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12 U.S.C. § 5391 — Dismissal and exclusion of other actions
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Effective as of the date of the appointment of the Corporation as receiver for the covered financial company under [section 5382 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5382&num=0&edition=prelim) or the appointment of SIPC as trustee for a covered broker or dealer under [section 5385 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5385&num=0&edition=prelim), as applicable, any case or proceeding commenced with respect to the covered financial company under the Bankruptcy Code or the Securities Investor Protection Act of 1970 ([15 U.S.C. 78aaa](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78aaa&num=0&edition=prelim) et seq.) shall be dismissed, upon notice to the bankruptcy court (with respect to a case commenced under the Bankruptcy Code), and upon notice to SIPC (with respect to a covered broker or dealer) and no such case or proceeding may be commenced with respect to a covered financial company at any time while the orderly liquidation is pending.
**(b) Revesting of assets** Effective as of the date of appointment of the Corporation as receiver, the assets of a covered financial company shall, to the extent they have vested in any entity other than the covered financial company as a result of any case or proceeding commenced with respect to the covered financial company under the Bankruptcy Code, the Securities Investor Protection Act of 1970 ([15 U.S.C. 78aaa](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78aaa&num=0&edition=prelim) et seq.), or any similar provision of State liquidation or insolvency law applicable to the covered financial company, revest in the covered financial company.
**(
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Source location: Title 12, Chapter 53, § 5391; chapter-053-wall-street-reform-and-consumer-protection.md
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**(a) In general** Effective as of the date of the appointment of the Corporation as receiver for the covered financial company under [section 5382 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5382&num=0&edition=prelim) or the appointment of SIPC as trustee for a covered broker or dealer under [section 5385 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5385&num=0&edition=prelim), as applicable, any case or proceeding commenced with respect to the covered financial company under the Bankruptcy Code or the Securities Investor Protection Act of 1970 ([15 U.S.C. 78aaa](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78aaa&num=0&edition=prelim) et seq.) shall be dismissed, upon notice to the bankruptcy court (with respect to a case commenced under the Bankruptcy Code), and upon notice to SIPC (with respect to a covered broker or dealer) and no such case or proceeding may be commenced with respect to a covered financial company at any time while the orderly liquidation is pending.
**(b) Revesting of assets** Effective as of the date of appointment of the Corporation as receiver, the assets of a covered financial company shall, to the extent they have vested in any entity other than the covered financial company as a result of any case or proceeding commenced with respect to the covered financial company under the Bankruptcy Code, the Securities Investor Protection Act of 1970 ([15 U.S.C. 78aaa](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78aaa&num=0&edition=prelim) et seq.), or any similar provision of State liquidation or insolvency law applicable to the covered financial company, revest in the covered financial company.
**(c) Limitation** Notwithstanding subsections (a) and (b), any order entered or other relief granted by a bankruptcy court prior to the date of appointment of the Corporation as receiver shall continue with the same validity as if an orderly liquidation had not been commenced.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Commencement of orderly liquidation**
(1) **Petition to District Court**
(A) *District Court review*
(i) *Petition to District Court* — Subsequent to a determination by the Secretary under [section 5383 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5383&num=0&edition=prelim) that a financial company satisfies the criteria in [section 5383(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5383/b&num=0&edition=prelim), the Secretary shall notify the Corporation and the covered financial company. If the board of directors (or body performing similar functions) of the covered financial company acquiesces or consents to the appointment of the Corporation as receiver, the Secretary shall appoint the Corporation as receiver. If the board of directors (or body performing similar functions) of the covered financial company does not acquiesce or consent to the appointment of the Corporation as receiver, the Secretary shall petition the United States District Court for the District of Columbia for an order authorizing the Secretary to appoint the Corporation as receiver.
(ii) *Form and content of order* — The Secretary shall present all relevant findings and the recommendation made pursuant to [section 5383(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5383/a&num=0&edition=prelim) to the Court. The petition shall be filed under seal.
(iii) *Determination* — On a strictly confidential basis, and without any prior public disclosure, the Court, after notice to the covered financial company and a hearing in which the covered financial company may oppose the petition, shall determine whether the determination of the Secretary
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) By the President** The President, or a designee of the President, may coordinate through all available international policy channels, similar policies as those found in United States law relating to limiting the scope, nature, size, scale, concentration, and interconnectedness of financial companies, in order to protect financial stability and the global economy.
