{"identifier":"/us/usc/t12/s5381","title":12,"num":"\u00a7\u202f5381.","heading":"Definitions","text":"\u00a7\u202f5381.\nDefinitions\n(a)\nIn general\nIn this subchapter, the following definitions shall apply:\n(1)\nAdministrative expenses of the receiver\nThe term \u201cadministrative expenses of the receiver\u201d includes\u2014\n(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\n(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.\n(2)\nBankruptcy Code\nThe term \u201cBankruptcy Code\u201d means title 11.\n(3)\nBridge financial company\nThe term \u201cbridge financial company\u201d means a new financial company organized by the Corporation in accordance with\nsection 5390(h) of this title\n(4)\nClaim\nThe term \u201cclaim\u201d means any right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured.\n(5)\nCompany\nThe term \u201ccompany\u201d has the same meaning as in\nsection 1841(b) of this title\n(6)\nCourt\nThe term \u201cCourt\u201d means the United States District Court for the District of Columbia, unless the context otherwise requires.\n(7)\nCovered broker or dealer\nThe term \u201ccovered broker or dealer\u201d means a covered financial company that is a broker or dealer that\u2014\n(A) is registered with the Commission under section 78\no\n(B) is a member of SIPC.\n(8)\nCovered financial company\nThe term \u201ccovered financial company\u201d\u2014\n(A) means a financial company for which a determination has been made under\nsection 5383(b) of this title\n(B) does not include an insured depository institution.\n(9)\nCovered subsidiary\nThe term \u201ccovered subsidiary\u201d means a subsidiary of a covered financial company, other than\u2014\n(A) an insured depository institution;\n(B) an insurance company; or\n(C) a covered broker or dealer.\n(10)\nDefinitions relating to covered brokers and dealers\nThe terms \u201ccustomer\u201d, \u201ccustomer name securities\u201d, \u201ccustomer property\u201d, and \u201cnet equity\u201d in the context of a covered broker or dealer, have the same meanings as in section 78\nlll\n(11)\nFinancial company\nThe term \u201cfinancial company\u201d means any company that\u2014\n(A) is incorporated or organized under any provision of Federal law or the laws of any State;\n(B) is\u2014\n(i) a bank holding company, as defined in\nsection 1841(a) of this title\n(ii) a nonbank financial company supervised by the Board of Governors;\n(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\nsection 1843(k) of this title\n(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\nsection 1843(k) of this title\n(C) is not a Farm Credit System institution chartered under and subject to the provisions of the Farm Credit Act of 1971, as amended (\n12 U.S.C. 2001\nsection 4502(20) of this title\n(12)\nFund\nThe term \u201cFund\u201d means the Orderly Liquidation Fund established under\nsection 5390(n) of this title\n(13)\nInsurance company\nThe term \u201cinsurance company\u201d means any entity that is\u2014\n(A) engaged in the business of insurance;\n(B) subject to regulation by a State insurance regulator; and\n(C) covered by a State law that is designed to specifically deal with the rehabilitation, liquidation, or insolvency of an insurance company.\n(14)\nNonbank financial company\nThe term \u201cnonbank financial company\u201d has the same meaning as in\nsection 5311(a)(4)(C) of this title\n(15)\nNonbank financial company supervised by the Board of Governors\nThe term \u201cnonbank financial company supervised by the Board of Governors\u201d has the same meaning as in\nsection 5311(a)(4)(D) of this title\n(16)\nSIPC\nThe term \u201cSIPC\u201d means the Securities Investor Protection Corporation.\n(b)\nDefinitional criteria\nFor purpose of the definition of the term \u201cfinancial company\u201d under subsection (a)(11), no company shall be deemed to be predominantly engaged in activities that the Board of Governors has determined are financial in nature or incidental thereto for purposes of\nsection 1843(k) of this title","url":"https://projectusc.org/usc/t12/s5381.html","content":[{"t":"sec","id":"/us/usc/t12/s5381","children":[{"t":"num","text":"\u00a7\u202f5381."},{"t":"heading","text":"Definitions"},{"t":"subsec","id":"/us/usc/t12/s5381/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"In this subchapter, the following definitions shall apply:"},{"t":"para","id":"/us/usc/t12/s5381/a/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Administrative expenses of the receiver"},{"t":"chapeau","text":"The term \u201cadministrative expenses of the receiver\u201d includes\u2014"},{"t":"subpara","id":"/us/usc/t12/s5381/a/1/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" the actual, necessary costs and expenses incurred by the Corporation as receiver for a covered financial company in liquidating a covered financial company; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5381/a/1/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Bankruptcy Code"},{"t":"content","children":[{"t":"p","text":"The term \u201cBankruptcy Code\u201d means title 11.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Bridge financial company"},{"t":"content","children":[{"t":"p","text":"The term \u201cbridge financial company\u201d means a new financial company organized by the Corporation in accordance with ","children":[{"t":"ref","text":"section 5390(h) of this title","href":"/us/usc/t12/s5390/h","tail":" for the purpose of resolving a covered financial company."