; (2) may include open and closed sessions, as determined necessary by the Council; and (3) may include participation by public and private entities and law enforcement agencies. (e) Report The Council shall issue an annual report to Congress on the activities of the Council during the previous year and any legislative recommendations that the Council may have. 304. Parallel runs rulemaking Section 5318 of title 31, United States Code, as amended by section 301, is further amended by adding at the end the following: (q) Parallel runs rulemaking The Secretary of the Treasury, in consultation with the Director of the Financial Crimes Enforcement Network and the head of each agency to which the Secretary has delegated duties or powers under subsection (a), shall issue a rule to specify— (1) with respect to technology and processes designed to facilitate compliance with the Bank Secrecy Act requirements, under what circumstances it is necessary for a financial institution to test new technology and processes alongside legacy technology and processes ( parallel runs ); (2) if parallel runs are required, what tests must be completed; and (3) in what instances or under what circumstances a financial institution may replace or terminate such legacy technology and processes for any examinable technology or process. .