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48 U.S.C. § 2196 — Disclosure by professional persons seeking approval of compensation under section 2176 or 2177 of this title
Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section:
(1) **List of Material Interested Parties** — The term “List of Material Interested Parties” means the List of Material Interested Parties established under subsection (c)(1).
(2) **Oversight Board** — The term “Oversight Board” has the meaning given the term in [section 2104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2104&num=0&edition=prelim).
**(b) Required disclosure**
(1) **In general** — In a case commenced under [section 2164 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2164&num=0&edition=prelim), no attorney, accountant, appraiser, auctioneer, agent, or other professional person may be compensated under section 2176 or 2177 of this title unless prior to making a request for compensation, the professional person has filed with the court a verified statement conforming to the disclosure requirements of rule 2014(a) of the Federal Rules of Bankruptcy Procedure setting forth the connection of the professional person with any entity or person on the List of Material Interested Parties.
(2) **Supplement** — A professional person that submits a statement under paragraph (1) shall promptly supplement the statement with any additional relevant information that becomes known to the person.
(3) **Disclosure** — Subject to any other applicable law, rule, or regulation, a professional person that fails to file or update a statement required under paragraph (1) or files a statement that the court determines does not represent a good faith effort to comply with this section shall disclose such failure in any filing required to conform to the disclosure requirements under rule 2014(a) of the Federal Rules of Bankruptcy Procedure.
**(c) List o
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Source file: Laws/federal/codes/united-states-code/title-48/section-2196-disclosure-by-professional-persons-seeking-approval-of-compensation-unde--3721a4b496.md
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Source location: Title 48, Chapter 20, § 2196; chapter-020-puerto-rico-oversight-management-and-economic-stability.md
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**(a) Definitions** In this section:
(1) **List of Material Interested Parties** — The term “List of Material Interested Parties” means the List of Material Interested Parties established under subsection (c)(1).
(2) **Oversight Board** — The term “Oversight Board” has the meaning given the term in [section 2104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2104&num=0&edition=prelim).
**(b) Required disclosure**
(1) **In general** — In a case commenced under [section 2164 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2164&num=0&edition=prelim), no attorney, accountant, appraiser, auctioneer, agent, or other professional person may be compensated under section 2176 or 2177 of this title unless prior to making a request for compensation, the professional person has filed with the court a verified statement conforming to the disclosure requirements of rule 2014(a) of the Federal Rules of Bankruptcy Procedure setting forth the connection of the professional person with any entity or person on the List of Material Interested Parties.
(2) **Supplement** — A professional person that submits a statement under paragraph (1) shall promptly supplement the statement with any additional relevant information that becomes known to the person.
(3) **Disclosure** — Subject to any other applicable law, rule, or regulation, a professional person that fails to file or update a statement required under paragraph (1) or files a statement that the court determines does not represent a good faith effort to comply with this section shall disclose such failure in any filing required to conform to the disclosure requirements under rule 2014(a) of the Federal Rules of Bankruptcy Procedure.
**(c) List of Material Interested Parties**
(1) **Preparation** — Not later than 30 days after January 20, 2022, the Oversight Board shall establish a List of Material Interested Parties subject to—
(A) the approval of the court; and
(B) the right of the United States trustee or any party in interest to be heard on the approval.
(2) **Inclusions** — Except as provided in paragraph (3), the List of Material Interested Parties shall include—
(A) the debtor;
(B) any creditor;
(C) any other party in interest;
(D) any attorney or accountant of—
(i) the debtor;
(ii) any creditor; or
(iii) any other party in interest;
(E) the United States trustee and any person employed in the office of the United States trustee; and
(F) the Oversight Board, including the members, the Executive Director, and the employees of the Oversight Board.
(3) **Exclusions** — The List of Material Interested Parties may not include any person with a claim, the amount of which is below a threshold dollar amount established by the court that is consistent with the purpose of this section.
**(d) Review**
(1) **In general** — The United States trustee shall review each verified statement submitted pursuant to subsection (b) and may file with the court comments on such verified statements before the professionals filing such statements seek compensation under section 2176 or 2177 of this title.
(2) **Objection** — The United States trustee may object to applications filed under section 2176 or 2177 of this title that fail to satisfy the requirements of subsection (b).
**(e) Limitation on compensation** In a case commenced under [section 2164 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2164&num=0&edition=prelim), in connection with the review and approval of professional compensation under section 2176 or 2177 of this title filed after January 20, 2022, the court may deny allowance of compensation or reimbursement of expenses if—
(1) the professional person has failed to file the verified disclosure statements required under subsection (b)(1) or has filed inadequate disclosure statements under that subsection; or
(2) during the professional person’s employment in connection with the case, the professional person—
(A) is not a disinterested person (as defined in [section 101 of title 11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section101&num=0&edition=prelim)) relative to any entity or person on the List of Material Interested Parties; or
(B) represents or holds an adverse interest in connection with the case.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The full faith and credit of the United States is not pledged for the payment of any principal of or interest on any bond, note, or other obligation issued by a covered territory or covered territorial instrumentality. The United States is not responsible or liable for the payment of any principal of or interest on any bond, note, or other obligation issued by a covered territory or covered territorial instrumentality.
