12 U.S.C. § 5381 | Definitions

(a)

In general

In this subchapter, the following definitions shall apply:

(1)

Administrative expenses of the receiver

The term “administrative expenses of the receiver” includes—

(A)

the actual, necessary costs and expenses incurred by the Corporation as receiver for a covered financial company in liquidating a covered financial company; and

(B)

any obligations that the Corporation as receiver for a covered financial company determines are necessary and appropriate to facilitate the smooth and orderly liquidation of the covered financial company.

(2)

Bankruptcy Code

The term “Bankruptcy Code” means title 11.

(3)

Bridge financial company

section 5390(h) of this titleThe term “bridge financial company” means a new financial company organized by the Corporation in accordance with for the purpose of resolving a covered financial company.

(4)

Claim

The term “claim” means any right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured.

(5)

Company

section 1841(b) of this titleThe term “company” has the same meaning as in , except that such term includes any company described in paragraph (11), the majority of the securities of which are owned by the United States or any State.

(6)

Court

The term “Court” means the United States District Court for the District of Columbia, unless the context otherwise requires.

(7)

Covered broker or dealer

The term “covered broker or dealer” means a covered financial company that is a broker or dealer that—

(A)

o is registered with the Commission under section 78(b) of title 15; and

(B)

is a member of SIPC.

(8)

Covered financial company

The term “covered financial company”—

(A)

section 5383(b) of this title means a financial company for which a determination has been made under ; and

(B)

does not include an insured depository institution.

(9)

Covered subsidiary

The term “covered subsidiary” means a subsidiary of a covered financial company, other than—

(A)

an insured depository institution;

(B)

an insurance company; or

(C)

a covered broker or dealer.

(10)

Definitions relating to covered brokers and dealers

lllThe terms “customer”, “customer name securities”, “customer property”, and “net equity” in the context of a covered broker or dealer, have the same meanings as in section 78 of title 15.

(11)

Financial company

The term “financial company” means any company that—

(A)

is incorporated or organized under any provision of Federal law or the laws of any State;

(B)

is—

(i)

section 1841(a) of this title a bank holding company, as defined in ;

(ii)

a nonbank financial company supervised by the Board of Governors;

(iii)

section 1843(k) of this title any company that is predominantly engaged in activities that the Board of Governors has determined are financial in nature or incidental thereto for purposes of other than a company described in clause (i) or (ii); or

(iv)

section 1843(k) of this title any subsidiary of any company described in any of clauses (i) through (iii) that is predominantly engaged in activities that the Board of Governors has determined are financial in nature or incidental thereto for purposes of (other than a subsidiary that is an insured depository institution or an insurance company); and

(C)

12 U.S.C. 2001 section 4502(20) of this title is not a Farm Credit System institution chartered under and subject to the provisions of the Farm Credit Act of 1971, as amended ( et seq.), a governmental entity, or a regulated entity, as defined under .

(12)

Fund

section 5390(n) of this titleThe term “Fund” means the Orderly Liquidation Fund established under .

(13)

Insurance company

The term “insurance company” means any entity that is—

(A)

engaged in the business of insurance;

(B)

subject to regulation by a State insurance regulator; and

(C)

covered by a State law that is designed to specifically deal with the rehabilitation, liquidation, or insolvency of an insurance company.

(14)

Nonbank financial company

section 5311(a)(4)(C) of this titleThe term “nonbank financial company” has the same meaning as in .

(15)

Nonbank financial company supervised by the Board of Governors

section 5311(a)(4)(D) of this titleThe term “nonbank financial company supervised by the Board of Governors” has the same meaning as in .

(16)

SIPC

The term “SIPC” means the Securities Investor Protection Corporation.

(b)

Definitional criteria

section 1843(k) of this titleFor purpose of the definition of the term “financial company” under subsection (a)(11), no company shall be deemed to be predominantly engaged in activities that the Board of Governors has determined are financial in nature or incidental thereto for purposes of , if the consolidated revenues of such company from such activities constitute less than 85 percent of the total consolidated revenues of such company, as the Corporation, in consultation with the Secretary, shall establish by regulation. In determining whether a company is a financial company under this subchapter, the consolidated revenues derived from the ownership or control of a depository institution shall be included.

Pub. L. 111–203, title II, § 201July 21, 2010124 Stat. 1442(, , .)

Editorial Notes

References in Text

Pub. L. 111–203July 21, 2010124 Stat. 1442This subchapter, referred to in text, was in the original “this title”, meaning title II of , , , which is classified principally to this subchapter. For complete classification of title II to the Code, see Tables.

Pub. L. 92–181Dec. 10, 197185 Stat. 583 section 2001 of this titleThe Farm Credit Act of 1971, referred to in subsec. (a)(11)(C), is , , , which is classified principally to chapter 23 (§ 2001 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.

Statutory Notes and Related Subsidiaries

Effective Date

July 21, 2010section 4 of Pub. L. 111–203 section 5301 of this titleSection effective 1 day after , except as otherwise provided, see , set out as a note under .