Page:United States Statutes at Large Volume 124.djvu/1423

 124 STAT. 1397 PUBLIC LAW 111–203—JULY 21, 2010 (B) to otherwise carry out any of the provisions of this title. (2) SUBMISSIONS BY THE OFFICE AND MEMBER AGENCIES.— Notwithstanding any other provision of law, the Office of Finan- cial Research, any member agency, and the Federal Insurance Office, are authorized to submit information to the Council. (3) FINANCIAL DATA COLLECTION.— (A) IN GENERAL.—The Council, acting through the Office of Financial Research, may require the submission of periodic and other reports from any nonbank financial company or bank holding company for the purpose of assessing the extent to which a financial activity or finan- cial market in which the nonbank financial company or bank holding company participates, or the nonbank finan- cial company or bank holding company itself, poses a threat to the financial stability of the United States. (B) MITIGATION OF REPORT BURDEN.—Before requiring the submission of reports from any nonbank financial com- pany or bank holding company that is regulated by a member agency or any primary financial regulatory agency, the Council, acting through the Office of Financial Research, shall coordinate with such agencies and shall, whenever possible, rely on information available from the Office of Financial Research or such agencies. (C) MITIGATION IN CASE OF FOREIGN FINANCIAL COMPA- NIES.—Before requiring the submission of reports from a company that is a foreign nonbank financial company or foreign-based bank holding company, the Council shall, acting through the Office of Financial Research, to the extent appropriate, consult with the appropriate foreign regulator of such company and, whenever possible, rely on information already being collected by such foreign regu- lator, with English translation. (4) BACK-UP EXAMINATION BY THE BOARD OF GOVERNORS.— If the Council is unable to determine whether the financial activities of a U.S. nonbank financial company pose a threat to the financial stability of the United States, based on informa- tion or reports obtained under paragraphs (1) and (3), discus- sions with management, and publicly available information, the Council may request the Board of Governors, and the Board of Governors is authorized, to conduct an examination of the U.S. nonbank financial company for the sole purpose of determining whether the nonbank financial company should be supervised by the Board of Governors for purposes of this title. (5) CONFIDENTIALITY.— (A) IN GENERAL.—The Council, the Office of Financial Research, and the other member agencies shall maintain the confidentiality of any data, information, and reports submitted under this title. (B) RETENTION OF PRIVILEGE.—The submission of any nonpublicly available data or information under this sub- section and subtitle B shall not constitute a waiver of, or otherwise affect, any privilege arising under Federal or State law (including the rules of any Federal or State court) to which the data or information is otherwise subject. Consultation.