,,ii  #aad? ,,congress  #a/ ,session    
,s4 #aggi  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #ae1 #bjae ,ms4  
,baldw9 7= h]self1 ,mr4 ,s*atz1 & ,ms4  
,w>r57 introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,homel& ,security & ,gov]nm5tal ,affairs
  ,a ,,bill  ,to prev5t conflicts (     
int]e/ t /em f executive ,gov]nm5t      
employees receiv+ bonuses or o!r        
comp5sation arrangem5ts f nongov]nm5t   
s\rces1 f ! revolv+ door t raises       
conc]ns ab\t ! indep5d5ce ( f9ancial    
s]vices regulators1 & f ! revolv+ door t
 ca/s asp]sions ov] ! aw>d+ ( ,gov]nm5t 
contracts & o!r f9ancial b5efits4  #a4  
,%ort title  ,?is ,act may be cit$ z !  
,f9ancial ,s]vices ,conflict ( ,int]e/  
,act4  #b4 ,re/rictions on private      
sector paym5t = ,gov]nm5t s]vice        
,section #bji ( title #ah1 ,unit$ ,/ates
 ,code1 is am5d$-- 7#a7 9 subsection    
7a7--  7,a7 by /rik+ any sal>y & ins]t+ 
any bonus1 sal>y2 &  7,b7 by /rik+ 8    
s]vices & ins]t+ s]vices r5d]$ or to be 

r5d]$2 &  7#b7 9 subsection 7b7-- 7,a7  
by ins]t+ 7#a7 aft] 7b72 &  7,b7 by add+
 at ! end ! foll[+3  7#b7 ,= purposes ( 
p>agraph 7#a71 a p5sion1 retirem5t1 gr\p
 life1 heal? or accid5t insurance1      
pr(it-%>+1 /ock bonus1 or o!r employee  
welf>e or b5efit plan t makes paym5t (  
comp5sation cont+5t on accept+ a        
position 9 ! ,f$]al ,gov]nm5t %all n be 
consid]$ bona fide4  7#c7 ,= purposes ( 
p>agraph 7#b71 comp5sation includes a   
ret5tion aw>d or bonus1 sev]ance pay1 & 
any o!r paym5t l9k$ to future s]vice 9 !
 ,f$]al ,gov]nm5t 9 any way4  4  #c4    
,requirem5ts relat+ to sl[+ ! revolv+   
door among f9ancial s]vices regulators  
7a7 ,9 g5]al ,! ,e?ics 9 ,gov]nm5t ,act 
( #aigh 7#e ,u4,s4,c4 ,app47 is am5d$ by
 add+ at ! end ! foll[+3  ,,vi ,special 
requirem5ts = f9ancial s]vices          
regulators  #fja4 ,def9itions  7a7 ,9   
g5]al ,9 ?is title1 ! t]ms designat$    
ag5cy e?ics (ficial & executive bran* h 
! mean+s giv5 su* t]ms "u section #aji4 
7b7 ,o!r def9itions ,9 ?is title3 7#a7  

,cov]$ f9ancial s]vices ag5cy ,! t]m    
cov]$ f9ancial s]vices ag5cy--  7,a7    
means a prim>y f9ancial regulatory ag5cy
 7z def9$ 9 section #b ( ! ,dodd-,frank 
,wall ,/reet ,re=m & ,consum]           
,protection ,act 7#ab ,u4,s4,c4 #ecja772
 &  7,b7 includes-- 7i7 ! ,bo>d (       
,gov]nors ( ! ,f$]al ,res]ve ,sy/em2    
7ii7 ! ,(fice ( ! ,comptroll] ( !       
,curr5cy2  7iii7 ! ,f$]al ,deposit      
,insurance ,corporation2  7iv7 !        
,national ,cr$it ,union ,adm9i/ration2  
7v7 ! ,securities & ,ex*ange            
,commission2  7vi7 ! ,f$]al ,h\s+       
,f9ance ,ag5cy2  7vii7 ! ,bureau (      
,consum] ,f9ancial ,protection2  7viii7 
! ,commodity ,futures ,trad+            
,commission2 &  7ix7 ! ,dep>tm5t ( !    
,treasury4  7#b7 ,cov]$ f9ancial s]vices
 regulator ,! t]m cov]$ f9ancial s]vices
 regulator means an (fic] or employee ( 
a cov]$ f9ancial s]vices ag5cy :o       
occupies--  7,a7 a sup]visory position  
classifi$ above ,,gs-#ae ( ! ,g5]al     
,s*$ule2  7,b7 9 ! case ( a position n  

