105 STAT. 2242 PUBLIC LAW 102-242—DEC. 19, 1991 frequent, objective, and thorough examinations of such institutions, (e) TECHNICAL AND CONFORMING AMENDMENT.— Section 3(s) of the Federal Deposit Insurance Act (12 U.S.C. 1813(s)) is amended to read as follows: " (s) DEFINITIONS RELATING TO FOREIGN BANKS AND BRANCHES. — "(1) FOREIGN BANK.— The term 'foreign bank' has the meaning given to such term by section 1(b)(7) of the International Banking Act of 1978. "(2) FEDERAL BRANCH.—The term 'Federal branch' has the meaning given to such term by section 1(b)(6) of the International Banking Act of 1978. "(3) INSURED BRANCH.— The term 'insured branch' means any branch (as defined in section 1(b)(3) of the International Banking Act of 1978) of a foreign bank any deposits in which are insured pursuant to this Act.". SEC. 112. INDEPENDENT ANNUAL AUDITS OF INSURED DEPOSITORY INSTITUTIONS. (a) IN GENERAL. —The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by adding at the end the following new section: 12 USC 1831m. "SEC. 36. EARLY IDENTIFICATION OF NEEDED IMPROVEMENTS IN FINAN- CIAL MANAGEMENT. "(a) ANNUAL REPORT ON FINANCIAL CONDITION AND MANAGE- MENT. — "(1) REPORT REQUIRED. —Each insured depository institution shall submit an annual report to the Corporation, the appropriate Federal banking agency, and any appropriate State bank supervisor (including any State bank supervisor of a host State). "(2) CONTENTS OF REPORT. — Any annual report required under paragraph (1) shall contain— "(A) the information required to be provided by— "(i) the institutions management under subsection (b); and "(ii) an independent public accountant under subsections (c) and (d); and "(B) such other information as the Corporation and the appropriate Federal banking agency may determine to be necessary to assess the financial condition and management of the institution. "(3) PUBLIC AVAILABILITY.— Any annual report required under paragraph (1) shall be available for public inspection. " (b) MANAGEMENT RESPONSIBILITY FOR FINANCIAL STATEMENTS AND INTERNAL CONTROLS. —Each insured depository institution shall prepare— "(1) annual financial statements in accordance with generally accepted accounting principles and such other disclosure requirements as the Corporation and the appropriate Federal banking agency may prescribe; and Reports. "(2) a report signed by the chief executive officer and the chief accounting or financial officer of the institution which contains— "(A) a statement of the management's responsibilities for— "(i) preparing financial statements;
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