; and (2) may agree to such information-sharing arrangements as may be deemed to be necessary or appropriate in the public interest or for the protection of investors, customers, and users of digital assets. 111. Implementation (a) Global rulemaking timeframe Unless otherwise provided in this Act or an amendment made by this Act, the Commodity Futures Trading Commission and the Securities and Exchange Commission, or both, shall individually, and jointly where required, promulgate rules and regulations required of each Commission under this Act or an amendment made by this Act not later than 360 days after the date of enactment of this Act. (b) Rules and registration before final effective dates (1) In general In order to prepare for the implementation of this Act, the Commodity Futures Trading Commission and the Securities and Exchange Commission may, before any effective date provided in this Act— (A) promulgate rules, regulations, or orders permitted or required by this Act; (B) conduct studies and prepare reports and recommendations required by this Act; (C) register persons under this Act; and (D) exempt persons, agreements, contracts, or transactions from provisions of this Act, under the terms contained in this Act. (2) Limitation on effectiveness An action by the Commodity Futures Trading Commission or the Securities and Exchange Commission under paragraph (1) shall not become effective before the effective date otherwise applicable to the action under this Act. 112. Application of the Bank Secrecy Act (a) In general Section 5312 of title 31, United States Code, is amended— (1) in subsection (a)(2)(G), by striking or dealer and inserting , dealer, digital asset broker, digital asset dealer, or digital asset trading system ; and (2) in subsection (c)(1)(A)— (A) by inserting digital commodity broker, digital commodity dealer, after futures commission merchant,