12 U.S.C. § 5224: Market transparency

Summary

The Secretary must post online, within 2 business days after buying, trading, or otherwise disposing of assets under this law, a plain description that shows what was bought or sold, how much, and the price. For each type of financial institution that sells troubled assets to the Secretary, the Secretary must check whether public reports about off‑balance‑sheet items (like derivatives or contingent liabilities) give enough information about the firm’s real financial condition. If not, the Secretary must recommend extra disclosure rules to the appropriate regulators.

Title 12, §5224

Banks and Banking, Source: USLM XML via OLRC

(a)Pricing

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)Disclosure

For each type of financial institutions 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