Page:United States Statutes at Large Volume 124.djvu/1840

 124 STAT. 1814 PUBLIC LAW 111–203—JULY 21, 2010 (4) CONSULTATION WITH BOARD OF GOVERNORS.—Before taking any action on, or completing its review of, a change proposed by a designated financial market utility, the Super- visory Agency shall consult with the Board of Governors. SEC. 807. EXAMINATION OF AND ENFORCEMENT ACTIONS AGAINST DESIGNATED FINANCIAL MARKET UTILITIES. (a) EXAMINATION.—Notwithstanding any other provision of law and subject to subsection (d), the Supervisory Agency shall conduct examinations of a designated financial market utility at least once annually in order to determine the following: (1) The nature of the operations of, and the risks borne by, the designated financial market utility. (2) The financial and operational risks presented by the designated financial market utility to financial institutions, critical markets, or the broader financial system. (3) The resources and capabilities of the designated finan- cial market utility to monitor and control such risks. (4) The safety and soundness of the designated financial market utility. (5) The designated financial market utility’s compliance with— (A) this title; and (B) the rules and orders prescribed under this title. (b) SERVICE PROVIDERS.—Whenever a service integral to the operation of a designated financial market utility is performed for the designated financial market utility by another entity, whether an affiliate or non-affiliate and whether on or off the premises of the designated financial market utility, the Supervisory Agency may examine whether the provision of that service is in compliance with applicable law, rules, orders, and standards to the same extent as if the designated financial market utility were performing the service on its own premises. (c) ENFORCEMENT.—For purposes of enforcing the provisions of this title, a designated financial market utility shall be subject to, and the appropriate Supervisory Agency shall have authority under the provisions of subsections (b) through (n) of section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) in the same manner and to the same extent as if the designated financial market utility was an insured depository institution and the Super- visory Agency was the appropriate Federal banking agency for such insured depository institution. (d) BOARD OF GOVERNORS INVOLVEMENT IN EXAMINATIONS.— (1) BOARD OF GOVERNORS CONSULTATION ON EXAMINATION PLANNING.—The Supervisory Agency shall consult annually with the Board of Governors regarding the scope and method- ology of any examination conducted under subsections (a) and (b). The Supervisory Agency shall lead all examinations con- ducted under subsections (a) and (b) (2) BOARD OF GOVERNORS PARTICIPATION IN EXAMINATION.— The Board of Governors may, in its discretion, participate in any examination led by a Supervisory Agency and conducted under subsections (a) and (b). (e) BOARD OF GOVERNORS ENFORCEMENT RECOMMENDATIONS.— (1) RECOMMENDATION.—The Board of Governors may, after consulting with the Council and the Supervisory Agency, at any time recommend to the Supervisory Agency that such Deadline. 12 USC 5466.