Source: https://www.law.cornell.edu/uscode/text/15/78fff%E2%80%933
Timestamp: 2020-01-23 05:11:48
Document Index: 402887819

Matched Legal Cases: ['§ 78', '§ 78', '§\u202f983', '§\u202f929', '§\u202f929', '§\u202f1', '§\u202f1']

15 U.S. Code § 78fff-3 - SIPC advances | US Law | LII / Legal Information Institute
15 U.S. Code § 78fff-3 - SIPC advances
(a) Advances for customers’ claimsIn order to provide for prompt payment and satisfaction of net equity claims of customers of the debtor, SIPC shall advance to the trustee such moneys, not to exceed $500,000 for each customer, as may be required to pay or otherwise satisfy claims for the amount by which the net equity of each customer exceeds his ratable share of customer property, except that—
(b) Other advancesSIPC shall advance to the trustee—
(c) Discretionary advancesSIPC may advance to the trustee such moneys as may be required to—
(1) In generalNot later than January 1, 2011, and every 5 years thereafter, and subject to the approval of the Commission as provided under section 78ccc(e)(2) of this title, the Board of Directors of SIPC shall determine whether an inflation adjustment to the standard maximum cash advance amount is appropriate. If the Board of Directors of SIPC determines such an adjustment is appropriate, then the standard maximum cash advance amount shall be an amount equal to—
(3) Publication and report to the CongressNot later than April 5 of any calendar year in which a determination is required to be made under paragraph (1)—
(5) Inflation adjustment considerationsIn making any determination under paragraph (1) to increase the standard maximum cash advance amount, the Board of Directors of SIPC shall consider—
2010—Subsec. (a)(1). Pub. L. 111–203, § 983(a), inserted “or options on commodity futures contracts” after “claim for securities”.
Pub. L. 111–203, § 929H(a)(1), substituted “the standard maximum cash advance amount for each such customer, as determined in accordance with subsection (d)” for “$100,000 for each such customer”.
Subsecs. (d), (e). Pub. L. 111–203, § 929H(a)(2), added subsecs. (d) and (e).
1980—Subsec. (a). Pub. L. 96–433, § 1(1), substituted in opening par. “$500,000” for “$100,000”.
Subsec. (a)(1). Pub. L. 96–433, § 1(2), substituted “$100,000” for “$40,000”.