124 STAT. 1405 PUBLIC LAW 111–203—JULY 21, 2010 (E) an evaluation of the effects of such requirement on the international competitiveness of companies subject to the requirement and the prospects for international coordination in establishing such requirement; and (F) recommendations for implementing regulations. (2) REPORT.—The Council shall submit a report to Congress regarding the study required by paragraph (1) not later than 2 years after the date of enactment of this Act. (3) RECOMMENDATIONS.— (A) IN GENERAL.—Subsequent to submitting a report to Congress under paragraph (2), the Council may make recommendations to the Board of Governors to require any nonbank financial company supervised by the Board of Governors and any bank holding company described in subsection (a) to maintain a minimum amount of contin- gent capital that is convertible to equity in times of finan- cial stress. (B) FACTORS TO CONSIDER.—In making recommenda- tions under this subsection, the Council shall consider— (i) an appropriate transition period for implementation of a conversion under this subsection; (ii) the factors described in subsection (b)(3); (iii) capital requirements applicable to a nonbank financial company supervised by the Board of Gov- ernors or a bank holding company described in sub- section (a), and subsidiaries thereof; (iv) results of the study required by paragraph (1); and (v) any other factor that the Council deems appro- priate. (d) RESOLUTION PLAN AND CREDIT EXPOSURE REPORTS.— (1) RESOLUTION PLAN.—The Council may make rec- ommendations to the Board of Governors concerning the requirement that each nonbank financial company supervised by the Board of Governors and each bank holding company described in subsection (a) report periodically to the Council, the Board of Governors, and the Corporation, the plan of such company for rapid and orderly resolution in the event of mate- rial financial distress or failure. (2) CREDIT EXPOSURE REPORT.—The Council may make rec- ommendations to the Board of Governors concerning the advis- ability of requiring each nonbank financial company supervised by the Board of Governors and bank holding company described in subsection (a) to report periodically to the Council, the Board of Governors, and the Corporation on— (A) the nature and extent to which the company has credit exposure to other significant nonbank financial companies and significant bank holding companies; and (B) the nature and extent to which other such signifi- cant nonbank financial companies and significant bank holding companies have credit exposure to that company. (e) CONCENTRATION LIMITS.—In order to limit the risks that the failure of any individual company could pose to nonbank finan- cial companies supervised by the Board of Governors or bank holding companies described in subsection (a), the Council may make recommendations to the Board of Governors to prescribe standards to limit such risks, as set forth in section 165.
