PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2295 maintain the confidentiality of such information to the extent possible under applicable law.". SEC. 207. APPROVAL REQUIRED FOR ACQUISITION BY FOREIGN BANKS OF SHARES OF UNITED STATES BANKS. Section 8(a) of the International Banking Act of 1978 (12 U.S.C. 3106(a)) is amended by striking "thereto" and all that follows through the period and inserting "to such provisions.". SEC. 208. PENALTIES. The International Banking Act of 1978 (12 U.S.C. 3101 et seq.) is amended by inserting after section 15 (as added by section 206 of this subtitle) the following new section: "SEC. 16. PENALTIES. 12 USC 3110. " (a) CIVIL MONEY PENALTY.— "(1) IN GENERAL. —Any foreign bank, and any office or subsidiary of a foreign bank, that violates, and any individual who participates in a violation of, any provision of this Act, or any regulation prescribed or order issued under this Act, shall forfeit and pay a civil penalty of not more than $25,000 for each day during which such violation continues. "(2) ASSESSMENT PROCEDURES.— Any penalty imposed under paragraph (1) may be assessed and collected by the Board or the Comptroller of the Currency in the manner provided in subparagraphs (E), (F), (G), (H), and (I) of section 8(i)(2) of the Federal Deposit Insurance Act for penalties imposed (under such section), and any such assessments shall be subject to the provisions of such section. "(3) HEARING PROCEDURE. —Section 8(h) of the Federal Deposit Insurance Act shall apply to any proceeding under this section. "(4) DISBURSEMENT. — All penalties collected under authority of this section shall be deposited into the Treasury. "(5) VIOLATE DEFINED. —For purposes of this section, the term 'violate' includes taking any action (alone or with others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation. "(6) REGULATIONS. —The Board and the Comptroller of the Currency shall each prescribe regulations establishing such procedures as may be necessary to carry out this section. "(b) NOTICE UNDER THIS SECTION AFTER SEPARATION FROM SERV- ICE.—The resignation, termination of employment or participation, or separation of an institution-affiliated party (within the meaning of section 3(u) of the Federal Deposit Insurance Act) with respect to a foreign bank, or any office or subsidiary of a foreign bank (including a separation caused by the termination of a location in the United States), shall not affect the jurisdiction or authority of the Board or the (Comptroller of the Currency to issue any notice or to proceed under this section against any such party, if such notice is served before the end of the 6-year period beginning on the date such party ceased to be an institution-affiliated party with respect to such foreign bank or such office or subsidiary of a foreign bank (whether such date occurs on, before, or after the date of the enactment of the Foreign Bank Supervision Enhancement Act of 1991). "(c) PENALTY FOR FAILURE TO MAKE REPORTS. —
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