"u ! ,g5]al ,s*$ule1 a sup]visory       
position = :i* ! rate ( basic pay is n  
less ?an #abj p]c5t ( ! m9imum rate (   
basic pay = ,,gs-#ae ( ! ,g5]al ,s*$ule2
 or  7,c7 any o!r sup]visory position   
det]m9$ to be ( equal classification by 
! ,director ( ! ,(fice ( ,gov]nm5t      
,e?ics4  7#c7 ,=m] cli5t ,! t]m =m]     
cli5t-- 7,a7 means a p]son = :om a cov]$
 f9ancial s]vices regulator s]v$        
p]sonally z an ag5t1 attorney1 or       
consultant dur+ ! #b-ye> p]iod end+ on !
 date 7aft] su* s]vice7 on :i* ! cov]$  
f9ancial s]vices regulator beg9s s]vice 
9 ! ,f$]al ,gov]nm5t2 &  7,b7 does n    
include-- 7i7 in/ances 9 :i* ! s]vice   
provid$ 0 limit$ to a spee* or simil>   
appe>ance2 or  7ii7 a cli5t ( ! =m]     
employ] ( ! cov]$ f9ancial s]vices      
regulator to :om ! cov]$ f9ancial       
s]vices regulator did n p]sonally       
provide su* s]vices4  7#d7 ,=m] employ] 
,! t]m =m] employ]-- 7,a7 means a p]son 
= :om a cov]$ f9ancial s]vices regulator
 s]v$ z an employee1 (fic]1 director1   

tru/ee1 or g5]al p>tn] dur+ ! #b-ye>    
p]iod end+ on ! date 7aft] su* s]vice7  
on :i* ! cov]$ f9ancial s]vices         
regulator beg9s s]vice 9 ! ,f$]al       
,gov]nm5t2 &  7,b7 does n include-- 7i7 
an entity 9 ! ,f$]al ,gov]nm5t1 includ+ 
an executive bran* ag5cy2  7ii7 a ,/ate 
or local gov]nm5t2  7iii7 ! ,di/rict (  
,columbia2  7iv7 an ,indian tribe1 z    
def9$ 9 section #d ( ! ,indian          
,self-,det]m9ation & ,education         
,assi/ance ,act 7#be ,u4,s4,c4 #dej;b72 
or  7v7 ! gov]nm5t ( a t]ritory or      
possession ( ! ,unit$ ,/ates4  #fjb4    
,conflict ( int]e/ & eligibility /&>ds =
 f9ancial s]vices regulators  7a7 ,9    
g5]al ,a cov]$ f9ancial s]vices         
regulator %all n make1 p>ticipate 9     
mak+1 or 9 any way attempt to use !     
(ficial position ( ! cov]$ f9ancial     
s]vices regulator to influ5ce a p>ticul>
 matt] t provides a direct & sub/antial 
pecuni>y b5efit = a =m] employ] or =m]  
cli5t ( ! cov]$ f9ancial s]vices        
regulator4  7b7 ,recusal ,a cov]$       

