Page:United States Statutes at Large Volume 124.djvu/1648

 124 STAT. 1622 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(B) COORDINATED RULEMAKING.— ‘‘(i) REGULATORY AUTHORITY.—The regulations issued under this paragraph shall be issued by— ‘‘(I) the appropriate Federal banking agencies, jointly, with respect to insured depository institu- tions; ‘‘(II) the Board, with respect to any company that controls an insured depository institution, or that is treated as a bank holding company for purposes of section 8 of the International Banking Act, any nonbank financial company supervised by the Board, and any subsidiary of any of the foregoing (other than a subsidiary for which an agency described in subclause (I), (III), or (IV) is the primary financial regulatory agency); ‘‘(III) the Commodity Futures Trading Commission, with respect to any entity for which the Commodity Futures Trading Commission is the primary financial regulatory agency, as defined in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act; and ‘‘(IV) the Securities and Exchange Commis- sion, with respect to any entity for which the Secu- rities and Exchange Commission is the primary financial regulatory agency, as defined in section 2 of the Dodd-Frank Wall Street Reform and Con- sumer Protection Act. ‘‘(ii) COORDINATION, CONSISTENCY, AND COM- PARABILITY.—In developing and issuing regulations pursuant to this section, the appropriate Federal banking agencies, the Securities and Exchange Commission, and the Commodity Futures Trading Commission shall consult and coordinate with each other, as appropriate, for the purposes of assuring, to the extent possible, that such regulations are com- parable and provide for consistent application and implementation of the applicable provisions of this sec- tion to avoid providing advantages or imposing dis- advantages to the companies affected by this subsection and to protect the safety and soundness of banking entities and nonbank financial companies supervised by the Board. ‘‘(iii) COUNCIL ROLE.—The Chairperson of the Financial Stability Oversight Council shall be respon- sible for coordination of the regulations issued under this section. ‘‘(c) EFFECTIVE DATE.— ‘‘(1) IN GENERAL.—Except as provided in paragraphs (2) and (3), this section shall take effect on the earlier of— ‘‘(A) 12 months after the date of the issuance of final rules under subsection (b); or ‘‘(B) 2 years after the date of enactment of this section. ‘‘(2) CONFORMANCE PERIOD FOR DIVESTITURE.—A banking entity or nonbank financial company supervised by the Board shall bring its activities and investments into compliance with the requirements of this section not later than 2 years after the date on which the requirements become effective pursuant Deadline. Consultation.