15 U.S.C. § 80b–10a — Consultation

submitted 86 years ago by Pub. L. 106-102 to r/title-15-COMMERCE-AND-TRADE · 403 words · no verdicts yet

in plain englishAI-generated · not legal advice

Federal banking regulators and the SEC must share examination results and records about the investment-advisory work of banks, bank holding companies, and their registered divisions, on request. Neither side has to hand this information to the public, though it must still go to Congress, other agencies, or courts when required. This section doesn't limit banking regulators' other powers.

(a) Examination results and other information. (1) A federal banking agency must give the Commission, if asked, the results of exams, reports, records, or other information it can access about the investment-advisory activities of (A) a bank holding company or savings and loan holding company, a bank, or a separately identifiable department or division of a bank, that is registered under section 80b-3; and (B) more broadly, if such a holding company or bank has a subsidiary or department or division registered under that section, the investment-advisory activities of the holding company or bank itself. (2) The Commission must likewise give the banking agency, if asked, exam results, reports, records, or other information about the investment-advisory activities of any such registered bank holding company, savings and loan holding company, bank, or department or division. (3) Neither the Commission nor the banking agencies can be forced to disclose information shared under (1) or (2). But this doesn't let them withhold information from Congress, and it doesn't stop them from complying with a request from another federal agency or a self-regulatory organization acting within its own authority, or with a U.S. court order in a case the government, the Commission, or the agencies brought. For purposes of the Freedom of Information Act (section 552 of title 5), this paragraph counts as a statute that lets the information be withheld under that Act's subsection (b)(3)(B). (b) Effect on other authority. Nothing in this section cuts back a federal banking agency's authority over the bank holding company, savings and loan holding company, bank, or its subsidiary, department, or division, under any other law. (c) Definition. "Appropriate Federal banking agency" means the same thing here as it does in section 1813 of title 12.

the actual law source: uscode.house.gov ↗public domain

(a) Examination results and other information

(1)

The appropriate Federal banking agency shall provide the Commission upon request the results of any examination, reports, records, or other information to which such agency may have access—

(A)

with respect to the investment advisory activities of any—

(i)

bank holding company or savings and loan holding company;

(ii)

bank; or

(iii)

separately identifiable department or division of a bank,

that is registered under section 80b–3 of this title; and

(B)

in the case of a bank holding company or savings and loan holding company or bank that has a subsidiary or a separately identifiable department or division registered under that section, with respect to the investment advisory activities of such bank or bank holding company or savings and loan holding company.

(2)

The Commission shall provide to the appropriate Federal banking agency upon request the results of any examination, reports, records, or other information with respect to the investment advisory activities of any bank holding company or savings and loan holding company, bank, or separately identifiable department or division of a bank, which is registered under section 80b–3 of this title.

(3)

Notwithstanding any other provision of law, the Commission and the appropriate Federal banking agencies shall not be compelled to disclose any information provided under paragraph (1) or (2). Nothing in this paragraph shall authorize the Commission or such agencies to withhold information from Congress, or prevent the Commission or such agencies from complying with a request for information from any other Federal department or agency or any self-regulatory organization requesting the information for purposes within the scope of its jurisdiction, or complying with an order of a court of the United States in an action brought by the United States, the Commission, or such agencies. For purposes of section 552 of title 5, this paragraph shall be considered a statute described in subsection (b)(3)(B) of such section 552.

(b) Effect on other authority

Nothing in this section shall limit in any respect the authority of the appropriate Federal banking agency with respect to such bank holding company or savings and loan holding company (or affiliates or subsidiaries thereof), bank, or subsidiary, department, or division or a bank under any other provision of law.

For purposes of this section, the term “appropriate Federal banking agency” shall have the same meaning as given in section 1813 of title 12.

Source credit: (Aug. 22, 1940, ch. 686, title II, § 210A, as added Pub. L. 106–102, title II, § 220, Nov. 12, 1999, 113 Stat. 1400; Pub. L. 109–351, title IV, § 401(b)(2), Oct. 13, 2006, 120 Stat. 1973.)

history & why it existsrecord from the source credit

1940Enacted · Pub. L. 106-102 · 113 Stat. 1400
2006Amended · Pub. L. 109-351 · 120 Stat. 1973

A history note hasn’t been published yet. The record shows enactment by Pub. L. 106-102 on 1940-08-22.

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