f9ancial s]vices regulator %all recuse  
himself or h]self f any (ficial action t
 w\ld violate subsection 7a74  7c7      
,waiv]  7#a7 ,9 g5]al ,! head ( ! cov]$ 
f9ancial s]vices ag5cy employ+ a cov]$  
f9ancial s]vices regulator1 9           
consultation ) ! ,director ( ! ,(fice ( 
,gov]nm5t ,e?ics1 may grant a writt5    
waiv] ( ! re/rictions "u subsection 7a7 
if1 & to ! ext5t t1 ! head ( ! cov]$    
f9ancial s]vices ag5cy c]tifies 9 writ+ 
t--  7,a7 ! application ( ! re/riction  
to ! p>ticul> matt] is inconsi/5t ) !   
purposes ( ! re/riction2 or  7,b7 x is 9
 ! public int]e/ to grant ! waiv]4  7#b7
 ,publication ,! ,director ( ! ,(fice ( 
,gov]nm5t ,e?ics %all make ea* waiv] "u 
p>agraph 7#a7 publicly available on !   
,web site ( ! ,(fice ( ,gov]nm5t ,e?ics4
  #fjc4 ,negotiat+ future private sector
 employm5t  7a7 ,prohibition ,except z  
provid$ 9 subsection 7c71 & not)/&+ any 
o!r provision ( law1 a cov]$ f9ancial   
s]vices regulator may n p>ticipate 9 any
 p>ticul> matt] :i* involves1 to ! k ( !

 cov]$ f9ancial s]vices regulator1 an   
individual or entity ) :om ! cov]$      
f9ancial s]vices regulator is 9         
negotiations ( future employm5t or has  
an arrangem5t conc]n+ prospective       
employm5t4  7b7 ,disclosure ( employm5t 
negotiations  7#a7 ,9 g5]al ,if a cov]$ 
f9ancial s]vices regulator beg9s any    
negotiations ( future employm5t ) ano!r 
p]son1 or an ag5t or int]m$i>y ( ano!r  
p]son1 or o!r discussion or             
communication ) ano!r p]son1 or an ag5t 
or int]m$i>y ( ano!r p]son1 mutually    
conduct$ ) a view t[>d rea*+ an agreem5t
 reg>d+ possible employm5t ( ! cov]$    
f9ancial s]vices regulator1 ! cov]$     
f9ancial s]vices regulator %all notify !
 designat$ ag5cy e?ics (ficial ( ! cov]$
 f9ancial s]vices ag5cy employ+ ! cov]$ 
f9ancial s]vices regulator reg>d+ !     
negotiations1 discussions1 or           
communications4  7#b7 ,in=mation ,a     
designat$ ag5cy e?ics (ficial receiv+   
notice "u p>agraph 7#a71 aft]           
consultation ) ! ,director ( ! ,(fice ( 

,gov]nm5t ,e?ics1 %all in=m ! cov]$     
f9ancial s]vices regulator ( any        
pot5tial conflicts ( int]e/ involv$ 9   
any negotiations1 discussions1 or       
communications ) ! o!r p]son & !        
prohibitions applicable4  7c7 ,waiv]s   
only :5 exceptional circum/ances exi/   
7#a7 ,9 g5]al ,! head ( a cov]$ f9ancial
 s]vices ag5cy may only grant a waiv] ( 
subsection 7a7 if ! head det]m9es t     
exceptional circum/ances exi/4  7#b7    
,review & publication ,= any waiv]      
grant$ "u p>agraph 7#a71 ! ,director ( !
 ,(fice ( ,gov]nm5t ,e?ics %all-- 7,a7  
review ! circum/ances relat+ to ! waiv] 
& ! det]m9ation t exceptional           
circum/ances exi/2 &  7,b7 make ! waiv] 
publicly available on ! ,web site ( !   
,(fice ( ,gov]nm5t ,e?ics1 :i* %all     
include--  7i7 ! "n ( ! private p]son or
 p]sons involv$ 9 ! negotiations or     
arrangem5t conc]n+ prospective          
employm5t2 &  7ii7 ! date on :i* !      
negotiations or arrangem5ts comm5c$4    
7d7 ,scope ,= purposes ( ?is section1 ! 

