Regulatory Alerts2016-03-02 | 2016-03874Added · 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 propose a rule to implement orderly liquidation provisions for covered broker-dealers under Title II of the Dodd-Frank Act. The proposed regulation defines key terms and clarifies the integration of Securities Investor Protection Act customer protections with Title II receivership procedures, specifically outlining the roles of the FDIC as receiver and the SIPC as trustee. It establishes the framework for appointing a bridge broker-dealer to transfer customer accounts and satisfy net equity claims while minimizing disruption to financial markets.
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