2015 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 53 - Wall Street Reform and Consumer Protection (Sections 5301 - 5641)
Subchapter II - Orderly Liquidation Authority (Sections 5381 - 5394)
Sec. 5381 - Definitions
Publication Title | United States Code, 2012 Edition, Supplement 3, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 53 - WALL STREET REFORM AND CONSUMER PROTECTION SUBCHAPTER II - ORDERLY LIQUIDATION AUTHORITY Sec. 5381 - Definitions |
Contains | section 5381 |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 111-203, title II, §201, July 21, 2010, 124 Stat. 1442. |
Statutes at Large References | 85 Stat. 583 124 Stat. 1442 |
Public and Private Laws | Public Law 92-181, Public Law 111-203 |
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In this subchapter, the following definitions shall apply:
(1) Administrative expenses of the receiverThe 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 CodeThe term "Bankruptcy Code" means title 11.
(3) Bridge financial companyThe term "bridge financial company" means a new financial company organized by the Corporation in accordance with section 5390(h) of this title for the purpose of resolving a covered financial company.
(4) ClaimThe 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) CompanyThe term "company" has the same meaning as in section 1841(b) of this title, 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) CourtThe term "Court" means the United States District Court for the District of Columbia, unless the context otherwise requires.
(7) Covered broker or dealerThe term "covered broker or dealer" means a covered financial company that is a broker or dealer that—
(A) is registered with the Commission under section 78o(b) of title 15; and
(B) is a member of SIPC.
(8) Covered financial companyThe term "covered financial company"—
(A) means a financial company for which a determination has been made under section 5383(b) of this title; and
(B) does not include an insured depository institution.
(9) Covered subsidiaryThe 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 dealersThe 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 78lll of title 15.
(11) Financial companyThe 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) a bank holding company, as defined in section 1841(a) of this title;
(ii) a nonbank financial company supervised by the Board of Governors;
(iii) 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 section 1843(k) of this title other than a company described in clause (i) or (ii); or
(iv) 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 section 1843(k) of this title (other than a subsidiary that is an insured depository institution or an insurance company); and
(C) is not a Farm Credit System institution chartered under and subject to the provisions of the Farm Credit Act of 1971, as amended (12 U.S.C. 2001 et seq.), a governmental entity, or a regulated entity, as defined under section 4502(20) of this title.
(12) FundThe term "Fund" means the Orderly Liquidation Fund established under section 5390(n) of this title.
(13) Insurance companyThe 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 companyThe term "nonbank financial company" has the same meaning as in section 5311(a)(4)(C) of this title.
(15) Nonbank financial company supervised by the Board of GovernorsThe term "nonbank financial company supervised by the Board of Governors" has the same meaning as in section 5311(a)(4)(D) of this title.
(16) SIPCThe term "SIPC" means the Securities Investor Protection Corporation.
(b) Definitional criteriaFor 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 section 1843(k) of this title, 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, §201, July 21, 2010, 124 Stat. 1442.)
REFERENCES IN TEXTThis subchapter, referred to in text, was in the original "this title", meaning title II of Pub. L. 111–203, July 21, 2010, 124 Stat. 1442, which is classified principally to this subchapter. For complete classification of title II to the Code, see Tables.
The Farm Credit Act of 1971, referred to in subsec. (a)(11)(C), is Pub. L. 92–181, Dec. 10, 1971, 85 Stat. 583, 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 section 2001 of this title and Tables.
EFFECTIVE DATESubchapter effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.
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