Source: http://www.law.cornell.edu/uscode/text/15/78fff-3
Timestamp: 2014-12-20 19:34:47
Document Index: 787554484

Matched Legal Cases: ['§ 9', '§ 9', '§ 1', '§ 929', '§ 983', '§ 929', '§ 929', '§ 1', '§ 1']

if all or any portion of the net equity claim of a customer in excess of his ratable share of customer property is satisfied by the delivery of securities purchased by the trustee pursuant to section 78fff–2
(d) of this title, the securities so purchased shall be valued as of the filing date for purposes of applying the dollar limitations of this subsection;
no advance shall be made by SIPC to the trustee to pay or otherwise satisfy any net equity claim of any customer who is a broker or dealer or bank, other than to the extent that it shall be established to the satisfaction of the trustee, from the books and records of the debtor or from the books and records of a broker or dealer or bank, or otherwise, that the net equity claim of such broker or dealer or bank against the debtor arose out of transactions for customers of such broker or dealer or bank (which customers are not themselves a broker or dealer or bank or a person described in paragraph (4)), in which event each such customer of such broker or dealer or bank shall be deemed a separate customer of the debtor.
To the extent moneys are advanced by SIPC to the trustee to pay or otherwise satisfy the claims of customers, in addition to all other rights it may have at law or in equity, SIPC shall be subrogated to the claims of such customers with the rights and priorities provided in this chapter, except that SIPC as subrogee may assert no claim against customer property until after the allocation thereof to customers as provided in section 78fff–2
Other advances SIPC shall advance to the trustee—
such moneys as may be required to carry out section 78fff–2
Discretionary advances SIPC may advance to the trustee such moneys as may be required to—
pay or guarantee indebtedness of the debtor to a bank, lender, or other person under section 78fff–1
guarantee or secure any indemnity under section 78fff–2
purchase securities under section 78fff–2
Standard maximum cash advance amount defined For purposes of this section, the term “standard maximum cash advance amount” means $250,000, as such amount may be adjusted after December 31, 2010, as provided under subsection (e).
In general Not 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—
Rounding If the standard maximum cash advance amount determined under paragraph (1) for any period is not a multiple of $10,000, the amount so determined shall be rounded down to the nearest $10,000.
Publication and report to the Congress Not later than April 5 of any calendar year in which a determination is required to be made under paragraph (1)—
Implementation period Any adjustment to the standard maximum cash advance amount shall take effect on January 1 of the year immediately succeeding the calendar year in which such adjustment is made.
Inflation adjustment considerations In making any determination under paragraph (1) to increase the standard maximum cash advance amount, the Board of Directors of SIPC shall consider—
(Pub. L. 91–598, § 9, as added Pub. L. 95–283, § 9,May 21, 1978, 92 Stat. 265; amended Pub. L. 96–433, § 1,Oct. 10, 1980, 94 Stat. 1855; Pub. L. 111–203, title IX, §§ 929H(a), 983(a),July 21, 2010, 124 Stat. 1856, 1931.)
A prior section 9 ofPub. L. 91–598was renumbered section 13 and is classified to section 78iii of this title.
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”.
Amendment by Pub. L. 96–433effective Oct. 10, 1980, see section 5(a) ofPub. L. 96–433, set out as a note under section 78u of this title.