|
U.S. Code as of:
01/19/04
Section 57b-4. Good faith reliance on actions of Board of Governors
(a) "Board of Governors" defined
For purposes of this section, the term "Board of Governors' means
the Board of Governors" of the Federal Reserve System.
(b) Use as defense
Notwithstanding any other provision of law, if -
(1) any person, partnership, or corporation engages in any
conduct or practice which allegedly constitutes a violation of
any Federal law with respect to which the Board of Governors of
the Federal Reserve System has rulemaking authority; and
(2) such person, partnership, or corporation engaged in such
conduct or practice in good faith reliance upon, and in
conformity with, any rule, regulation, statement of
interpretation, or statement of approval prescribed or issued by
the Board of Governors under such Federal law;
then such good faith reliance shall constitute a defense in any
administrative or judicial proceeding commenced against such
person, partnership, or corporation by the Commission under this
subchapter or in any administrative or judicial proceeding
commenced against such person, partnership, or corporation by the
Attorney General of the United States, upon request made by the
Commission, under any provision of law.
(c) Applicability of subsection (b)
The provisions of subsection (b) of this section shall apply
regardless of whether any rule, regulation, statement of
interpretation, or statement of approval prescribed or issued by
the Board of Governors is amended, rescinded, or held to be invalid
by judicial authority or any other authority after a person,
partnership, or corporation has engaged in any conduct or practice
in good faith reliance upon, and in conformity with, such rule,
regulation, statement of interpretation, or statement of approval.
(d) Request for issuance of statement or interpretation concerning
conduct or practice
If, in any case in which -
(1) the Board of Governors has rulemaking authority with
respect to any Federal law; and
(2) the Commission is authorized to enforce the requirements of
such Federal law;
any person, partnership, or corporation submits a request to the
Board of Governors for the issuance of any statement of
interpretation or statement of approval relating to any conduct or
practice of such person, partnership, or corporation which may be
subject to the requirements of such Federal law, then the Board of
Governors shall dispose of such request as soon as practicable
after the receipt of such.
|
|