Page:United States Statutes at Large Volume 124.djvu/1834

 124 STAT. 1808 PUBLIC LAW 111–203—JULY 21, 2010 (1) CONSULTATION.—Before making any determination under subsection (a) or (b), the Council shall consult with the relevant Supervisory Agency and the Board of Governors. (2) ADVANCE NOTICE AND OPPORTUNITY FOR HEARING.— (A) IN GENERAL.—Before making any determination under subsection (a) or (b), the Council shall provide the financial market utility or, in the case of a payment, clearing, or settlement activity, financial institutions with advance notice of the proposed determination of the Council. (B) NOTICE IN FEDERAL REGISTER.—The Council shall provide such advance notice to financial institutions by publishing a notice in the Federal Register. (C) REQUESTS FOR HEARING.—Within 30 days from the date of any notice of the proposed determination of the Council, the financial market utility or, in the case of a payment, clearing, or settlement activity, a financial institution engaged in the designated activity may request, in writing, an opportunity for a written or oral hearing before the Council to demonstrate that the proposed des- ignation or rescission of designation is not supported by substantial evidence. (D) WRITTEN SUBMISSIONS.—Upon receipt of a timely request, the Council shall fix a time, not more than 30 days after receipt of the request, unless extended at the request of the financial market utility or financial institu- tion, and place at which the financial market utility or financial institution may appear, personally or through counsel, to submit written materials, or, at the sole discre- tion of the Council, oral testimony or oral argument. (3) EMERGENCY EXCEPTION.— (A) WAIVER OR MODIFICATION BY VOTE OF THE COUNCIL.—The Council may waive or modify the require- ments of paragraph (2) if the Council determines, by an affirmative vote of not fewer than 2⁄3 of members then serving, including an affirmative vote by the Chairperson of the Council, that the waiver or modification is necessary to prevent or mitigate an immediate threat to the financial system posed by the financial market utility or the pay- ment, clearing, or settlement activity. (B) NOTICE OF WAIVER OR MODIFICATION.—The Council shall provide notice of the waiver or modification to the financial market utility concerned or, in the case of a payment, clearing, or settlement activity, to financial institutions, as soon as practicable, which shall be no later than 24 hours after the waiver or modification in the case of a financial market utility and 3 business days in the case of financial institutions. The Council shall pro- vide the notice to financial institutions by posting a notice on the website of the Council and by publishing a notice in the Federal Register. (d) NOTIFICATION OF FINAL DETERMINATION.— (1) AFTER HEARING.—Within 60 days of any hearing under subsection (c)(2), the Council shall notify the financial market utility or financial institutions of the final determination of the Council in writing, which shall include findings of fact upon which the determination of the Council is based. Deadlines. Web posting. Federal Register, publication. Deadlines. Deadline. Deadline.