Page 82 — Public Law 111-203 including PTFA amendments

124 STAT. 1456 PUBLIC LAW 111–203—JULY 21, 2010

(5) selling or transferring all, or any part, of such acquired
assets, liabilities, or obligations of the covered financial com-
pany or any covered subsidiary; and
(6) making payments pursuant to subsections (b)(4), (d)(4),
and (h)(5)(E) of section 210.

12 USC 5385. SEC. 205. ORDERLY LIQUIDATION OF COVERED BROKERS AND
DEALERS.
(a) APPOINTMENT OF SIPC AS TRUSTEE.—
(1) APPOINTMENT.—Upon the appointment of the Corpora-
tion as receiver for any covered broker or dealer, the Corpora-
tion shall appoint, without any need for court approval, the
Securities Investor Protection Corporation to act as trustee
for the liquidation under the Securities Investor Protection
Act of 1970 (15 U.S.C. 78aaa et seq.) of the covered broker
or dealer.
(2) ACTIONS BY SIPC.—
(A) FILING.—Upon appointment of SIPC under para-
graph (1), SIPC shall promptly file with any Federal district
court of competent jurisdiction specified in section 21 or
27 of the Securities Exchange Act of 1934 (15 U.S.C. 78u,
78aa), an application for a protective decree under the
Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa
et seq.) as to the covered broker or dealer. The Federal
district court shall accept and approve the filing, including
outside of normal business hours, and shall immediately
issue the protective decree as to the covered broker or
dealer.
(B) ADMINISTRATION BY SIPC.—Following entry of the
protective decree, and except as otherwise provided in this
section, the determination of claims and the liquidation
of assets retained in the receivership of the covered broker
or dealer and not transferred to the bridge financial com-
pany shall be administered under the Securities Investor
Protection Act of 1970 (15 U.S.C. 78aaa et seq.) by SIPC,
as trustee for the covered broker or dealer.
(C) DEFINITION OF FILING DATE.—For purposes of the
liquidation proceeding, the term ‘‘filing date’’ means the
date on which the Corporation is appointed as receiver
of the covered broker or dealer.
(D) DETERMINATION OF CLAIMS.—As trustee for the
covered broker or dealer, SIPC shall determine and satisfy,
consistent with this title and with the Securities Investor
Protection Act of 1970 (15 U.S.C. 78aaa et seq.), all claims
against the covered broker or dealer arising on or before
the filing date.
(b) POWERS AND DUTIES OF SIPC.—
(1) IN GENERAL.—Except as provided in this section, upon
its appointment as trustee for the liquidation of a covered
broker or dealer, SIPC shall have all of the powers and duties
provided by the Securities Investor Protection Act of 1970 (15
U.S.C. 78aaa et seq.), including, without limitation, all rights
of action against third parties, and shall conduct such liquida-
tion in accordance with the terms of the Securities Investor

LAWS Protection Act of 1970 (15 U.S.C. 78aaa et seq.), except that SIPC shall have no powers or duties with respect to assets and liabilities transferred by the Corporation from the coveredPUBLIC with on anorris VerDate Nov 24 2008 00:54 Jul 29, 2010 Jkt 089139 PO 00203 Frm 00082 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203