(a) Advice by person served. Any person, whether or not an officer
or employee of the Committee, of the Board, or of a Federal Reserve
Bank, who is served with a subpoena, order, or other judicial or administrative
process requiring the production of exempt information of the Committee
or requiring the person’s testimony regarding such Committee information
in any proceeding, shall:
(1) Promptly inform the Committee’s General
Counsel of the service and all relevant facts, including the documents,
information, or testimony demanded, and any facts relevant to the
Committee in determining whether the material requested should be
made available;
(2)
Inform the entity issuing the process of the substance of this part;
and
(3) At the appropriate
time, inform the court or tribunal that issued the process of the
substance of this part.
(b) Appearance by person served. Unless authorized
by the Committee or as ordered by a federal court in a judicial proceeding
in which the Committee has had the opportunity to appear and oppose
discovery, any person who is required to respond to a subpoena or
other legal process concerning exempt Committee information shall
attend at the time and place required and respectfully decline to
disclose or to give any testimony with respect to the information,
basing such refusal upon the provisions of this part. If the court
or other body orders the disclosure of the information or the giving
of testimony, the person having the information shall continue to
decline to disclose such information and shall promptly report the
facts to the Committee for such action as the Committee may deem appropriate.