t]m negotiations ( future employm5t is n
 limit$ to discussions ( specific t]ms  
or conditions ( employm5t 9 a specific  
position4  #fjd4 ,recordkeep+ ,!        
,director ( ! ,(fice ( ,gov]nm5t ,e?ics 
%all-- 7#a7 receive all employm5t       
hi/ories1 recusal & waiv] records1 & o!r
 disclosure records = cov]$ executive   
bran* (ficials necess>y = monitor+      
compliance to ?is title2  7#b7          
promulgate rules & regulations1 9       
consultation ) ! ,director ( ! ,(fice ( 
,p]sonnel ,managem5t & ! ,attorney      
,g5]al1 = implem5tation ( ?is title2    
7#c7 provide guidance & assi/ance :]e   
appropriate to facilitate compliance )  
?is title2  7#d7 review &1 :]e necess>y1
 assi/ designat$ ag5cy e?ics (fic]s 9   
provid+ advice to cov]$ f9ancial s]vices
 regulators reg>d+ compliance ) ?is     
title2 &  7#e7 if ! ,director det]m9es t
 a violation ( ?is title may h occurr$1 
& 9 consultation ) ! designat$ ag5cy    
e?ics (fic] & ! ,c\nsel to ! ,presid5t1 
ref] ! compliance case to ! ,unit$      

,/ates ,attorney = ! ,di/rict (         
,columbia = en=cem5t action4  #fje4     
,p5alties & injunctions  7a7 ,crim9al   
p5alties  7#a7 ,9 g5]al ,any p]son :o   
violates section #fjb or #fjc %all be   
f9$ "u title #ah1 ,unit$ ,/ates ,code1  
imprison$ = n m ?an #a ye>1 or bo?4     
7#b7 ,willful violations ,any p]son :o  
willfully violates section #fjb or #fjc 
%all be f9$ "u title #ah1 ,unit$ ,/ates 
,code1 imprison$ = n m ?an #e ye>s1 or  
bo?4  7b7 ,civil en=cem5t  7#a7 ,9 g5]al
 ,! ,attorney ,g5]al may br+ a civil    
action 9 ! appropriate ,unit$ ,/ates    
di/rict c\rt aga9/ any p]son :o         
violates1 or :o ! ,attorney ,g5]al has  
reason to believe is engag+ 9 conduct t 
violates1 section #fjb or #fjc4  7#b7   
,civil p5alty  7,a7 ,9 g5]al ,^u pro( by
 a prepond]ance ( ! evid5ce t a p]son   
violat$ section #fjb or #fjc1 ! c\rt    
%all impose a civil p5alty ( n m ?an !  
great] (--  7i7 #ajj1jjj = ea*          
violation2 or  7ii7 ! am\nt (           
comp5sation ! p]son receiv$ or 0 (f]$ = 

! conduct con/itut+ ! violation4  7,b7  
,rule ( con/ruction ,a civil p5alty "u  
?is subsection %all be 9 addition to any
 o!r crim9al or civil /atutory1 common  
law1 or adm9i/rative rem$y1 available to
 ! ,unit$ ,/ates or any o!r p]son4  7#c7
 ,injunctive relief  7,a7 ,9 g5]al ,9 a 
civil action br\ght "u p>agraph 7#a7    
aga9/ a p]son1 ! ,attorney ,g5]al may   
petition ! c\rt = an ord] prohibit+ !   
p]son f engag+ 9 conduct t violates     
section #fjb or #fjc4 ,! c\rt may issue 
su* an ord] if ! c\rt f9ds by a         
prepond]ance ( ! evid5ce t ! conduct ( !
 p]son violates section #fjb or #fjc4   
7,b7 ,rule ( con/ruction ,! fil+ ( a    
petition seek+ injunctive relief "u ?is 
p>agraph %all n preclude any o!r rem$y  
:i* is available by law to ! ,unit$     
,/ates or any o!r p]son4  4  #d4        
,prohibition ( procurem5t (fic]s accept+
 employm5t f ,gov]nm5t contractors  7a7 
,expansion ( prohibition on acceptance  
by =m] (ficials ( comp5sation f         
contractors ,section #bajd ( title #da1 

