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up to 1 additional year, if the Chairperson of the Corpora- tion, with the concurrence of the Secretary, submits the certifications described in paragraph (2). (B) ADDITIONAL REPORT REQUIRED.—Not later than 30 days after the date of commencement of the extension under subparagraph (A), the Corporation shall submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Serv- ices of the House of Representatives describing the need for the extension and the specific plan of the Corporation to conclude the receivership before the end of the second extension. Deadline. (4) ONGOING LITIGATION.—The time limit under this sub- Termination section, as extended under paragraph (3), may be further date. extended solely for the purpose of completing ongoing litigation in which the Corporation as receiver is a party, provided that the appointment of the Corporation as receiver shall terminate not later than 90 days after the date of completion of such litigation, if— (A) the Council determines that the Corporation used its best efforts to conclude the receivership in accordance with its plan before the end of the time limit described in paragraph (3); (B) the Council determines that the completion of longer-term responsibilities in the form of ongoing litigation justifies the need for an extension; and Reports. (C) the Corporation submits a report approved by the Deadline. Council not later than 30 days after the date of the deter- minations by the Council under subparagraphs (A) and (B) to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Serv- ices of the House of Representatives, describing— (i) the ongoing litigation justifying the need for an extension; and (ii) the specific plan of the Corporation to complete the litigation and conclude the receivership. (5) REGULATIONS.—The Corporation may issue regulations governing the termination of receiverships under this title. (6) NO LIABILITY.—The Corporation and the Deposit Insur- ance Fund shall not be liable for unresolved claims arising from the receivership after the termination of the receivership. (e) STUDY OF BANKRUPTCY AND ORDERLY LIQUIDATION PROCESS FOR FINANCIAL COMPANIES.— (1) STUDY.— (A) IN GENERAL.—The Administrative Office of the United States Courts and the Comptroller General of the United States shall each monitor the activities of the Court, and each such Office shall conduct separate studies regarding the bankruptcy and orderly liquidation process for financial companies under the Bankruptcy Code. Evaluation. (B) ISSUES TO BE STUDIED.—In conducting the study under subparagraph (A), the Administrative Office of the United States Courts and the Comptroller General of the United States each shall evaluate— LAWS (i) the effectiveness of chapter 7 or chapter 11 of the Bankruptcy Code in facilitating the orderly liq- uidation or reorganization of financial companies;PUBLIC with on anorris VerDate Nov 24 2008 00:54 Jul 29, 2010 Jkt 089139 PO 00203 Frm 00074 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203