Page:United States Statutes at Large Volume 124.djvu/1845

 124 STAT. 1819 PUBLIC LAW 111–203—JULY 21, 2010 that the activity meets the standards for systemic importance set forth in section 804. (b) REPORTING AFTER DESIGNATION.— (1) DESIGNATED FINANCIAL MARKET UTILITIES.—The Board of Governors and the Council may each require a designated financial market utility to submit reports or data to the Board of Governors and the Council in such frequency and form as deemed necessary by the Board of Governors or the Council in order to assess the safety and soundness of the utility and the systemic risk that the utility’s operations pose to the financial system. (2) FINANCIAL INSTITUTIONS SUBJECT TO STANDARDS FOR DESIGNATED ACTIVITIES.—The Board of Governors and the Council may each require 1 or more financial institutions sub- ject to the standards prescribed under section 805(a) for a designated activity to submit, in such frequency and form as deemed necessary by the Board of Governors or the Council, reports and data to the Board of Governors and the Council solely with respect to the conduct of the designated activity and solely to assess whether— (A) the rules, orders, or standards prescribed under section 805(a) with respect to the designated activity appro- priately address the risks to the financial system presented by such activity; and (B) the financial institutions are in compliance with this title and the rules and orders prescribed under section 805(a) with respect to the designated activity. (3) LIMITATION.—The Board of Governors may, upon an affirmative vote by a majority of the Council, prescribe regula- tions under this section that impose a recordkeeping or reporting requirement on designated clearing entities or finan- cial institutions engaged in designated activities that are sub- ject to standards that have been prescribed under section 805(a)(2). (c) COORDINATION WITH APPROPRIATE FEDERAL SUPERVISORY AGENCY.— (1) ADVANCE COORDINATION.—Before requesting any mate- rial information from, or imposing reporting or recordkeeping requirements on, any financial market utility or any financial institution engaged in a payment, clearing, or settlement activity, the Board of Governors or the Council shall coordinate with the Supervisory Agency for a financial market utility or the appropriate financial regulator for a financial institution to determine if the information is available from or may be obtained by the agency in the form, format, or detail required by the Board of Governors or the Council. (2) SUPERVISORY REPORTS.—Notwithstanding any other provision of law, the Supervisory Agency, the appropriate finan- cial regulator, and the Board of Governors are authorized to disclose to each other and the Council copies of its examination reports or similar reports regarding any financial market utility or any financial institution engaged in payment, clearing, or settlement activities. (d) TIMING OF RESPONSE FROM APPROPRIATE FEDERAL SUPER- VISORY AGENCY.—If the information, report, records, or data requested by the Board of Governors or the Council under sub- section (c)(1) are not provided in full by the Supervisory Agency Deadline. Notice.