Page:United States Statutes at Large Volume 115 Part 1.djvu/346

 115 STAT. 324 PUBLIC LAW 107-56 —OCT. 26, 2001 31 USC 5318 note. Regulations. Federal Register, publication. 31 USC 5318 note. 31 USC 5311 note. Deadline. SEC. 355. AUTHORIZATION TO INCLUDE SUSPICIONS OF ILLEGAL ACTIVITY IN WRITTEN EMPLOYMENT REFERENCES. Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828) is amended by adding at the end the following: "(w) WRITTEN EMPLOYMENT REFERENCES MAY CONTAIN SUS- PICIONS OF INVOLVEMENT IN ILLEGAL ACTIVITY.— "(1) AUTHORITY TO DISCLOSE INFORMATION.—Notwithstanding any other provision of law, any insured depository institution, and any director, officer, employee, or agent of such institution, may disclose in any written employment reference relating to a current or former institution-affiliated party of such institution which is provided to another insured depository institution in response to a request from such other institution, information concerning the possible involvement of such institution-affiliated party in potentially unlawful activity. "(2) INFORMATION NOT REQUIRED.—Nothing in paragraph (1) shall be construed, by itself, to create any affirmative duty to include any information described in paragraph (1) in any employment reference referred to in paragraph (1). "(3) MALICIOUS INTENT. —Notwithstanding any other provision of this subsection, voluntary disclosure made by an insured depository institution, and any director, officer, employee, or agent of such institution under this subsection concerning potentially unlawful activity that is made with malicious intent, shall not be shielded from liability from the person identified in the disclosure. "(4) DEFINITION.— For purposes of this subsection, the term 'insured depository institution' includes any uninsured branch or agency of a foreign bank.", SEC 356. REPORTING OF SUSPICIOUS ACTIVITIES BY SECURITIES BRO- KERS AND DEALERS; INVESTMENT COMPANY STUDY. (a) DEADLINE FOR SUSPICIOUS ACTIVITY REPORTING REQUIRE- MENTS FOR REGISTERED BROKERS AND DEALERS. —The Secretary, after consultation with the Securities and Exchange Commission and the Board of Governors of the Federal Reserve System, shall publish proposed regulations in the Federal Register before January 1, 2002, requiring brokers and dealers registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 to submit suspicious activity reports under section 5318(g) of title 31, United States Code. Such regulations shall be published in final form not later than July 1, 2002. (b) SUSPICIOUS ACTIVITY REPORTING REQUIREMENTS FOR FUTURES COMMISSION MERCHANTS, COMMODITY TRADING ADVISORS, AND COMMODITY POOL OPERATORS.— The Secretary, in consultation with the Commodity Futures Trading Commission, may prescribe regulations requiring futures commission merchants, commodity trading advisors, and commodity pool operators registered under the Commodity Exchange Act to submit suspicious activity reports under section 5318(g) of title 31, United States Code. (c) REPORT ON INVESTMENT COMPANIES.— (1) IN GENERAL.— Not later than 1 year after the date of enactment of this Act, the Secretary, the Board of Governors of the Federal Reserve System, and the Securities and Exchange Commission shall jointly submit a report to the Congress on recommendations for effective regulations to apply the requirements of subchapter II of chapter 53 of title 31,

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