(2) EFFECTIVE
UPON
NOTICE.—The suspen-
sion, revocation, modification, or limitation of any
waiver in accordance with paragraph (1) shall take
effect upon receipt of notice by the secondary mar-
ket facilitating organization of such revocation.
(3) HEARING AFTER NOTICE.—Any person ad-
versely affected by a suspension, revocation, modi-
fication, or limitation of a waiver in accordance with
paragraph (1) shall be afforded a hearing in accord-
ance with chapter 5 of title 5, United States Code.
(4) SCOPE OF APPLICATION.—The suspension,
revocation, modification, or limitation of any waiver
in accordance with paragraph (1) with respect to a
secondary market facilitating organization shall—
(A) apply with respect to activities engaged
in and products produced by the organization
on or after the effective date of the waiver; and
(B) not apply with respect to activities en-
gaged in and products produced by the organi-
zation before such date.
SEC. 5. EXAMINATION AND OVERSIGHT OF CERTIFIED SEC-
ONDARY MARKET FACILITATING ORGANIZA-
TIONS.
(a) PROVISION FOR EXAMINERS.—
(1) APPOINTMENT OF EXAMINERS.—The Sec-
retary may appoint examiners to carry out this
section.
(2) DELEGATION
OF
EXAMINATION
AUTHOR-
ITY.—With respect to a certified secondary market
facilitating organization which is subject to complete
examination by another Federal regulatory agency,
the Secretary may delegate, on a reimbursable basis
and subject to such standards and guidelines as the
Secretary may establish, the authority to conduct an
examination under this section of such organization
to such other agency.
(b) EXAMINATIONS REQUIRED.—
(1) IN GENERAL.—The Secretary shall require
the examination of a certified secondary market fa-
cilitating organization whenever the Secretary deter-
mines an examination is necessary for purposes of
this Act.
(2) REQUIRED
COMPONENTS
OF
EXAMINA-
TION.—In conducting any examination under this
section of any certified secondary market facilitating
organization, the following factors shall be examined:
(A) The secondary market operations of
the organization.
(B) The operations of the organization re-
lating to underwriting, appraising, servicing,
and marketing business, commercial, and com-
munity development debt and equity invest-
ments.
(C) The compliance of the secondary mar-
ket facilitating organization with the eligibility
and portfolio standards of subsections (b) and
(c) of section 3.
(D) The financial condition of the organi-
zation, including the financial condition of the
operations of the organization which are de-
scribed in subparagraphs (A), (B), and (C).
(3) EXAMINATION
OF
APPLICANTS.—No sec-
ondary market facilitating organization may be cer-
tified by the Secretary under this Act until the Sec-
retary completes an examination of such organiza-
tion to determine that the organization meets the
eligibility requirements under section 3(b).
(c) REPORTS.—
(1) IN
GENERAL.—Each certified secondary
market facilitating organization shall submit such
reports to the Secretary as the Secretary may re-
quire, by regulation or order.
(2) MINIMUM
REQUIREMENT.—The Secretary
shall, by regulation, require each secondary market
facilitating organization to submit annual reports
concerning the composition and performance of all
secondary market operations of the organization.
(3) TIME
AND
MANNER.—Reports required
under this subsection shall be made at such time
and in such manner as the Secretary may require.
(d) ASSESSMENTS AND FEES.—
(1) EXAMINATION
COSTS.—The cost of con-
ducting examinations of certified secondary market
facilitating organizations and persons or govern-
mental units applying for certification as secondary
market facilitating organizations shall be assessed by
the Secretary against each such organization, per-
son, or unit as the Secretary determines to be nec-
essary to recover the costs incurred by the Secretary
in conducting the examination.
(2) 
FEES
FOR
OTHER
ADMINISTRATIVE
COSTS.—The administrative costs incurred by the
Secretary in carrying out the requirements of this
Act shall be recovered by the Secretary through fees
imposed on certified secondary market facilitating
organizations and persons or governmental units ap-