; and (C) risk management requirements applicable to permitted payment stablecoin issuers, tailored to the business model and risk profile of the permitted payment stablecoin issuer. (5) Treatment under the Bank Secrecy Act A permitted payment stablecoin issuer shall be treated as a financial institution for purposes of the Bank Secrecy Act. (6) Limitation on activities A permitted payment stablecoin issuer may only issue payment stablecoins, redeem payment stablecoins, manage related reserves (including purchasing and holding reserve assets), provide custodial or safekeeping services for payment stablecoins or private keys of payment stablecoins, and undertake other functions that directly support the work of issuing and redeeming payment stablecoins. (b) Rulemaking (1) In general The primary Federal payment stablecoin regulators may issue such orders and regulations as may be necessary to administer and carry out the requirements of this section, including to establish conditions, and to prevent evasions thereof. (2) Joint issuance of regulation All regulations issued to carry out this section shall be issued jointly by the primary Federal payment stablecoin regulators. (3) Rulemaking deadline Not later than the end of the 180-day period beginning on the date of enactment of this Act, the Federal payment stablecoin regulators shall issue regulations to carry out this section. 5. Approval of subsidiaries of insured depository institutions and Federal qualified nonbank payment stablecoin issuers (a) In general (1) Application (A) In general Any insured depository institution that seeks to issue payment stablecoins through a subsidiary and any nonbank entity (other than a State qualified payment stablecoin issuer) that seeks to issue payment stablecoins shall file an application with the primary Federal payment stablecoin regulator. (B) Timing With respect to an application filed under this paragraph, the primary Federal payment stablecoin regulator shall inform the applicant whether the applicant has submitted a