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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”.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78aaa
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Stable record: federal_law:legal_authorities:record_usc_d90d7b3eb07a098a854b708b
Source file: Laws/federal/codes/united-states-code/title-15/section-78aaa-short-title--a7fa177b4d.md
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Passage SHA-256: 34ac6fe1018185aec78975c889db62000221883ff94bf9a60ffe94f519d62bb9
Source location: Title 15, Chapter 2B–1, § 78aaa; chapter-2b-1-securities-investor-protection.md
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Trading for own account or account of associated person; exceptions** (1) It shall be unlawful for any member of a national securities exchange to effect any transaction on such exchange for its own account, the account of an associated person, or an account with respect to which it or an associated person thereof exercises investment discretion: Provided, however, That this paragraph shall not make unlawful— (A) any transaction by a dealer acting in the capacity of market maker; (B) any transaction for the account of an odd-lot dealer in a security in which he is so registered; (C) any stabilizing transaction effected in compliance with rules under [section 78j(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78j/b&num=0&edition=prelim) to facilitate a distribution of a security in which the member effecting such transaction is participating; (D) any bona fide arbitrage transaction, any bona fide hedge transaction involving a long or short position in an equity security and a long or short position in a security entitling the holder to acquire or sell such equity security, or any risk arbitrage transaction in connection with a merger, acquisition, tender offer, or similar transaction involving a recapitalization; (E) any transaction for the account of a natural person, the estate of a natural person, or a trust created by a natural person for himself or another natural person; (F) any transaction to offset a transaction made in error; (G) any other transaction for a member’s own account provided that (i) such member is primarily engaged in the business of underwriting and distributing securities issued by other persons, selling securities to customers, and acting as broker, or any one or more of s
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78k
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The purpose of this chapter is to incorporate the Model Law on Cross-Border Insolvency so as to provide effective mechanisms for dealing with cases of cross-border insolvency with the objectives of— (1) cooperation between— (A) courts of the United States, United States trustees, trustees, examiners, debtors, and debtors in possession; and (B) the courts and other competent authorities of foreign countries involved in cross-border insolvency cases; (2) greater legal certainty for trade and investment; (3) fair and efficient administration of cross-border insolvencies that protects the interests of all creditors, and other interested entities, including the debtor; (4) protection and maximization of the value of the debtor’s assets; and (5) facilitation of the rescue of financially troubled businesses, thereby protecting investment and preserving employment. **(b)** This chapter applies where— (1) assistance is sought in the United States by a foreign court or a foreign representative in connection with a foreign proceeding; (2) assistance is sought in a foreign country in connection with a case under this title; (3) a foreign proceeding and a case under this title with respect to the same debtor are pending concurrently; or (4) creditors or other interested persons in a foreign country have an interest in requesting the commencement of, or participating in, a case or proceeding under this title. **(c)** This chapter does not apply to— (1) a proceeding concerning an entity, other than a foreign insurance company, identified by exclusion in section 109(b); (2) an individual, or to an individual and such individual’s spouse, who have debts within the limits specified in section 109(e) and who are citizens of the United States or aliens lawfully a
Source: Supplied U.S. Code snapshot — release unconfirmed · 11 U.S.C. § 1502
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Federal law — U.S. Code and appendices · legal_authorities
The exercise of a contractual right of a stockbroker, financial institution, financial participant, or securities clearing agency to cause the liquidation, termination, or acceleration of a securities contract, as defined in [section 741 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section741&num=0&edition=prelim), because of a condition of the kind specified in [section 365(e)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section365/e/1&num=0&edition=prelim) shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by order of a court or administrative agency in any proceeding under this title unless such order is authorized under the provisions of the Securities Investor Protection Act of 1970 or any statute administered by the Securities and Exchange Commission. As used in this section, the term “contractual right” includes a right set forth in a rule or bylaw of a derivatives clearing organization (as defined in the Commodity Exchange Act), a multilateral clearing organization (as defined in the Federal Deposit Insurance Corporation Improvement Act of 1991), a national securities exchange, a national securities association, a securities clearing agency, a contract market designated under the Commodity Exchange Act, a derivatives transaction execution facility registered under the Commodity Exchange Act, or a board of trade (as defined in the Commodity Exchange Act), or in a resolution of the governing board thereof, and a right, whether or not in writing, arising under common law, under law merchant, or by reason of normal business practice.
