribed under section 5464 (a) of this title with respect to the designated activity appropriately address the risks to the financial system presented by such activity; and
(B) the financial institutions are in compliance with this subchapter and the rules and orders prescribed under section 5464 (a) of this title with respect to the designated activity.
(3) Limitation
The Board of Governors may, upon an affirmative vote by a majority of the Council, prescribe regulations under this section that impose a recordkeeping or reporting requirement on designated clearing entities or financial institutions engaged in designated activities that are subject to standards that have been prescribed under section 5464 (a)(2) of this title.
(c) Coordination with appropriate Federal Supervisory Agency
(1) Advance coordination
Before requesting any material information from, or imposing reporting or recordkeeping requirements on, any financial market utility or any financial institution engaged in a payment, clearing, or settlement activity, the Board of Governors or the Council shall coordinate with the Supervisory Agency for a financial market utility or the appropriate financial regulator for a financial institution to determine if the information is available from or may be obtained by the agency in the form, format, or detail required by the Board of Governors or the Council.
(2) Supervisory reports
Notwithstanding any other provision of law, the Supervisory Agency, the appropriate financial regulator, and the Board of Governors are authorized to disclose to each other and the Council copies of its examination reports or similar reports regarding any financial market utility or any financial institution engaged in payment, clearing, or settlement activities.
(d) Timing of response from appropriate Federal Supervisory Agency
If the information, report, records, or data requested by the Board of Governors or the Council under subsection (c)(1) are not provided in full by the Supervisory Agency or the appropriate financial regulator in less than 15 days after the date on which the material is requested, the Board of Governors or the Council may request the information or impose recordkeeping or reporting requirements directly on such persons as provided in subsections (a) and (b) with notice to the agency.
(e) Sharing of information
(1) Material concerns
Notwithstanding any other provision of law, the Board of Governors, the Council, the appropriate financial regulator, and any Supervisory Agency are authorized to—
(A) promptly notify each other of material concerns about a designated financial market utility or any financial institution engaged in designated activities; and
(B) share appropriate reports, information, or data relating to such concerns.
(2) Other information
Notwithstanding any other provision of law, the Board of Governors, the Council, the appropriate financial regulator, or any Supervisory Agency may, under such terms and conditions as it deems appropriate, provide confidential supervisory information and other information obtained under this subchapter to each other, and to the Secretary, Federal Reserve Banks, State financial institution supervisory agencies, foreign financial supervisors, foreign central banks, and foreign finance ministries, subject to reasonable assurances of confidentiality, provided, however, that no person or entity receiving information pursuant to this section may disseminate such information to entities or persons other than those listed in this paragraph without complying with applicable law, including section 12 of title 7.
(f) Privilege maintained
The Board of Governors, the Council, the appropriate financial regulator, and any Supervisory Agency providing reports or data under this section shall not be deemed to have waived any privilege applicable to those reports or data, or any portion thereof, by providing the reports or data to the other party or by permitting the reports or data, or any copies thereof, to be used by the other party.
(g) Disclosure exemption
Information obtained by the Board of Governors, the Supervisory Agencies, or the Council under this section and any materials prepared by the Board of Governors, the Supervisory Agencies, or the Council regarding their assessment of the systemic importance of financial market utilities or any payment, clearing, or settlement activities engaged in by financial institutions, and in connection with their supervision of designated financial market utilities and designated activities, shall be confidential supervisory information exempt from disclosure under section 552 of title 5. For purposes of such section 552, this subsection shall be considered a statute described in subsection (b)(3) of such section 552.

Source

(Pub. L. 111–203, title VIII, § 809,July 21, 2010, 124 Stat. 1818.)

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

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12 CFR - Banks and Banking

12 CFR Part 234 - DESIGNATED FINANCIAL MARKET UTILITIES (REGULATION HH)

12 CFR Part 1320 - DESIGNATION OF FINANCIAL MARKET UTILITIES

17 CFR - Commodity and Securities Exchanges

17 CFR Part 249 - FORMS, SECURITIES EXCHANGE ACT OF 1934

 

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