,unit$ ,/ates ,code1 is am5d$-- 7#a7 9  
subsection 7a7--  7,a7 9 ! matt] prec$+ 
p>agraph 7#a7-- 7i7 by /rik+ or         
consultant & ins]t+ consultant1 lawy]1  
or lobbyi/2 &  7ii7 by /rik+ "o ye> &   
ins]t+ #b ye>s2 &  7,b7 9 p>agraph 7#c71
 by /rik+ p]sonally made = ! ,f$]al     
ag5cy & ins]t+ p>ticipat$ p]sonally &   
sub/antially 92 &  7#b7 by am5d+        
subsection 7b7 to read z foll[s3  7b7   
,prohibition on comp5sation f affiliates
 & subcontractors ,a =m] (ficial        
responsible = a ,gov]nm5t contract      
ref]r$ to 9 p>agraph 7#a71 7#b71 or 7#c7
 ( subsection 7a7 %all be prohibit$ f   
accept+ comp5sation = two ye>s aft]     
aw>d+ su* contract f any division1      
affiliate1 or subcontractor ( !         
contractor4  4  7b7 ,requirem5t =       
procurem5t (fic]s ,to disclose job (f]s 
made on behalf ( relatives ,section     
#bajc7;a7 ( title #da1 ,unit$ ,/ates    
,code1 is am5d$ 9 ! matt] prec$+        
p>agraph 7#a7 by ins]t+ aft] t (ficial !
 foll[+3 1 or = a relative 7z def9$ 9   

section #caaj ( title #e7 ( t (ficial14 
7c7 ,requirem5t on aw>d ( ,gov]nm5t     
contracts to =m] employ]s  7#a7 ,9 g5]al
 ,*apt] #ba ( title #da1 ,unit$ ,/ates  
,code1 is am5d$ by add+ at ! end !      
foll[+3  #bajh4 ,prohibition on         
involvem5t by c]ta9 =m] contractor      
employees 9 procurem5ts ,an employee ( !
 ,f$]al ,gov]nm5t may n be p]sonally &  
sub/antially involv$ ) any aw>d ( a     
contract to1 or ! adm9i/ration ( a      
contract aw>d$ to1 a contractor t is a  
=m] employ] ( ! employee dur+ ! #b-ye>  
p]iod beg9n+ on ! date on :i* ! employee
 leaves ! employm5t ( ! contractor4  4  
7#b7 ,te*nical & con=m+ am5dm5t ,! table
 ( sections = *apt] #ba ( title #da1    
,unit$ ,/ates ,code1 is am5d$ by add+ at
 ! end ! foll[+3  #bajh4 ,prohibition on
 involvem5t by c]ta9 =m] contractor     
employees 9 procurem5ts4  4  7d7        
,regulations ,! ,adm9i/rator = ,f$]al   
,procurem5t ,policy & ! ,director ( !   
,(fice ( ,managem5t & ,budget %all--    
7#a7 9 consultation ) ! ,director ( !   

,(fice ( ,p]sonnel ,managem5t & !       
,c\nsel to ! ,presid5t1 promulgate      
regulations to c>ry out & ensure !      
en=cem5t ( *apt] #ba ( title #da1 ,unit$
 ,/ates ,code1 z am5d$ by ?is section2 &
  7#b7 9 consultation ) designat$ ag5cy 
e?ics (fic]s 7z def9$ "u section #fja ( 
! ,e?ics 9 ,gov]nm5t ,act ( #aigh 7#e   
,u4,s4,c4 ,app4771 monitor compliance ) 
su* *apt] by individuals & ag5cies4  #e4
 ,revolv+ door re/rictions on f9ancial  
s]vices regulators mov+ into ! private  
sector  7a7 ,9 g5]al ,section #bjg (    
title #ah1 ,unit$ ,/ates ,code1 is      
am5d$-- 7#a7 by r$esignat+ subsections  
7e7 ?r\gh 7l7 z subsections 7f7 ?r\gh   
7m71 respectively2 &  7#b7 by ins]t+    
aft] subsection 7d7 ! foll[+3  7e7      
,re/rictions on employm5t = f9ancial    
s]vices regulators  7#a7 ,9 g5]al ,9    
addition to ! re/rictions set =? 9      
subsections 7a71 7b71 7c71 & 7d71 a     
cov]$ f9ancial s]vices regulator %all   
n--  7,a7 dur+ ! #b-ye> p]iod beg9n+ on 
! date 8 or h] employm5t z a cov]$      

