307
‘‘(2) If a case in the United States under this 
title commences after recognition, or after the date 
of the filing of the petition for recognition, of such 
foreign proceeding—
‘‘(A) any relief in effect under section 
1519 or 1521 shall be reviewed by the court 
and shall be modified or terminated if incon-
sistent with the case in the United States; and 
‘‘(B) if such foreign proceeding is a foreign 
main proceeding, the stay and suspension re-
ferred to in section 1520(a) shall be modified or 
terminated if inconsistent with the relief grant-
ed in the case in the United States. 
‘‘(3) In granting, extending, or modifying relief 
granted to a representative of a foreign nonmain 
proceeding, the court must be satisfied that the re-
lief relates to assets that, under the laws of the 
United States, should be administered in the foreign 
nonmain proceeding or concerns information re-
quired in that proceeding. 
‘‘(4) In achieving cooperation and coordination 
under sections 1528 and 1529, the court may grant 
any of the relief authorized under section 305.
308
‘‘§ 1530. Coordination of more than 1 foreign pro-
ceeding 
‘‘In matters referred to in section 1501, with respect 
to more than 1 foreign proceeding regarding the debtor, 
the court shall seek cooperation and coordination under 
sections 1525, 1526, and 1527, and the following shall 
apply: 
‘‘(1) Any relief granted under section 1519 or 
1521 to a representative of a foreign nonmain pro-
ceeding after recognition of a foreign main pro-
ceeding must be consistent with the foreign main 
proceeding. 
‘‘(2) If a foreign main proceeding is recognized 
after recognition, or after the filing of a petition for 
recognition, of a foreign nonmain proceeding, any 
relief in effect under section 1519 or 1521 shall be 
reviewed by the court and shall be modified or termi-
nated if inconsistent with the foreign main pro-
ceeding. 
‘‘(3) If, after recognition of a foreign nonmain 
proceeding, another foreign nonmain proceeding is 
recognized, the court shall grant, modify, or termi-
nate relief for the purpose of facilitating coordina-
tion of the proceedings.
309
‘‘§ 1531. Presumption of insolvency based on recogni-
tion of a foreign main proceeding 
‘‘In the absence of evidence to the contrary, recogni-
tion of a foreign main proceeding is, for the purpose of 
commencing a proceeding under section 303, proof that 
the debtor is generally not paying its debts as such debts 
become due. 
‘‘§ 1532. Rule of payment in concurrent proceedings 
‘‘Without prejudice to secured claims or rights in 
rem, a creditor who has received payment with respect to 
its claim in a foreign proceeding pursuant to a law relating 
to insolvency may not receive a payment for the same 
claim in a case under any other chapter of this title re-
garding the debtor, so long as the payment to other credi-
tors of the same class is proportionately less than the pay-
ment the creditor has already received.’’. 
(b) CLERICAL AMENDMENT.—The table of chapters 
for title 11, United States Code, is amended by inserting 
after the item relating to chapter 13 the following:
‘‘15. Ancillary and Other Cross-Border Cases ........................ 1501’’.
SEC. 802. OTHER AMENDMENTS TO TITLES 11 AND 28, 
UNITED STATES CODE. 
(a) APPLICABILITY OF CHAPTERS.—Section 103 of 
title 11, United States Code, is amended—
(1) in subsection (a), by inserting before the pe-
riod the following: ‘‘, and this chapter, sections 307,
310
362(n), 555 through 557, and 559 through 562 
apply in a case under chapter 15’’; and 
(2) by adding at the end the following: 
‘‘(k) Chapter 15 applies only in a case under such 
chapter, except that—
‘‘(1) sections 1505, 1513, and 1514 apply in all 
cases under this title; and 
‘‘(2) section 1509 applies whether or not a case 
under this title is pending.’’. 
(b) DEFINITIONS.—Section 101 of title 11, United 
States Code, is amended by striking paragraphs (23) and 
(24) and inserting the following: 
‘‘(23) ‘foreign proceeding’ means a collective ju-
dicial or administrative proceeding in a foreign coun-
try, including an interim proceeding, under a law re-
lating to insolvency or adjustment of debt in which 
proceeding the assets and affairs of the debtor are 
subject to control or supervision by a foreign court, 
for the purpose of reorganization or liquidation; 
‘‘(24) ‘foreign representative’ means a person 
or body, including a person or body appointed on an 
interim basis, authorized in a foreign proceeding to 
administer the reorganization or the liquidation of 
the debtor’s assets or affairs or to act as a rep-
resentative of such foreign proceeding;’’.
311
(c) AMENDMENTS TO TITLE 28, UNITED STATES 
CODE.—
(1) PROCEDURES.—Section 157(b)(2) of title 
28, United States Code, is amended—
(A) in subparagraph (N), by striking 
‘‘and’’ at the end; 
(B) in subparagraph (O), by striking the 
period at the end and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(P) recognition of foreign proceedings 
and other matters under chapter 15 of title 
11.’’. 
(2) BANKRUPTCY CASES AND PROCEEDINGS.—
Section 1334(c) of title 28, United States Code, is 
amended by striking ‘‘Nothing in’’ and inserting 
‘‘Except with respect to a case under chapter 15 of 
title 11, nothing in’’. 
