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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1517

(c) CONFLICT OF INTEREST.—In the event that the Corporation
is appointed receiver for more than 1 covered financial company
or is appointed receiver for a covered financial company and receiver
for any insured depository institution that is an affiliate of such
covered financial company, the Corporation shall take appropriate
action, as necessary to avoid any conflicts of interest that may
arise in connection with multiple receiverships.

SEC. 213. BAN ON CERTAIN ACTIVITIES BY SENIOR EXECUTIVES AND 12 USC 5393.
DIRECTORS.
(a) PROHIBITION AUTHORITY.—The Board of Governors or, if
the covered financial company was not supervised by the Board
of Governors, the Corporation, may exercise the authority provided
by this section.
(b) AUTHORITY TO ISSUE ORDER.—The appropriate agency
described in subsection (a) may take any action authorized by
subsection (c), if the agency determines that—
(1) a senior executive or a director of the covered financial
company, prior to the appointment of the Corporation as
receiver, has, directly or indirectly—
(A) violated—
(i) any law or regulation;
(ii) any cease-and-desist order which has become
final;
(iii) any condition imposed in writing by a Federal
agency in connection with any action on any applica-
tion, notice, or request by such company or senior
executive; or
(iv) any written agreement between such company
and such agency;
(B) engaged or participated in any unsafe or unsound
practice in connection with any financial company; or
(C) committed or engaged in any act, omission, or
practice which constitutes a breach of the fiduciary duty
of such senior executive or director;
(2) by reason of the violation, practice, or breach described
in any subparagraph of paragraph (1), such senior executive
or director has received financial gain or other benefit by reason
of such violation, practice, or breach and such violation, prac-
tice, or breach contributed to the failure of the company; and
(3) such violation, practice, or breach—
(A) involves personal dishonesty on the part of such
senior executive or director; or
(B) demonstrates willful or continuing disregard by
such senior executive or director for the safety or soundness
of such company.
(c) AUTHORIZED ACTIONS.—
(1) IN GENERAL.—The appropriate agency for a financial Notice.
company, as described in subsection (a), may serve upon a Time period.
senior executive or director described in subsection (b) a written
notice of the intention of the agency to prohibit any further
participation by such person, in any manner, in the conduct
of the affairs of any financial company for a period of time

LAWS determined by the appropriate agency to be commensurate with such violation, practice, or breach, provided such period shall be not less than 2 years.PUBLIC with on anorris VerDate Nov 24 2008 21:17 Aug 02, 2010 Jkt 089139 PO 00203 Frm 00143 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 PUBL203