f9ancial s]vices regulator ceases--  7i7
 kn[+ly act z ag5t or attorney =1 or    
o!rwise repres5t1 any o!r p]son =       
comp5sation 7except ! ,unit$ ,/ates7 9  
any =mal or in=mal appe>ance be=e2  7ii7
 ) ! int5t to influ5ce1 make any oral or
 writt5 communication on behalf ( any   
o!r p]son 7except ! ,unit$ ,/ates7 to2  
or  7iii7 kn[+ly aid1 advise1 or assi/  
9-- 7,i7 repres5t+ any o!r p]son 7except
 ! ,unit$ ,/ates7 9 any =mal or in=mal  
appe>ance be=e2 or  7,,ii7 mak+1 ) !    
int5t to influ5ce1 any oral or writt5   
communication on behalf ( any o!r p]son 
7except ! ,unit$ ,/ates7 to1  any c\rt (
 ! ,unit$ ,/ates1 or any (fic] or       
employee !re(1 9 connection ) any       
judicial or o!r proce$+1 :i* 0 actually 
p5d+ "u 8 or h] (ficial responsibility z
 a cov]$ f9ancial s]vices regulator dur+
 ! #a-ye> p]iod end+ on ! date 8 or h]  
employm5t z a cov]$ f9ancial s]vices    
regulator ceases or 9 :i* he or %e      
p>ticipat$ p]sonally & sub/antially z a 
cov]$ f9ancial s]vices regulator2 or    

7,b7 dur+ ! #b-ye> p]iod beg9n+ on !    
date 8 or h] employm5t z a cov]$        
f9ancial s]vices regulator ceases--  7i7
 kn[+ly act z a lobbyi/ or ag5t =1 or   
o!rwise repres5t1 any o!r p]son =       
comp5sation 7except ! ,unit$ ,/ates7 9  
any =mal or in=mal appe>ance be=e2  7ii7
 ) ! int5t to influ5ce1 make any oral or
 writt5 communication or conduct any    
lobby+ activities on behalf ( any o!r   
p]son 7except ! ,unit$ ,/ates7 to2 or   
7iii7 kn[+ly aid1 advise1 or assi/ 9--  
7,i7 repres5t+ any o!r p]son 7except !  
,unit$ ,/ates7 9 any =mal or in=mal     
appe>ance be=e2 or  7,,ii7 mak+1 ) !    
int5t to influ5ce1 any oral or writt5   
communication or conduct any lobby+     
activities on behalf ( any o!r p]son    
7except ! ,unit$ ,/ates7 to1  any       
dep>tm5t or ag5cy ( ! executive bran* or
 ,congress 7includ+ any committee (     
,congress71 or any (fic] or employee    
!re(1 9 connection ) any matt] :i* is   
p5d+ be=e ! dep>tm5t1 ag5cy1 or         
,congress4  7#b7 ,p5alty ,any p]son :o  

violates p>agraph 7#a7 %all be puni%$ z 
provid$ 9 section #baf4  7#c7           
,def9itions ,9 ?is subsection--  7,a7 ! 
t]m cov]$ f9ancial s]vices regulator has
 ! mean+ giv5 t t]m "u section #fja ( ! 
,e?ics 9 ,gov]nm5t ,act ( #aigh 7#e     
,u4,s4,c4 ,app472 &  7,b7 ! t]ms lobbyi/
 & lobby+ activities h ! mean+s giv5 su*
 t]ms 9 section #c ( ! ,lobby+          
,disclosure ,act ( #aiie 7#b ,u4,s4,c4  
#afjb74  4  7b7 ,te*nical & con=m+      
am5dm5ts  7#a7 ,section #ajc7;a7 ( !    
,hone/ ,lead]%ip & ,op5 ,gov]nm5t ,act (
 #bjjg 7#b ,u4,s4,c4 #dgjb7;a77 is am5d$
 by /rik+ section #bjg7;e7 ea* place x  
appe>s & ins]t+ section #bjg7;f74  7#b7 
,section #bjg ( title #ah1 ,unit$ ,/ates
 ,code1 z am5d$ by subsection 7a71 is   
am5d$-- 7,a7 9 subsection 7g71 z s      
r$esignat$1 by /rik+ or 7e7 & ins]t+ or 
7f72  7,b7 9 subsection 7j77#a77;,b71 z 
s r$esignat$1 by /rik+ subsection 7f7 & 
ins]t+ subsection 7g72 &  7,c7 9        
subsection 7k71 z s r$esignat$--  7i7 9 
p>agraph 7#b71 9 ! matt] prec$+         

