Page:United States Statutes at Large Volume 124.djvu/1428

 124 STAT. 1402 PUBLIC LAW 111–203—JULY 21, 2010 threats posed by the nonbank financial company to the financial stability of the United States. (2) NOTICE.—The Council shall provide notice of a waiver or modification under this subsection to the nonbank financial company concerned as soon as practicable, but not later than 24 hours after the waiver or modification is granted. (3) INTERNATIONAL COORDINATION.—In making a deter- mination under paragraph (1), the Council shall consult with the appropriate home country supervisor, if any, of the foreign nonbank financial company that is being considered for such a determination. (4) OPPORTUNITY FOR HEARING.—The Council shall allow a nonbank financial company to request, in writing, an oppor- tunity for a written or oral hearing before the Council to contest a waiver or modification under this subsection, not later than 10 days after the date of receipt of notice of the waiver or modification by the company. Upon receipt of a timely request, the Council shall fix a time (not later than 15 days after the date of receipt of the request) and place at which the nonbank financial company may appear, personally or through counsel, to submit written materials (or, at the sole discretion of the Council, oral testimony and oral argument). (5) NOTICE OF FINAL DETERMINATION.—Not later than 30 days after the date of any hearing under paragraph (4), the Council shall notify the subject nonbank financial company of the final determination of the Council under this subsection, which shall contain a statement of the basis for the decision of the Council. (g) CONSULTATION.—The Council shall consult with the primary financial regulatory agency, if any, for each nonbank financial com- pany or subsidiary of a nonbank financial company that is being considered for supervision by the Board of Governors under this section before the Council makes any final determination with respect to such nonbank financial company under subsection (a), (b), or (c). (h) JUDICIAL REVIEW.—If the Council makes a final determina- tion under this section with respect to a nonbank financial company, such nonbank financial company may, not later than 30 days after the date of receipt of the notice of final determination under sub- section (d)(2), (e)(3), or (f)(5), bring an action in the United States district court for the judicial district in which the home office of such nonbank financial company is located, or in the United States District Court for the District of Columbia, for an order requiring that the final determination be rescinded, and the court shall, upon review, dismiss such action or direct the final determina- tion to be rescinded. Review of such an action shall be limited to whether the final determination made under this section was arbitrary and capricious. (i) INTERNATIONAL COORDINATION.—In exercising its duties under this title with respect to foreign nonbank financial companies, foreign-based bank holding companies, and cross-border activities and markets, the Council shall consult with appropriate foreign regulatory authorities, to the extent appropriate. Consultation. Deadline. Consultation.