Source: Supplied U.S. Code snapshot — release unconfirmed · 11 U.S.C. § 555
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Federal law — U.S. Code and appendices · legal_authorities
The exercise of a contractual right of a repo participant or financial participant to cause the liquidation, termination, or acceleration of a repurchase agreement because of a condition of the kind specified in [section 365(e)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section365/e/1&num=0&edition=prelim) shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by order of a court or administrative agency in any proceeding under this title, unless, where the debtor is a stockbroker or securities clearing agency, such order is authorized under the provisions of the Securities Investor Protection Act of 1970 or any statute administered by the Securities and Exchange Commission. In the event that a repo participant or financial participant liquidates one or more repurchase agreements with a debtor and under the terms of one or more such agreements has agreed to deliver assets subject to repurchase agreements to the debtor, any excess of the market prices received on liquidation of such assets (or if any such assets are not disposed of on the date of liquidation of such repurchase agreements, at the prices available at the time of liquidation of such repurchase agreements from a generally recognized source or the most recent closing bid quotation from such a source) over the sum of the stated repurchase prices and all expenses in connection with the liquidation of such repurchase agreements shall be deemed property of the estate, subject to the available rights of setoff. As used in this section, the term “contractual right” includes a right set forth in a rule or bylaw of a derivatives clearing organization (as defined in the Commodity Exchange Act), a multilateral clearing organization (
Source: Supplied U.S. Code snapshot — release unconfirmed · 11 U.S.C. § 559
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Federal law — U.S. Code and appendices · legal_authorities
Notwithstanding [section 362 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section362&num=0&edition=prelim), SIPC may file an application for a protective decree under the Securities Investor Protection Act of 1970. The filing of such application stays all proceedings in the case under this title unless and until such application is dismissed. If SIPC completes the liquidation of the debtor, then the court shall dismiss the case.
Source: Supplied U.S. Code snapshot — release unconfirmed · 11 U.S.C. § 742
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Federal law — U.S. Code and appendices · legal_authorities
As used in this Act, the following definitions shall apply, except as the context otherwise requires or as otherwise specifically provided in this Act: (1) **Affiliate** — The term “affiliate” has the same meaning as in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim). (2) **Appropriate Federal banking agency** — On and after the transfer date, the term “appropriate Federal banking agency” has the same meaning as in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim), as amended by title III.11 See References in Text note below. (3) **Board of Governors** — The term “Board of Governors” means the Board of Governors of the Federal Reserve System. (4) **Bureau** — The term “Bureau” means the Bureau of Consumer Financial Protection established under title X.1 (5) **Commission** — The term “Commission” means the Securities and Exchange Commission, except in the context of the Commodity Futures Trading Commission. (6) **Commodity futures terms** — The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act ([7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.) [[7 U.S.C. 1a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim)]. (7) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation. (8) **Council** — The ter
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5321
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Appointment of SIPC as trustee** (1) **Appointment** — Upon the appointment of the Corporation as receiver for any covered broker or dealer, the Corporation 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78aaa&num=0&edition=prelim) et seq.) of the covered broker or dealer. (2) **Actions by SIPC** (A) *Filing* — Upon appointment of SIPC under paragraph (1), SIPC shall promptly file with any Federal district court of competent jurisdiction specified in section 78u or 78aa of title 15, an application for a protective decree under 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.) 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 company shall be administered under 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.) by SIPC, as trustee for the covered broker or dealer. (C) *Definition of filing date* — For purposes o
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5388
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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. **(
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5391
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Powers and authorities** (1) **General powers** (A) *Successor to covered financial company* — The Corporation shall, upon appointment as receiver for a covered financial company under this subchapter, succeed to— (i) all rights, titles, powers, and privileges of the covered financial company and its assets, and of any stockholder, member, officer, or director of such company; and (ii) title to the books, records, and assets of any previous receiver or other legal custodian of such covered financial company. (B) *Operation of the covered financial company during the period of orderly liquidation* — The Corporation, as receiver for a covered financial company, may— (i) take over the assets of and operate the covered financial company with all of the powers of the members or shareholders, the directors, and the officers of the covered financial company, and conduct all business of the covered financial company; (ii) collect all obligations and money owed to the covered financial company; (iii) perform all functions of the covered financial company, in the name of the covered financial company; (iv) manage the assets and property of the covered financial company, consistent with maximization of the value of the assets in the context of the orderly liquidation; and (v) provide by contract for assistance in fulfilling any function, activity, action, or duty of the Corporation as receiver. (C) *Functions of covered financial company officers, directors, and shareholders* — The Corporation may provide for the exercise of any function by any member or stockholder, director, or officer of any covered financial company for which the Corporation has been appointed as receiver under this subchapter. (D) *Additional powers as rec
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5393
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** When used in this chapter, unless the context otherwise requires— (1) The term “exchange” means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange. (2) The term “facility” when used with respect to an exchange includes its premises, tangible or intangible property whether on the premises or not, any right to the use of such premises or property or any service thereof for the purpose of effecting or reporting a transaction on an exchange (including, among other things, any system of communication to or from the exchange, by ticker or otherwise, maintained by or with the consent of the exchange), and any right of the exchange to the use of any property or service. (3) (A) The term “member” when used with respect to a national securities exchange means (i) any natural person permitted to effect transactions on the floor of the exchange without the services of another person acting as broker, (ii) any registered broker or dealer with which such a natural person is associated, (iii) any registered broker or dealer permitted to designate as a representative such a natural person, and (iv) any other registered broker or dealer which agrees to be regulated by such exchange and with respect to which the exchange undertakes to enforce compliance with the provisions of this chapter, the rules and regulations thereunder, and its own rules. For purposes of section
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78c
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