(2) knowingly or recklessly provides substantially false information to the Secretary, the Attorney General, or any Federal supervisory agency. (e) COORDINATION WITH OTHER PROVISIONS OF LAW.-This section shall not apply with respect to any financial institution which is subject to section 33 of the Federal Deposit Insurance Act, section 213 of the Federal Credit Union Act, or section 21A(q) of the Home Owners' Loan Act (as added by section 251(c) of the Federal Deposit Insurance Corporation Improvement Act of 1991). SEC. 5329. STAFF COMMENTARIES. 1 The Secretary shall (1) publish all written rulings interpreting this subchapter; and (2) annually issue a staff commentary on the regulations issued under this subchapter. § 5330. Registration of money transmitting businesses (a) REGISTRATION WITH SECRETARY OF THE TREASURY REQUIRED. (1) IN GENERAL.-Any person who owns or controls a money transmitting business shall register the business (whether or not the business is licensed as a money transmitting business in any State) with the Secretary of the Treasury not later than the end of the 180-day period beginning on the later of (A) the date of enactment of the Money Laundering Suppression Act of 1994; or (B) the date on which the business is established. (2) FORM AND MANNER OF REGISTRATION.-Subject to the requirements of subsection (b), the Secretary of the Treasury shall prescribe, by regulation, the form and manner for registering a money transmitting business pursuant to paragraph (1). (3) BUSINESSES REMAIN SUBJECT TO STATE LAW.-This section shall not be construed as superseding any requirement of State law relating to money transmitting businesses operating in such State. (4) FALSE AND INCOMPLETE INFORMATION.-The filing of false or materially incomplete information in connection with the registration of a money transmitting business shall be considered as a failure to comply with the requirements of this subchapter. (b) CONTENTS OF REGISTRATION.-The registration of a money transmitting business under subsection (a) shall include the following information: (1) The name and location of the business. (2) The name and address of each person who- (B) is a director or officer of the business; or (C) otherwise participates in the conduct of the affairs of the business. 1 So in law. This heading does not conform to the style for existing section headings. (3) The name and address of any depository institution at which the business maintains a transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act). (4) An estimate of the volume of business in the coming year (which shall be reported annually to the Secretary). (5) Such other information as the Secretary of the Treasury may require. (c) AGENTS OF MONEY TRANSMITTING BUSINESSES.— (1) MAINTENANCE OF LISTS OF AGENTS OF MONEY TRANSMITTING BUSINESSES.-Pursuant to regulations which the Secretary of the Treasury shall prescribe, each money transmitting business shall (A) maintain a list containing the the names and addresses of all persons authorized to act as an agent for such business in connection with activities described in subsection (d)(1)(A) and such other information about such agents as the Secretary may require; and (B) make the list and other information available on request to any appropriate law enforcement agency. (2) TREATMENT OF AGENT AS MONEY TRANSMITTING BUSINESS.-The Secretary of the Treasury shall prescribe regulations establishing, on the basis of such criteria as the Secretary determines to be appropriate, a threshold point for treating an agent of a money transmitting business as a money transmitting business for purposes of this section. (d) DEFINITIONS.-For purposes of this section, the following definitions shall apply: (1) MONEY TRANSMITTING BUSINESS.-The term "money transmitting business" means any business other than the United States Postal Service which (A) provides check cashing, currency exchange, or money transmitting or remittance services, or issues or redeems money orders, travelers' checks, and other similar instruments; (B) is required to file reports under section 5313; and (C) is not a depository institution (as defined in section 5313(g)). (2) MONEY TRANSMITTING SERVICE.-The term "money transmitting service" includes accepting currency or funds denominated in the currency of any country and transmitting the currency or funds, or the value of the currency or funds, by any means through a financial agency or institution, a Federal reserve bank or other facility of the Board of Governors of the Federal Reserve System, or an electronic funds transfer network. (e) CIVIL PENALTY FOR FAILURE TO COMPLY WITH REGISTRATION REQUIREMENTS.— (1) IN GENERAL.