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May 14,2010 Via Email & Mail Phil Angelides Maite Aquino Sullivan & Cromwell LLP 125 Broad Street New York, NY 10004 Clwirmmz Re: Treatment of UBS Non-Public Information Hon. Bill Thoma Vice Clzairmmz Dear Ms. Aquino: Brooksley Born 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 UBS Securities LLC and its affiliates ("UBS") to the Commission and its staff. Commissioner Byron S. Georgiou Commissioner Senator Bob Graham Commissio11er When submitting information to the Commission please indicate what is truly "non-public" to allow the Commission to track UBS' 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 Jetter. Any non-public information that is obtained from UBS (please note that it is likely that some of the information we receive from UBS we may also receive Commissioner 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 Douglas Holtz-Eakin performance of their official work duties in a manner consistent with its nonCommissioner public status and applicable Jaw. All persons with whom non-public information is shared will be advised of and, as condition of receiving non-public information, Heather H . Murren, CFA will agree to comply with the understanding in this Jetter. Keith Hennessey Commissioner John W. Thompson Commissioner Peter J. Wallison Commissioner 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 UBS 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. Prior to any release of non-public information under the above paragraph, the Commission will give written notice to UBS, and allow UBS to consult with the Commission before the Commission uses any of the UBS' non-public information in any interim or final report to the President and Congress, or in any public hearing . 1717 Pennsylvania Avenue, NW, Suite 800 • Washington, DC 20006-4614 Thomas Greene Executive Director 202.292.2799 • 202.632.1604 Fax Nothing as described in this letter 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 UBS or relating to UBS will be transmitted to the National Archives and Records Administration (NARA) following the completion of the Commission's work . To the extent permitted by law, the Commission will request that NARA not release to the public the UBS non-public information for an appropriate length of time. If you have a legal basis to believe that the Commission is not required by law to provide certain UBS information to NARA, please let 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 UBS 's continued cooperation. Very truly yours, p Financial Crisis Inquiry Commission Cc: Wendy Edelberg Executive Director Chris Seefer Assistant Director & Deputy General Counsel 4828-8758-8101, v. 1