**(b) By the Council** The Chairperson of the Council, in consultation with the other members of the Council, shall regularly consult with the financial regulatory entities and other appropriate organizations of foreign governments or international organizations on matters relating to systemic risk to the international financial system.
**(c) By the Board of Governors and the Secretary** The Board of Governors and the Secretary shall consult with their foreign counterparts and through appropriate multilateral organizations to encourage comprehensive and robust prudential supervision and regulation for all highly leveraged and interconnected financial companies.
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Securities Investor Protection Act of 1970”.
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Federal law — U.S. Code and appendices · legal_authorities
Page 1911
TITLE 12—BANKS AND BANKING
§ 5391
1 See References in Text note below.
For complete classification of this Act to the Code, see
Short Title of 1999 Amendment note set out under sec-
tion 1811 of this title and Tables.
The Legal Certainty for Bank Products Act of 2000,
referred to in subsec. (c)(15), is title IV of H.R. 5660, as
enacted by Pub. L. 106–554, § 1(a)(5), Dec. 21, 2000, 114
Stat. 2763, 2763A–457, which is classified to sections 27
to 27f of Title 7, Agriculture. For complete classifica-
tion of this Act to the Code, see Short Title of 2000
Amendment note set out under section 1 of Title 7 and
Tables.
The Commodity Exchange Act, referred to in subsec.
(c)(15), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which
is classified generally to chapter 1 (§ 1 et seq.) of Title
7, Agriculture. For complete classification of this Act
to the Code, see section 1 of Title 7 and Tables.
The Securities Exchange Act of 1934, referred to in
subsec. (h)(2)(H)(i)(I), is act June 6, 1934, ch. 404, 48 Stat.
881, which is classified principally to chapter 2B (§ 78a
et seq.) of Title 15, Commerce and Trade. For complete
classification of this Act to the Code, see section 78a of
Title 15 and Tables.
This Act, referred to in subsec. (n)(8)(A)(i), is Pub. L.
111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-
Frank Wall Street Reform and Consumer Protection
Act, which enacted this chapter and chapters 108 (§ 8201
et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and
Trade, and enacted, amended, and repealed numerous
other sections and notes in the Code. For complete
classification of this Act to the Code, see Short Title
note set out under section 5301 of this title and Tables.
The Internal Revenue Code of 1986, referred to in sub-
s
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Federal law — U.S. Code and appendices · legal_authorities
Page 477
TITLE 15—COMMERCE AND TRADE
§ 78ccc
1 See References in Text note below.
(B) disclosing the action, if any, the Com-
mission intends to take with respect to the
finding or recommendation.
(h) Federal Advisory Committee Act
The Federal Advisory Committee Act (5 U.S.C.
App.) 1 shall not apply with respect to the Com-
mittee and its activities.
(June 6, 1934, ch. 404, title I, § 40, as added Pub.
L. 114–284, § 2(b), Dec. 16, 2016, 130 Stat. 1450.)
Editorial Notes
REFERENCES IN TEXT
The Federal Advisory Committee Act, referred to in
subsec. (h), is Pub. L. 92–463, Oct. 6, 1972, 86 Stat. 770,
which was set out in the Appendix to Title 5, Govern-
ment Organization and Employees, and was substan-
tially repealed and restated in chapter 10 (§ 1001 et seq.)
of Title 5 by Pub. L. 117–286, §§ 3(a), 7, Dec. 27, 2022, 136
Stat. 4197, 4361. For disposition of sections of the Act
into chapter 10 of Title 5, see Disposition Table pre-
ceding section 101 of Title 5.
§ 78rr. Data standards for security-based swap
reporting
(a) Requirement
The Commission shall, by rule, adopt data
standards for all reports related to security-
based swaps that are required under this chap-
ter.
(b) Consistency
The data standards required under subsection
(a) shall incorporate, and ensure compatibility
with (to the extent feasible), all applicable data
standards established in the rules promulgated
under section 5334 of title 12, including, to the
extent practicable, by having the characteristics
described in clauses (i) through (vi) of sub-
section (c)(1)(B) of such section 5334.
(June 6, 1934, ch. 404, title I, § 41, as added Pub.
L. 117–263, div. E, title LVIII, § 5821(h), Dec. 23,
2022, 136 Stat. 3427.)
Editorial Notes
REFERENCES IN TEXT
This chapter, referred
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