(4)COORDINATION AND REFERRAL OF INVESTIGATIONS.-

　　(A)COORDINATION.-The Board shall notify the Commission of any pending Board investigation involving a potential violation of the securities laws,and thereafter coordinate its work with the work of the Commission's Division of Enforcement,as necessary to protect an ongoing Commission investigation.

　　(B)REFERRAL.-The Board may refer an investigation under this section-

　　(i)to the Commission;

　　(ii)to any other Federal functional regulator(as defined in section 509 of the Gramm-Leach-Bliley Act(15 U.S.C.6809)),in the case of an investigation that concerns an audit report for an institution that is subject to the jurisdiction of such regulator;and

　　(iii)at the direction of the Commission,to-

　　(I)the Attorney General of the United States;

　　(II)the attorney general of 1 or more States;and

　　(III)the appropriate State regulatory authority.

　　(5)USE OF DOCUMENTS.-

　　(A)CONFIDENTIALITY.-Except as provided in subparagraph(B),all documents and information prepared or received by or specifically for the Board,and deliberations of the Board and its employees and agents,in connection with an inspection under section 104 or with an investigation under this section,shall be confidential and privileged as an evidentiary matter(and shall not be subject to civil discovery or other legal process)in any proceeding in any Federal or State court or administrative agency,and shall be exempt from disclosure,in the hands of an agency or establishment of the Federal Government,under the Freedom of Information Act(5 U.S.C. 552a),or otherwise,unless and until presented in connection with a public proceeding or released in accordance with subsection(c).

　　(B)AVAILABILITY TO GOVERNMENT AGENCIES.-Without the loss of its status as confidential and privileged in the hands of the Board,all information referred to in subparagraph(A)may-

　　(i)be made available to the Commission;and

　　(ii)in the discretion of the Board,when determined by the Board to be necessary to accomplish the purposes of this Act or to protect investors,be made available to-

　　(I)the Attorney General of the United States;

　　(II)the appropriate Federal functional regulator(as defined in section 509 of the Gramm-Leach-Bliley Act(15 U.S.C.6809)),other than the Commission,with respect to an audit report for an institution subject to the jurisdiction of such regulator;

　　(III)State attorneys general in connection with any criminal investigation;and

　　(IV)any appropriate State regulatory authority,each of which shall maintain such information as confidential and privileged.

　　(6)IMMUNITY.-Any employee of the Board engaged in carrying out an investigation under this Act shall be immune from any civil liability arising out of such investigation in the same manner and to the same extent as an employee of the Federal Government in similar circumstances.