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. 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 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 covered 12 USC 5385.
