12 USC 5381 - Definitions

U.S Code last checked for updates: Nov 22, 2024

§ 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

(3)

Bridge financial company

(4)

Claim

(5)

Company

(6)

Court

(7)

Covered broker or dealer

The 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 company

The 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 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

(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)

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)

Fund

(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

(15)

Nonbank financial company supervised by the Board of Governors

(16)

SIPC

(b)

Definitional criteria

(Pub. L. 111–203, title II, § 201, July 21, 2010, 124 Stat. 1442.)

cite as: 12 USC 5381