(3) DUTIES OF TRUSTEES.—Section 586(a)(3) 
of title 28, United States Code, is amended by strik-
ing ‘‘or 13’’ and inserting ‘‘13, or 15’’. 
(4) VENUE OF CASES ANCILLARY TO FOREIGN 
PROCEEDINGS.—Section 1410 of title 28, United 
States Code, is amended to read as follows:
312
‘‘§ 1410. Venue of cases ancillary to foreign pro-
ceedings 
‘‘A case under chapter 15 of title 11 may be com-
menced in the district court of the United States for the 
district—
‘‘(1) in which the debtor has its principal place 
of business or principal assets in the United States; 
‘‘(2) if the debtor does not have a place of busi-
ness or assets in the United States, in which there 
is pending against the debtor an action or pro-
ceeding in a Federal or State court; or 
‘‘(3) in a case other than those specified in 
paragraph (1) or (2), in which venue will be con-
sistent with the interests of justice and the conven-
ience of the parties, having regard to the relief 
sought by the foreign representative.’’. 
(d) OTHER SECTIONS OF TITLE 11.—Title 11 of the 
United States Code is amended—
(1) in section 109(b), by striking paragraph (3) 
and inserting the following: 
‘‘(3)(A) a foreign insurance company, engaged 
in such business in the United States; or 
‘‘(B) a foreign bank, savings bank, cooperative 
bank, savings and loan association, building and 
loan association, or credit union, that has a branch 
or agency (as defined in section 1(b) of the Inter-
313
national Banking Act of 1978 in the United 
States.’’; 
(2) in section 303, by striking subsection (k); 
(3) by striking section 304; 
(4) in the table of sections for chapter 3 by 
striking the item relating to section 304; 
(5) in section 306 by striking ‘‘, 304,’’ each 
place it appears; 
(6) in section 305(a) by striking paragraph (2) 
and inserting the following: 
‘‘(2)(A) a petition under section 1515 for rec-
ognition of a foreign proceeding has been granted; 
and 
‘‘(B) the purposes of chapter 15 of this title 
would be best served by such dismissal or suspen-
sion.’’; and 
(7) in section 508—
(A) by striking subsection (a); and 
(B) in subsection (b), by striking ‘‘(b)’’.
314
TITLE IX—FINANCIAL 
CONTRACT PROVISIONS 
SEC. 901. TREATMENT OF CERTAIN AGREEMENTS BY CON-
SERVATORS OR RECEIVERS OF INSURED DE-
POSITORY INSTITUTIONS. 
(a) DEFINITION
OF QUALIFIED FINANCIAL CON-
TRACT.—
(1) 
FDIC-INSURED
DEPOSITORY
INSTITU-
TIONS.—Section 11(e)(8)(D) of the Federal Deposit 
Insurance Act (12 U.S.C. 1821(e)(8)(D)) is amend-
ed— 
(A) by striking ‘‘subsection—’’ and insert-
ing ‘‘subsection, the following definitions shall 
apply:’’; and 
(B) in clause (i), by inserting ‘‘, resolution, 
or order’’ after ‘‘any similar agreement that the 
Corporation determines by regulation’’. 
(2) 
INSURED
CREDIT
UNIONS.—Section 
207(c)(8)(D) of the Federal Credit Union Act (12 
U.S.C. 1787(c)(8)(D)) is amended—
(A) by striking ‘‘subsection—’’ and insert-
ing ‘‘subsection, the following definitions shall 
apply:’’; and
315
(B) in clause (i), by inserting ‘‘, resolution, 
or order’’ after ‘‘any similar agreement that the 
Board determines by regulation’’. 
(b) DEFINITION OF SECURITIES CONTRACT.—
(1) 
FDIC-INSURED
DEPOSITORY
INSTITU-
TIONS.—Section 11(e)(8)(D)(ii) of the Federal De-
posit Insurance Act (12 U.S.C. 1821(e)(8)(D)(ii)) is 
amended to read as follows: 
‘‘(ii) SECURITIES
CONTRACT.—The 
term ‘securities contract’—
‘‘(I) means a contract for the 
purchase, sale, or loan of a security, a 
certificate of deposit, a mortgage loan, 
or any interest in a mortgage loan, a 
group or index of securities, certifi-
cates of deposit, or mortgage loans or 
interests therein (including any inter-
est therein or based on the value 
thereof) or any option on any of the 
foregoing, including any option to 
purchase or sell any such security, 
certificate of deposit, mortgage loan, 
interest, group or index, or option, 
and including any repurchase or re-
verse repurchase transaction on any
316
such security, certificate of deposit, 
mortgage loan, interest, group or 
index, or option; 
‘‘(II) does not include any pur-
chase, sale, or repurchase obligation 
under a participation in a commercial 
mortgage loan unless the Corporation 
determines by regulation, resolution, 
or order to include any such agree-
ment within the meaning of such 
term; 
‘‘(III) means any option entered 
into on a national securities exchange 
relating to foreign currencies; 
‘‘(IV) means the guarantee by or 
to any securities clearing agency of 
any settlement of cash, securities, cer-
tificates of deposit, mortgage loans or 
interests therein, group or index of se-
curities, certificates of deposit, or 
mortgage loans or interests therein 
(including any interest therein or 
based on the value thereof) or option 
on any of the foregoing, including any 
option to purchase or sell any such se-