**(b) Subject to appropriations** Any claim to which the United States is determined to be liable under this chapter shall be subject to appropriations.
**(c) Funding** No Federal funds shall be authorized by this chapter for the payment of any liability of the territory or territorial instrumentality.
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 2164
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Federal law — U.S. Code and appendices · legal_authorities
In this title the following definitions shall apply:
(1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized.
(2) The term “affiliate” means—
(A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or
(D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement.
(3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not
Source: Supplied U.S. Code snapshot — release unconfirmed · 11 U.S.C. § 101
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this subchapter:
(1) **Administrative Supervisor** — The term “Administrative Supervisor” means the Oversight Board established under [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2121&num=0&edition=prelim).
(2) **Authorized Territorial Instrumentality** — The term “Authorized Territorial Instrumentality” means a covered territorial instrumentality authorized in accordance with subsection (e).
(3) **Calculation Agent** — The term “Calculation Agent” means a calculation agent appointed in accordance with subsection (k).
(4) **Capital Appreciation Bond** — The term “Capital Appreciation Bond” means a Bond that does not pay interest on a current basis, but for which interest amounts are added to principal over time as specified in the relevant offering materials for such Bond, including that the accreted interest amount added to principal increases daily.
(5) **Convertible Capital Appreciation Bond** — The term “Convertible Capital Appreciation Bond” means a Bond that does not pay interest on a current basis, but for which interest amounts are added to principal over time as specified in the relevant offering materials and which converts to a current pay bond on a future date.
(6) **Information Agent** — The term “Information Agent” means an information agent appointed in accordance with subsection (l).
(7) **Insured Bond** — The term “Insured Bond” means a bond subject to a financial guarantee or similar insurance contract, policy or surety issued by a monoline insurer.
(8) **Issuer** — The term “Issuer” means, as applicable, the Territory Government Issuer or an Authorized Territorial Instrumentality that has issued or guaranteed at least one Bond that is Outstanding.
(9) **Modific
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 2104
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Federal Points of Contact** At the request of the Revitalization Coordinator and within 30 days of receiving such a request, each Federal agency with jurisdiction over the permitting, or administrative or environmental review of private or public projects in Puerto Rico, shall name a Point of Contact who will serve as that agency’s liaison with the Revitalization Coordinator.
**(b) Federal grants and loans** For each Critical Project with a pending or potential Federal grant, loan, or loan guarantee application, the Revitalization Coordinator and the relevant Point of Contact shall cooperate with each other to ensure expeditious review of such application.
**(c) Expedited reviews and actions of Federal agencies** All reviews conducted and actions taken by any Federal agency relating to a Critical Project shall be expedited in a manner consistent with completion of the necessary reviews and approvals by the deadlines under the Expedited Permitting Process, but in no way shall the deadlines established through the Expedited Permitting Process be binding on any Federal agency.
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 2101
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Federal law — U.S. Code and appendices · legal_authorities
Page 378
TITLE 48—TERRITORIES AND INSULAR POSSESSIONS
§ 2195
authority for the Government of Puerto Rico
to restructure debts in a fair and orderly proc-
ess.
(5) Additionally, an immediate—but tem-
porary—stay is essential to stabilize the re-
gion for the purposes of resolving this terri-
torial crisis.
(A) The stay advances the best interests
common to all stakeholders, including but
not limited to a functioning independent
Oversight Board created pursuant to this
chapter to determine whether to appear or
intervene on behalf of the Government of
Puerto Rico in any litigation that may have
been commenced prior to the effectiveness
or upon expiration of the stay.
(B) The stay is limited in nature and nar-
rowly tailored to achieve the purposes of
this chapter, including to ensure all credi-
tors have a fair opportunity to consensually
renegotiate terms of repayment based on ac-
curate financial information that is re-
viewed by an independent authority or, at a
minimum, receive a recovery from the Gov-
ernment of Puerto Rico equal to their best
possible outcome absent the provisions of
this chapter.
(6) Finally, the ability of the Government of
Puerto Rico to obtain funds from capital mar-
kets in the future will be severely diminished
without congressional action to restore its fi-
nancial accountability and stability.
(n) Purposes
The purposes of this section are to—
(1) provide the Government of Puerto Rico
with the resources and the tools it needs to ad-
dress an immediate existing and imminent cri-
sis;
(2) allow the Government of Puerto Rico a
limited period of time during which it can
focus its resources on negotiating a voluntary
resolution with its creditors instead of defend-
ing numerous, costly creditor lawsuits;
(3) provide an ov
Source: Supplied 2024 U.S. Code historical extraction · 48 U.S.C. § 2196
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