12 U.S.C. § 5471 — Consultation

Page 1938 TITLE 12—BANKS AND BANKING § 5469 1 See References in Text note below. Agencies, or the Council regarding their assess- ment of the systemic importance of financial market utilities or any payment, clearing, or settlement activities engaged in by financial in- stitutions, and in connection with their super- vision of designated financial market utilities and designated activities, shall be confidential supervisory information exempt from disclosure under section 552 of title 5. For purposes of such section 552, this subsection shall be considered a statute described in subsection (b)(3) of such sec- tion 552. (h) Data standards (1) Requirement The Board of Governors shall adopt data standards for all information that, through a collection of information, is regularly filed with or submitted to the Board or the Council by any financial market utility or financial institution under subsection (a) or (b). (2) Consistency The data standards required under para- graph (1) shall incorporate, and ensure com- patibility with (to the extent feasible), all ap- plicable data standards established in the rules promulgated under section 5334 of this title, including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 5334. (Pub. L. 111–203, title VIII, § 809, July 21, 2010, 124 Stat. 1818; Pub. L. 117–263, div. E, title LVIII, § 5861(d), Dec. 23, 2022, 136 Stat. 3435.) Editorial Notes AMENDMENTS 2022—Subsec. (h). Pub. L. 117–263 added subsec. (h). Statutory Notes and Related Subsidiaries RULE OF CONSTRUCTION REGARDING NO NEW DISCLOSURE REQUIREMENTS Amendment by Pub. L. 117–263 not to be construed to require certain additional information to be collected or disclosed, see section 5864 of Pub. L. 117–263, set out as a note under section 253 of this title. § 5469. Rulemaking The Board of Governors, the Supervisory Agencies, and the Council are authorized to pre- scribe such rules and issue such orders as may be necessary to administer and carry out their respective authorities and duties granted under this subchapter and prevent evasions thereof. (Pub. L. 111–203, title VIII, § 810, July 21, 2010, 124 Stat. 1820.) § 5470. Other authority Unless otherwise provided by its terms, this subchapter does not divest any appropriate fi- nancial regulator, any Supervisory Agency, or any other Federal or State agency, of any au- thority derived from any other applicable law, except that any standards prescribed by the Board of Governors under section 5464 of this title shall supersede any less stringent require- ments established under other authority to the extent of any conflict. (Pub. L. 111–203, title VIII, § 811, July 21, 2010, 124 Stat. 1821.) § 5471. Consultation (a) CFTC The Commodity Futures Trading Commission shall consult with the Board of Governors— (1) prior to exercising its authorities under sections 2(h)(2)(C), 2(h)(3)(A), 2(h)(3)(C), 2(h)(4)(A), and 2(h)(4)(B) of title 7, as amended by the Wall Street Transparency and Account- ability Act of 2010; (2) with respect to any rule or rule amend- ment of a derivatives clearing organization for which a stay of certification has been issued under section 745(b)(3) 1 of the Wall Street Transparency and Accountability Act of 2010; and (3) prior to exercising its rulemaking au- thorities under section 728 of the Wall Street Transparency and Accountability Act of 2010 [7 U.S.C. 24a]. (b) SEC The Commission shall consult with the Board of Governors— (1) prior to exercising its authorities under sections 78c–3(a)(2)(C), 78c–3(a)(3)(A), 78c–3(a)(3)(C), 78c–3(a)(4)(A), and 78c–3(a)(4)(B) of title 15, as amended by the Wall Street Transparency and Accountability Act of 2010; (2) with respect to any proposed rule change of a clearing agency for which an extension of the time for review has been designated under section 78s(b)(2) of title 15; and (3) prior to exercising its rulemaking au- thorities under section 78m(n) of title 15, as added by section 763(i) of the Wall Street Transparency and Accountability Act of 2010. (Pub. L. 111–203, title VIII, § 812, July 21, 2010, 124 Stat. 1821.) Editorial Notes REFERENCES IN TEXT The Wall Street Transparency and Accountability Act of 2010, referred to in subsecs. (a) and (b), is title VII of Pub. L. 111–203, July 21, 2010, 124 Stat. 1641. Sec- tion 728 of the Act amended the act of Sept. 21, 1922, ch. 369, to add a new section 21 which is classified to sec- tion 24a of Title 7, Agriculture. For complete classifica- tion of this Act to the Code, see Short Title note set out under section 8301 of Title 15, Commerce and Trade, and Tables. Section 745(b)(3) of the Wall Street Transparency and Accountability Act of 2010, referred to in subsec. (a)(2), probably means section 5c(c)(3) of the Commodity Ex- change Act, which is classified to section 7a–2(c)(3) of Title 7, Agriculture. Section 745(b) of the Wall Street Transparency and Accountability Act of 2010, which is section 745(b) of Pub. L. 111–203, added subsec. (c) of sec- tion 7a–2 of Title 7 and struck out former subsec. (c) of that section. Section 7a–2(c)(3) of Title 7 relates to stays of the certification for rules. Section 745(b) of Pub. L. 111–203 does not contain a par. (3). § 5472. Common framework for designated clear- ing entity risk management The Commodity Futures Trading Commission and the Commission shall coordinate with the