(a) Each bank shall maintain a record of the insider transactions which require review and approval under section 11.3 of this Part in a manner and form that will enable examiner personnel to identify such insider transactions. To comply with the requirements of this provision each bank shall cause each insider thereof to disclose to the bank in writing on or before July first of each year the identity of every person related to an insider within the meaning of such terms insider and person related to an insider as defined in sections 11.1(e) and (i) of this Part, and to update such disclosures as circumstances change. Information pertaining to each such insider transaction shall be readily accessible to examiners and shall include all documents and other material relied upon by the board in approving such transaction, including the name of the insider, the position or relationship which causes such person to be considered an insider, the date on which the transaction was approved by the board, the type of insider transaction involved, the relevant terms of the transaction, any other pertinent facts which may serve to explain or support the basis for the board's decision, and any statement submitted for the minutes or the file by directors or trustees who voted not to approve the transaction.

(b) A separate chronological record shall be currently maintained to show the date on which the insider transaction was approved by the board of directors or trustees, the date the transaction was entered into, the name of the insider and the name of the person related to the insider, if the business transaction was with the related person.