-Any person who fails to comply with any requirement of this section or any regulation prescribed under this section shall be liable to the United States for a civil penalty of $5,000 for each such violation. (2) CONTINUING VIOLATION.-Each day a violation described in paragraph (1) continues shall constitute a separate violation for purposes of such paragraph. (3) ASSESSMENTS.-Any penalty imposed under this subsection shall be assessed and collected by the Secretary of the Treasury in the manner provided in section 5321 and any such assessment shall be subject to the provisions of such section. SUBTITLE A OF TITLE IV OF THE FEDERAL DEPOSIT INSURANCE CORPORATION IMPROVEMENT ACT OF 1991 (Pub. L. 102-242, Dec. 19, 1991, 105 Stat. 2371) TITLE IV—MISCELLANEOUS Subtitle A-Payment System Risk SEC. 401. [12 U.S.C. 4401] FINDINGS AND PURPOSE. (1) many financial institutions engage daily in thousands of transactions with other financial institutions directly and through clearing organizations; (2) the efficient processing of such transactions is essential to a smoothly functioning economy; (3) such transactions can be processed most efficiently if, consistent with applicable contractual terms, obligations among financial institutions are netted; (4) such netting procedures would reduce the systemic risk within the banking system and financial markets; and (5) the effectiveness of such netting procedures can be assured only if they are recognized as valid and legally binding in the event of the closing of a financial institution participating in the netting procedures. SEC. 402. [12 U.S.C. 4402] DEFINITIONS. For purposes of this chapter (1) BROKER OR DEALER.-The term "broker or dealer" means (A) any company that is registered or licensed under Federal or State law to engage in the business of brokering, underwriting, or dealing in securities in the United States; and (B) to the extent consistent with this title, as determined by the Board of Governors of the Federal Reserve System, any company that is an affiliate of a company described in subparagraph (A) and that is engaged in the business of entering into netting contracts. (2) CLEARING ORGANIZATION.-The term "clearing organization" means a clearinghouse, clearing association, clearing corporation, or similar organization (A) that provides clearing, netting, or settlement services for its members and— (i) in which all members other than the clearing organization itself are financial institutions or other clearing organizations; or (ii) which is registered as a clearing agency under the Securities Exchange Act of 1934; or (B) that is registered as a derivatives clearing organization under section 5b of the Commodity Exchange Act. (3) COVERED CLEARING OBLIGATION.-The term "covered clearing obligation" means an obligation of a member of a clearing organization to make payment to another member of a clearing organization, subject to a netting contract. (4) ČOVERED CONTRACTUAL PAYMENT ENTITLEMENT.-The term "covered contractual payment entitlement” means— (A) an entitlement of a financial institution to receive a payment, subject to a netting contract from another financial institution; and (B) an entitlement of a member of a clearing organization to receive payment, subject to a netting contract, from another member of a clearing organization of a covered clearing obligation. (5) COVERED CONTRACTUAL PAYMENT OBLIGATION.—The term "covered contractual payment obligation" means (A) an obligation of a financial institution to make payment, subject to a netting contract to another financial institution; and (B) a covered clearing obligation. (6) DEPOSITORY INSTITUTION.-The term "depository institution" means (A) a depository institution as defined in section 19(b)(1)(A) of the Federal Reserve Act (other than clause (vii)); (B) a branch or agency as defined in section 1(b) of the International Banking Act of 1978; (C) a corporation chartered under section 25(a) of the Federal Reserve Act; or (D) a corporation having an agreement or undertaking with the Board of Governors of the Federal Reserve System under section 25 of the Federal Reserve Act. (7) FAILED FINANCIAL INSTITUTION.-The term "failed financial institution" means a financial institution that (A) fails to satisfy a covered contractual payment obligation when due; (B) has commenced or had commenced against it insolvency, liquidation, reorganization, receivership (including the appointment of a receiver), conservatorship, or similar proceedings; or (C) has generally ceased to meet its obligations when due. (8) FAILED MEMBER.-The term "failed member" means any member that— (A) fails to satisfy a covered clearing obligation when due, (B) has commenced or had commenced against it insolvency, liquidation, reorganization, receivership (including |