subp>agraph 7,a71 by /rik+ & 7e7 &      
ins]t+ 7e71 & 7f72  7ii7 9 p>agraph     
7#d71 by /rik+ & 7e7 & ins]t+ 7e71 &    
7f72 &  7iii7 9 p>agraph 7#g7-- 7,i7 9  
subp>agraph 7,a71 by /rik+ & 7e7 &      
ins]t+ 7e71 & 7f72 &  7,,ii7 9          
subp>agraph 7,b77ii71 9 ! matt] prec$+  
subclause 7,i71 by /rik+ subsections    
7c71 7d71 or 7e7 & ins]t+ subsection    
7c71 7d71 7e71 or 7f74  7#c7 ,section   
#ada7;b77#c7 ( ! ,trade ,act ( #aigd    
7#ai ,u4,s4,c4 #baga7;b77#c77 is am5d$  
by /rik+ section #bjg7;f77#c7 & ins]t+  
#bjg7;g77#c74  7#d7 ,section            
#ghjb7;b77#c77;,b7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by /rik+ & 7f7 ( 
section #bjg & ins]t+ & 7g7 ( section   
#bjg4  7#e7 ,section                    
#ajf7p77#f77;,i77ii7 ( title #di1 ,unit$
 ,/ates ,code1 is am5d$ by /rik+ & 7f7 (
 section #bjg & ins]t+ & 7g7 ( section  
#bjg4  #f4 ,re/rictions on f$]al exam9]s
 & sup]visors ( f9ancial in/itutions    
7a7 ,9 g5]al ,section #aj7k7 ( ! ,f$]al 
,deposit ,insurance ,act 7#ab ,u4,s4,c4 

#ahbj7k77 is am5d$-- 7#a7 9 ! subsection
 head+--  7,a7 by /rik+ ,"o-,ye> &      
ins]t+ ,two-,ye>2 &  7,b7 by /rik+      
,exam9]s & ins]t+ ,exam9]s &            
,sup]visors2  7#b7 9 p>agraph 7#a7--    
7,a7 by /rik+ subp>agraph 7,b7 & ins]t+ 
! foll[+3  7,b7 s]v$-- 7i7 n less ?an #b
 mon?s dur+ ! f9al #ab mon?s ( !        
employm5t ( ! p]son ) su* ag5cy or      
entity z ! s5ior exam9] 7or a           
functionally equival5t position7 ( a    
depository in/itution or depository     
in/itution hold+ company ) cont9u+1     
broad responsibility = ! exam9ation 7or 
inspection7 ( t depository in/itution or
 depository in/itution hold+ company on 
behalf ( ! relevant ag5cy or ,f$]al     
res]ve bank2 or  7ii7 z a sup]visor ( ! 
s5ior exam9] ) responsibility = manag+ !
 ov]sight ( n m ?an #e depository       
in/itutions or depository in/itution    
hold+ companies on behalf ( ! relevant  
ag5cy or ,f$]al res]ve bank2 &  2 &     
7,b7 9 subp>agraph 7,c7-- 7i7 9 ! matt] 
prec$+ clause 7i71 by /rik+ #a ye> &    

