Regulatory Alerts2020-08-31 | 2020-16468Added · Updated
Covered Broker-Dealer Provisions Under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
The Federal Deposit Insurance Corporation and the Securities and Exchange Commission jointly adopted a final rule to implement orderly liquidation provisions for covered broker-dealers under Title II of the Dodd-Frank Act. The rule establishes the framework for the FDIC to serve as receiver and SIPC as trustee, ensuring customer claims are satisfied in a manner at least as beneficial as under the Securities Investor Protection Act. It clarifies the agencies' powers regarding the transfer of assets to bridge broker-dealers, the application for protective decrees, and the treatment of qualified financial contracts.
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