§5224 — Title 12 Banks and Banking | U.S. Code

Summary

The Secretary must post online, within 2 business days after an asset is bought, traded, or otherwise sold, a simple description of the asset plus the amounts and prices paid. For each type of financial institution that sells troubled assets to the Secretary, the Secretary must check if public reports about off‑balance‑sheet deals, derivatives, contingent liabilities, and similar risks give enough information about the institution’s real financial condition. If not, the Secretary must tell the regulators what extra disclosures are needed.

Title 12, §5224

Banks and Banking — Source: USLM XML via OLRC

(a)To facilitate market transparency, the Secretary shall make available to the public, in electronic form, a description, amounts, and pricing of assets acquired under this chapter, within 2 business days of purchase, trade, or other disposition.

(b)For each type of financial institutions 11 So in original. Probably should be “institution”. that sells troubled assets to the Secretary under this chapter, the Secretary shall determine whether the public disclosure required for such financial institutions with respect to off-balance sheet transactions, derivatives instruments, contingent liabilities, and similar sources of potential exposure is adequate to provide to the public sufficient information as to the true financial position of the institutions. If such disclosure is not adequate for that purpose, the Secretary shall make recommendations for additional disclosure requirements to the relevant regulators.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in text, was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see

Short Title

note set out under section 5201 of this title and Tables.

§5224 Market Transparency