((a)) ** Appointment of SIPC as trustee**

((1)) ** Appointment** Upon the appointment of the Corporation as receiver for any covered broker or dealer, the Corporation shall appoint, without any need for court approval, the Securities Investor Protection Corporation to act as trustee for the liquidation under the Securities Investor Protection Act of 1970 ( et seq.) of the covered broker or dealer.15 U.S.C. 78aaa

((2)) ** Actions by SIPC**

((A)) ** Filing** Upon appointment of SIPC under paragraph (1), SIPC shall promptly file with any Federal district court of competent jurisdiction specified in section 78u or 78aa of title 15, an application for a protective decree under the Securities Investor Protection Act of 1970 ( et seq.) as to the covered broker or dealer. The Federal district court shall accept and approve the filing, including outside of normal business hours, and shall immediately issue the protective decree as to the covered broker or dealer.15 U.S.C. 78aaa

((B)) ** Administration by SIPC** Following entry of the protective decree, and except as otherwise provided in this section, the determination of claims and the liquidation of assets retained in the receivership of the covered broker or dealer and not transferred to the bridge financial company shall be administered under the Securities Investor Protection Act of 1970 ( et seq.) by SIPC, as trustee for the covered broker or dealer.15 U.S.C. 78aaa

((C)) ** Definition of filing date** For purposes of the liquidation proceeding, the term “filing date” means the date on which the Corporation is appointed as receiver of the covered broker or dealer.

((D)) ** Determination of claims** As trustee for the covered broker or dealer, SIPC shall determine and satisfy, consistent with this subchapter and with the Securities Investor Protection Act of 1970 ( et seq.), all claims against the covered broker or dealer arising on or before the filing date.15 U.S.C. 78aaa

((b)) ** Powers and duties of SIPC**

((1)) ** In general** Except as provided in this section, upon its appointment as trustee for the liquidation of a covered broker or dealer, SIPC shall have all of the powers and duties provided by the Securities Investor Protection Act of 1970 ( et seq.), including, without limitation, all rights of action against third parties, and shall conduct such liquidation in accordance with the terms of the Securities Investor Protection Act of 1970 ( et seq.), except that SIPC shall have no powers or duties with respect to assets and liabilities transferred by the Corporation from the covered broker or dealer to any bridge financial company established in accordance with this subchapter.15 U.S.C. 78aaa15 U.S.C. 78aaa

((2)) ** Limitation of powers** The exercise by SIPC of powers and functions as trustee under subsection (a) shall not impair or impede the exercise of the powers and duties of the Corporation with regard to—

((A)) any action, except as otherwise provided in this subchapter—

((i)) to make funds available under ;

((ii)) to organize, establish, operate, or terminate any bridge financial company;

((iii)) to transfer assets and liabilities;

((iv)) to enforce or repudiate contracts; or

((v)) to take any other action relating to such bridge financial company under ; or

((B)) determining claims under subsection (e).

((3)) ** Protective decree** SIPC and the Corporation, in consultation with the Commission, shall jointly determine the terms of the protective decree to be filed by SIPC with any court of competent jurisdiction under section 78u or 78aa of title 15, as required by subsection (a).

((4)) ** Qualified financial contracts** Notwithstanding any provision of the Securities Investor Protection Act of 1970 ( et seq.) to the contrary (including section 5(b)(2)(C) of that Act ()), the rights and obligations of any party to a qualified financial contract (as that term is defined in ) to which a covered broker or dealer for which the Corporation has been appointed receiver is a party shall be governed exclusively by , including the limitations and restrictions contained in .15 U.S.C. 78aaa15 U.S.C. 78eee(b)(2)(C)section 5390(c)(8) of this titlesection 5390 of this titlesection 5390(c)(10)(B) of this title

((c)) ** Limitation on court action** Except as otherwise provided in this subchapter, no court may take any action, including any action pursuant to the Securities Investor Protection Act of 1970 ( et seq.) or the Bankruptcy Code, to restrain or affect the exercise of powers or functions of the Corporation as receiver for a covered broker or dealer and any claims against the Corporation as such receiver shall be determined in accordance with subsection (e) and such claims shall be limited to money damages.15 U.S.C. 78aaa

((d)) ** Actions by Corporation as receiver**

((1)) ** In general** Notwithstanding any other provision of this subchapter, no action taken by the Corporation as receiver with respect to a covered broker or dealer shall—

((A)) adversely affect the rights of a customer to customer property or customer name securities;

((B)) diminish the amount or timely payment of net equity claims of customers; or

((C)) otherwise impair the recoveries provided to a customer under the Securities Investor Protection Act of 1970 ( et seq.).

((2)) ** Net proceeds** The net proceeds from any transfer, sale, or disposition of assets of the covered broker or dealer, or proceeds thereof by the Corporation as receiver for the covered broker or dealer shall be for the benefit of the estate of the covered broker or dealer, as provided in this subchapter.

((e)) ** Claims against the Corporation as receiver** Any claim against the Corporation as receiver for a covered broker or dealer for assets transferred to a bridge financial company established with respect to such covered broker or dealer—

((1)) shall be determined in accordance with ; and

((2)) may be reviewed by the appropriate district or territorial court of the United States in accordance with .

((f)) ** Satisfaction of customer claims**

((1)) ** Obligations to customers** Notwithstanding any other provision of this subchapter, all obligations of a covered broker or dealer or of any bridge financial company established with respect to such covered broker or dealer to a customer relating to, or net equity claims based upon, customer property or customer name securities shall be promptly discharged by SIPC, the Corporation, or the bridge financial company, as applicable, by the delivery of securities or the making of payments to or for the account of such customer, in a manner and in an amount at least as beneficial to the customer as would have been the case had the actual proceeds realized from the liquidation of the covered broker or dealer under this subchapter been distributed in a proceeding under the Securities Investor Protection Act of 1970 ( et seq.) without the appointment of the Corporation as receiver and without any transfer of assets or liabilities to a bridge financial company, and with a filing date as of the date on which the Corporation is appointed as receiver.15 U.S.C. 78aaa

((2)) ** Satisfaction of claims by SIPC** SIPC, as trustee for a covered broker or dealer, shall satisfy customer claims in the manner and amount provided under the Securities Investor Protection Act of 1970 ( et seq.), as if the appointment of the Corporation as receiver had not occurred, and with a filing date as of the date on which the Corporation is appointed as receiver. The Corporation shall satisfy customer claims, to the extent that a customer would have received more securities or cash with respect to the allocation of customer property had the covered financial company been subject to a proceeding under the Securities Investor Protection Act ( et seq.) without the appointment of the Corporation as receiver, and with a filing date as of the date on which the Corporation is appointed as receiver.15 U.S.C. 78aaa15 U.S.C. 78aaa

((g)) ** Priorities**

((1)) ** Customer property** As trustee for a covered broker or dealer, SIPC shall allocate customer property and deliver customer name securities in accordance with section 8(c) of the Securities Investor Protection Act of 1970 ().15 U.S.C. 78fff–2(c)

((2)) ** Other claims** All claims other than those described in paragraph (1) (including any unpaid claim by a customer for the allowed net equity claim of such customer from customer property) shall be paid in accordance with the priorities in .section 5390(b) of this title

((h)) ** Rulemaking** The Commission and the Corporation, after consultation with SIPC, shall jointly issue rules to implement this section.