Sec. 315. Transfer date

292 words·~1 min read·/bill/115/hr/6746/ih/section-315

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Common Securitization Solutions shall transition the Common Securitization Platform and the contractual and disclosure framework, including any associated intellectual property, technology, systems, and infrastructure, at the Transfer Date, to the Exchange, in accordance with this Act. The Director shall establish a Transfer Date for the transition of ownership of the Common Securitization Platform and the contractual disclosure framework, including any associated intellectual property, technology, systems, and infrastructure, from the enterprises and Common Securitization Solutions to the Exchange.

In establishing the Transfer Date under paragraph (1), the Director shall provide notice to the public of such date, including on the website of the Agency. The Transfer Date established under paragraph

(1)shall be no earlier than 2 years after the date of the enactment of this Act and no later than the date on which both charters of the enterprises are terminated pursuant to section 1367(k) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992. At a time established by the Director, but not later than the Transfer Date, the Director shall direct the enterprises or Common Securitization Solutions to transfer or sell to the Exchange any property, including intellectual property, technology, systems, and infrastructure (including technology, systems, and infrastructure developed by the enterprises for the Common Securitization Platform), as well as any other legacy systems, infrastructure, and processes that may be necessary to carry out their operations and activities. As may be necessary for the Agency and the enterprises to comply with legal, contractual, or other obligations, the Director shall have the authority to require that any transfer authorized under paragraph

(1)occurs as an exchange for value, including through the provision of appropriate compensation to the enterprises or other entities responsible for creating, or contracting with, the Exchange.