Regular and special reports
Regular reports
section 1723a(k) of this titlesection 1456(c) of this titleThe Director may require, by general or specific orders, a regulated entity to submit regular reports, including financial statements determined on a fair value basis, on the condition (including financial condition), management, activities, or operations of the regulated entity, as the Director considers appropriate (in addition to the annual and quarterly reports required under and ).
Special reports
The Director may also require, by general or specific orders, a regulated entity to submit special reports on any of the topics specified in paragraph (1) or any other relevant topics, if, in the judgment of the Director, such reports are necessary to carry out the purposes of this chapter.
Limitation
The Director may not require the inclusion, in any report pursuant to paragraph (1) or (2), of any information that is not reasonably obtainable by the regulated entity.
Notice and declaration
The Director shall notify the regulated entity, a reasonable period in advance of the date for submission of any report under this subsection, of any specific information to be contained in the report and the date for the submission of the report. Each report under this subsection shall contain a declaration by the president, vice president, treasurer, or any other officer designated by the board of directors of the regulated entity to make such declaration, that the report is true and correct to the best of such officer’s knowledge and belief.
Capital distributions
The Director may require a regulated entity to submit a report to the Director after the declaration of any capital distribution by the regulated entity and before making the capital distribution. The report shall be made in such form and under such circumstances and shall contain such information as the Director shall require.
Penalties for failure to make reports
Violations
Penalties
First tier
In general
Burden of proof
For purposes of this subparagraph, the regulated entity shall have the burden of proving that the error was inadvertent or that a report was inadvertently transmitted or published late.
Second tier
A violation described in paragraph (1) shall be subject to a penalty of not more than $20,000 for each day during which such violation continues or such false or misleading information is not corrected, in any case that is not addressed in subparagraph (A) or (C).
Third tier
A violation described in paragraph (1) shall be subject to a penalty of not more than $1,000,000 per day for each day during which such violation continues or such false or misleading information is not corrected, in any case in which the subject regulated entity committed such violation knowingly or with reckless disregard for the accuracy of any such information or report.
Assessments
section 4636 of this titlesection 4636 of this titlesection 4636 of this titleAny penalty imposed under this subsection shall be in lieu of a penalty under , but shall be assessed and collected by the Director in the manner provided in for penalties imposed under that section, and any such assessment (including the determination of the amount of the penalty) shall be otherwise subject to the provisions of .
Hearing
Section 4634 of this titleA regulated entity against which a penalty is assessed under this section shall be afforded an agency hearing if the regulated entity submits a request for a hearing not later than 20 days after the date of the issuance of the notice of assessment. shall apply to any such proceedings.
Pub. L. 102–550, title XIII, § 1314106 Stat. 3946Pub. L. 110–289, div. A, title I, § 1104(a)122 Stat. 2666(, , ; , , .)
Editorial Notes
References in Text
Pub. L. 102–550106 Stat. 3941section 4501 of this titleThis chapter, referred to in subsec. (a)(2), was in the original “this title”, meaning title XIII of , , , which is classified principally to this chapter. For complete classification of title XIII to the Code, see Short Title note set out under and Tables.
Amendments
Pub. L. 110–289, § 1104(a)(1)2008—, substituted “regulated entities” for “enterprises” in section catchline.
Pub. L. 110–289, § 1104(a)(4)(A)Subsec. (a). , substituted “Regular and special reports” for “Special reports and reports of financial condition” in subsec. heading, “Regular reports” for “Financial condition” in par. (1) heading, and “The Director may require, by general or specific orders, a regulated entity to submit regular reports, including financial statements determined on a fair value basis, on the condition (including financial condition), management, activities, or operations of the regulated entity, as the Director considers appropriate” for “The Director may require an enterprise to submit reports of financial condition and operations” in par. (1).
Pub. L. 110–289, § 1104(a)(4)(B)Subsec. (a)(2). , inserted “, by general or specific orders,” after “may also require” and substituted “on any of the topics specified in paragraph (1) or any other relevant topics, if” for “whenever”.
Pub. L. 110–289, § 1104(a)(2), substituted “a regulated entity” for “an enterprise”.
Pub. L. 110–289, § 1104(a)(3)Subsec. (a)(3), (4). , which directed amendment of this section by substituting “the regulated entity” for “the enterprise”, was executed by making the substitution wherever appearing to reflect the probable intent of Congress.
Pub. L. 110–289, § 1104(a)(3)Subsec. (b). , which directed amendment of this section by substituting “the regulated entity” for “the enterprise”, was executed by making the substitution wherever appearing to reflect the probable intent of Congress.
Pub. L. 110–289, § 1104(a)(2), substituted “a regulated entity” for “an enterprise”.
Pub. L. 110–289, § 1104(a)(5)Subsec. (c). , added subsec. (c).