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May 19,2010
Via Email
Phil Angelides
Clznirman
Mr. Mark E. Davidson
Proskauer Rose LLP
1585 Broadway
New York, NY 10036
(212) 969-3545
MDavison@proskauer.com
Hon . Bill Thomas
Vice Clzairman
Re:
Treatment of Markit Non-Public Information
Dear Mr. Davidson:
Brooksley Born
Commissioner
Byron S. Georgiou
On behalf of the Financial Crisis Inquiry Commission ("the Commission"), I write
to memorialize our understanding with respect to the treatment of non-public
information voluntarily provided by Markit Group Limited and its affiliates
("Markit") to the Commission and its staff.
Commissioner
Senator Bob Graham
Commissioner
Keith H ennessey
Commissioner
Douglas Holtz-Eakin
Commissioner
Heather H . Murren, CFA
Commissioner
When submitting information to the Commission please indicate what is truly
"non-public" to allow the Commission to track Markit's submissions
appropriately. Please avoid categorizing everything as non-public, as to do so
will make the Commission's work more difficult and may lead to inadvertent
public disclosure outside of the terms of this letter.
Any non-public information that is obtained from Markit (please note that it is
likely that some of the information we receive from Markit we may also receive
from other sources without restriction) will be used only by employees and agents
of the Commission who have a need to know and use the information in the
performance of their official work duties in a manner consistent with its nonpublic status and applicable law. All persons with whom non-public information
is shared will be advised of and, as condition of receiving non-public information,
will agree to comply with the understanding in this letter.
John W. Thompson
Commissioner
Peter J. Wallison
Commissioner
We are mindful of Markit's business as a compiler of data, and of the proprietary
nature of that data, and agree to treat it appropriately. We see no need to disclose
Mark it's data in a manner that would be harmful to Markit' s business.
In accordance with its statutory mandate and its duty to the American public, the
Commission, if it determines it is in the public interest, may release to the public
non-public information obtained from Markit as part of any interim or final report
to the President and Congress, or in connection with any public hearings, if the
Commission determines to do so by a majority vote, or by the decision of the
Chairman and Vice Chairman acting together on behalf of the Commission.
1717 Pennsylvania Avenue, NW, Suite 800 • Washington, DC 20006-4614
Wendy Edelberg
Executive Director
202.292.2799 • 202.632.1604 Fax
Prior to any release of non-public information under the above paragraph, the Commission will
give written notice to Markit, and allow Markit to consult with the Commission before the
Commission uses any of the Markit's non-public information in any interim or final report to the
President and Congress, or in any public hearing.
Nothing as described in this Jetter will prevent the Commission or its staff from complying with
a request or demand from a duly authorized Committee of the United States Congress with
authority to require and receive the non-public information, or a legally valid and enforceable
subpoena or order by a court of competent jurisdiction for the non-public information or
testimony related thereto.
Finally, all information obtained from Markit or relating to Markit will be transmitted to the
National Archives and Records Administration (NARA) following the completion ofthe
Commission's work. To the extent permitted by law, the Commission will request that NARA
not release to the public the Markit non-public information for an appropriate length oftime. If
you have a legal basis to believe that the Commission is not required by Jaw to provide certain
Markit information to NARA, please Jet us know.
If you have any questions or concerns, please do not hesitate to contact me at 202-292-1339 or
GCohen@fcic.gov.
Thank you very much for Markit's continued cooperation.
Very truly yours,
Financial Crisis Inquiry Commission
Cc:
Wendy Edelberg, Executive Director
Chris Seefer, Assistant Director and Deputy General Counsel
4828-8758-8101, v. 1
@FedFRASER