Source: https://www.law.cornell.edu/uscode/text/12/5641?quicktabs_8=2
Timestamp: 2016-04-29 23:54:22
Document Index: 627158733

Matched Legal Cases: ['§ 5641', '§ 5641', '§ 5641', '§\u202f5641', '§\u202f956', '§\u202f501', '§\u202f6801']

12 U.S. Code § 5641 - Enhanced compensation structure reporting | US Law | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 53 › Subchapter VIII › § 5641 12 U.S. Code § 5641 - Enhanced compensation structure reporting
§ 5641.
Enhanced compensation structure reporting
(1) In generalNot later than 9 months after July 21, 2010, the appropriate Federal regulators jointly shall prescribe regulations or guidelines to require each covered financial institution to disclose to the appropriate Federal regulator the structures of all incentive-based compensation arrangements offered by such covered financial institutions sufficient to determine whether the compensation structure—
provides an executive officer, employee, director, or principal shareholder of the covered financial institution with excessive compensation, fees, or benefits; or
(b) Prohibition on certain compensation arrangementsNot later than 9 months after July 21, 2010, the appropriate Federal regulators shall jointly prescribe regulations or guidelines that prohibit any types of incentive-based payment arrangement, or any feature of any such arrangement, that the regulators determine encourages inappropriate risks by covered financial institutions—
by providing an executive officer, employee, director, or principal shareholder of the covered financial institution with excessive compensation, fees, or benefits; or
that could lead to material financial loss to the covered financial institution.
(c) StandardsThe appropriate Federal regulators shall—
ensure that any standards for compensation established under subsections (a) or (b) are comparable to the standards established under section 1831p–1 [1] of this title for insured depository institutions; and
in establishing such standards under such subsections, take into consideration the compensation standards described in section 1831p–1(c) of this title.
the term “appropriate Federal regulator” means the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Board of Directors of the Federal Deposit Insurance Corporation, the Director of the Office of Thrift Supervision, the National Credit Union Administration Board, the Securities and Exchange Commission, the Federal Housing Finance Agency; and
(2) the term “covered financial institution” means—
a depository institution or depository institution holding company, as such terms are defined in section 1813 of this title;
a broker-dealer registered under section 78o of title 15;
a credit union, as described in section 461(b)(1)(A)(iv) of this title;
an investment advisor, as such term is defined in section 80b–2(a)(11) of title 15;
(Pub. L. 111–203, title IX, § 956, July 21, 2010, 124 Stat. 1905.)
Section 1831p–1 of this title, referred to in subsec. (c)(1), was in the original “section of the Federal Deposit Insurance Act (12 U.S.C. 2 1831p–1)”, and was translated as reading “section 39 of the Federal Deposit Insurance Act”, which is classified to section 1831p–1 of this title, to reflect the probable intent of Congress.
The Gramm-Leach-Bliley Act, referred to in subsec. (d), is Pub. L. 106–102, Nov. 12, 1999, 113 Stat. 1338. Subtitle A (§§ 501–510) of title V of the Act is classified principally to subchapter I (§ 6801 et seq.) of chapter 94 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title of 1999 Amendment note set out under section 1811 of this title and Tables.