PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1391
"(HI) a syndicate of banks of which the bank is a member, if the obhgations or pool of obhgations consists of mortgage obhgations or consumerrelated receivables. "(iv) IDENTIFIED BANKING PRODUCTS.—The bank buys or sells identified banking products, as defined in section 206 of the Gramm-Leach-Bliley Act.". SEC. 203. REGISTRATION FOR SALES OF PRIVATE SECURITIES OFFERINGS. Section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o-3) is amended by inserting after subsection (i) the following new subsection: " (j) REGISTRATION FOR SALES OF PRIVATE SECURITIES OFFERINGS.—A registered securities association shall create a limited qualification category for any associated person of a member who effects sales as part of a primary offering of securities not involving a public offering, pursuant to section 3(b), 4(2), or 4(6) of the Securities Act of 1933 and the rules and regulations thereunder, and shall deem qualified in such limited qualification category, without testing, any bank employee who, in the six month period preceding the date of the enactment of the Gramm-Leach- Bliley Act, engaged in effecting such sales.". SEC. 204. INFORMATION SHARING. Section 18 of the Federal Deposit Insurance Act is amended 12 USC 1828. by adding at the end the following new subsection: " (t) RECORDKEEPING REQUIREMENTS.— "(1) REQUIREMENTS.— Each appropriate Federal banking agency, after consultation with and consideration of the views of the Commission, shall establish recordkeeping requirements for banks relying on exceptions contained in paragraphs (4) and (5) of section 3(a) of the Securities Exchange Act of 1934, Such recordkeeping requirements shall be sufficient to demonstrate compliance with the terms of such exceptions and be designed to facilitate compliance with such exceptions. " (2) AVAILABILITY TO COMMISSION; CONFIDENTIALITY.—Each appropriate Federal banking agency shall make any information required under paragraph (1) available to the Commission upon request. Notwithstanding any other provision of law, the Commission shall not be compelled to disclose any such information. Nothing in this paragraph shall authorize the Commission to withhold information from Congress, or prevent the Commission from complying with a request for information from any other Federal department or agency or any self- regulatory organization requesting the information for purposes within the scope of its jurisdiction, or complying with an order of a court of the United States in an action brought by the United States or the Commission. For purposes of section 552 of title 5, United States Code, this paragraph shall be considered a statute described in subsection (b)(3)(B) of such section 552. "(3) DEFINITION.— As used in this subsection the term 'Commission' means the Securities and Exchange Commission.". SEC. 205. TREATMENT OF NEW HYBRID PRODUCTS. Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) is amended by adding at the end the following new subsection:
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