(a) Advice by person served. Any person (including any officer, employee, or agent of the Board
or any Reserve Bank) who is served with a subpoena, order, or other
judicial or administrative process requiring the production of confidential
supervisory information or other nonpublic information of the Board
or requiring the person’s testimony regarding such Board information
in any proceeding, shall:
(1) Promptly inform the Board’s General Counsel of the service
and all relevant facts, including the documents, information or testimony
demanded, and any facts relevant to the Board in determining whether
the material requested should be made available;
(2) Inform the entity issuing the process
of the substance of these rules and, in particular, of the obligation
to follow the request procedures in section 261.23(b); and
(3) At the appropriate time inform the
court or tribunal that issued the process of the substance of these
rules.
(b) Appearance by
person served. Unless authorized by the Board or as ordered by
a federal court in a judicial proceeding in which the Board has had
the opportunity to appear and oppose discovery, any person who is required
to respond to a subpoena or other legal process concerning Board confidential
supervisory information or other nonpublic Board 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 regulation. 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 the information and shall promptly report the
facts to the Board for such action as the Board may deem appropriate.
(c) Civil requests for production. A litigant or non-party who is served with a civil request for production
of documents calling for production of confidential supervisory information
should proceed under section 261.23 rather than this section.