ins]t+ #b ye>s2  7ii7 9 clause 7i71 by  
/rik+ or & ins]t+ a semicolon2  7iii7 9 
clause 7ii71 by /rik+ ! p]iod at ! end &
 ins]t+ a semicolon2 &  7iv7 by add+ at 
! end ! foll[+3  7iii7 a bus9ess entity1
 firm1 or association t repres5ts !     
depository in/itution or depository     
in/itution hold+ company = comp5sation4 
2  7#c7 by r$esignat+ p>agraphs 7#b7    
?r\gh 7#f7 z p>agraphs 7#c7 ?r\gh 7#g71 
respectively2  7#d7 by ins]t+ aft]      
p>agraph 7#a7 ! foll[+3  7#b7           
,application ( p5alties = sup]visors ,a 
sup]visor ( a l>ge f9ancial s]vice      
regulatory ag5cy or a sup]visor ( a     
s5ior exam9] %all be subject to !       
p5alties describ$ 9 p>agraph 7#g7 if !  
sup]visor ( ! s5ior exam9] or ! s5ior   
exam9] kn[+ly accepts comp5sation dur+ !
 p]iod beg9n+ on ! date on :i* ! s]vice 
( ! sup]visor or s5ior exam9] is t]m9at$
 & end+ on ! date t is #b ye>s aft] !   
date on :i* ! s]vice on :i* ! s]vice ( !
 sup]visor or s5ior exam9] is t]m9at$-- 
7,a7 z-- 7i7 an employee2  7ii7 an      

(fic]2  7iii7 a director2 or  7iv7 a    
consultant2 &  7,b7 f--  7i7 a          
depository in/itution2  7ii7 a          
depository in/itution hold+ company t is
 designat$ by ! ,f9ancial ,/ability     
,ov]sight ,c\ncil z a sy/emically       
important f9ancial m>ket utility "u     
section #hjd ( ! ,paym5t1 ,cle>+1 &     
,settlem5t ,sup]vision ,act ( #bjaj 7#ab
 ,u4,s4,c4 #edfc72 or  7iii7 a bus9ess  
entity1 firm1 or association t repres5ts
 an in/itution describ$ 9 clause 7ii7 = 
comp5sation4  2  7#e7 9 p>agraph 7#d71 z
 s r$esignat$1 by /rik+ or o!r company4 
& ins]t+ or o!r company1 firm1 or       
association42 &  7#f7 9 ! matt] prec$+  
clause 7i7 ( subp>agraph 7,a7 ( p>agraph
 7#g71 z s r$esignat$1 by /rik+ o!r     
company & ins]t+ o!r company1 firm1 or  
association4  7b7 ,te*nical & con=m+    
am5dm5ts ,section #aj7k7 ( ! ,f$]al     
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahbj7k77 is am5d$-- 7#a7 9 p>agraph    
7#a71 by /rik+ p>agraph 7#f7 & ins]t+   
p>agraph 7#g72  7#b7 9 p>agraph         

7#e77;,a71 z s r$esignat$1 by ins]t+ &  
p>agraph 7#b7 be=e ! p]iod at ! end2 &  
7#c7 9 p>agraph 7#g71 z s r$esignat$--  
7,a7 9 subp>agraph 7,a7-- 7i7 by /rik+  
subject to p>agraph 7#a7 & ins]t+       
subject to p>agraph 7#a7 or 7#b72 &     
7ii7 by /rik+ p>agraph 7#a77;,c7 &      
ins]t+ p>agraph 7#a77;,c7 or p>agraph   
7#b72 &  7,b7 9 subp>agraph 7,c7--  7i7 
by /rik+ p]son describ$ 9 p>agraph 7#a7 
& ins]t+ p]son describ$ 9 p>agraph 7#a7 
or 7#b72 &  7ii7 by ins]t+ p>agraph 7#b7
 be=e ! p]iod at ! end4  #g4            
,sev]ability ,if any provision ( ?is    
,act or any am5dm5t made by ?is ,act1 or
 any application ( su* provision or     
am5dm5t to any p]son or circum/ance1 is 
held to be uncon/itutional1 ! rema9d] ( 
! provisions ( ?is ,act & ! am5dm5ts    
made by ?is ,act & ! application ( !    
provision or am5dm5t to any o!r p]son or
 circum/ance %all n be affect$4