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Claim"},{"t":"content","children":[{"t":"p","text":"The term \u201cclaim\u201d means any right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Company"},{"t":"content","children":[{"t":"p","text":"The term \u201ccompany\u201d has the same meaning as in ","children":[{"t":"ref","text":"section 1841(b) of this title","href":"/us/usc/t12/s1841/b","tail":", except that such term includes any company described in paragraph (11), the majority of the securities of which are owned by the United States or any State."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/6","children":[{"t":"num","text":"(6)"},{"t":"heading","text":"Court"},{"t":"content","children":[{"t":"p","text":"The term \u201cCourt\u201d means the United States District Court for the District of Columbia, unless the context otherwise requires.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/7","children":[{"t":"num","text":"(7)"},{"t":"heading","text":"Covered broker or dealer"},{"t":"chapeau","text":"The term \u201ccovered broker or dealer\u201d means a covered financial company that is a broker or dealer that\u2014"},{"t":"subpara","id":"/us/usc/t12/s5381/a/7/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" is registered with the Commission under section 78","children":[{"t":"text","text":"o","tail":"(b) of title 15; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5381/a/7/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" is a member of SIPC.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/8","children":[{"t":"num","text":"(8)"},{"t":"heading","text":"Covered financial company"},{"t":"chapeau","text":"The term \u201ccovered financial company\u201d\u2014"},{"t":"subpara","id":"/us/usc/t12/s5381/a/8/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" means a financial company for which a determination has been made under ","children":[{"t":"ref","text":"section 5383(b) of this title","href":"/us/usc/t12/s5383/b","tail":"; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5381/a/8/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" does not include an insured depository institution.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/9","children":[{"t":"num","text":"(9)"},{"t":"heading","text":"Covered subsidiary"},{"t":"chapeau","text":"The term \u201ccovered subsidiary\u201d means a subsidiary of a covered financial company, other than\u2014"},{"t":"subpara","id":"/us/usc/t12/s5381/a/9/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" an insured depository institution;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5381/a/9/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" an insurance company; or","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5381/a/9/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" a covered broker or dealer.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/10","children":[{"t":"num","text":"(10)"},{"t":"heading","text":"Definitions relating to covered brokers and dealers"},{"t":"content","children":[{"t":"p","text":"The terms \u201ccustomer\u201d, \u201ccustomer name securities\u201d, \u201ccustomer property\u201d, and \u201cnet equity\u201d in the context of a covered broker or dealer, have the same meanings as in section 78","children":[{"t":"text","text":"lll","tail":" of title 15."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/11","children":[{"t":"num","text":"(11)"},{"t":"heading","text":"Financial company"},{"t":"chapeau","text":"The term \u201cfinancial company\u201d means any company that\u2014"},{"t":"subpara","id":"/us/usc/t12/s5381/a/11/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" is incorporated or organized under any provision of Federal law or the laws of any State;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5381/a/11/B","children":[{"t":"num","text":"(B)"},{"t":"chapeau","text":" is\u2014"},{"t":"clause","id":"/us/usc/t12/s5381/a/11/B/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" a bank holding company, as defined in ","children":[{"t":"ref","text":"section 1841(a) of this title","href":"/us/usc/t12/s1841/a","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5381/a/11/B/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" a nonbank financial company supervised by the Board of Governors;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5381/a/11/B/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" 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 ","children":[{"t":"ref","text":"section 1843(k) of this title","href":"/us/usc/t12/s1843/k","tail":" other than a company described in clause (i) or (ii); or"}],"tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5381/a/11/B/iv","children":[{"t":"num","text":"(iv)"},{"t":"content","text":" 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 ","children":[{"t":"ref","text":"section 1843(k) of this title","href":"/us/usc/t12/s1843/k","tail":" (other than a subsidiary that is an insured depository institution or an insurance company); and"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5381/a/11/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" is not a Farm Credit System institution chartered under and subject to the provisions of the Farm Credit Act of 1971, as amended (","children":[{"t":"ref","text":"12 U.S.C. 2001","href":"/us/usc/t12/s2001","tail":" et seq.), a governmental entity, or a regulated entity, as defined under "},{"t":"ref","text":"section 4502(20) of this title","href":"/us/usc/t12/s4502/20","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/12","children":[{"t":"num","text":"(12)"},{"t":"heading","text":"Fund"},{"t":"content","children":[{"t":"p","text":"The term \u201cFund\u201d means the Orderly Liquidation Fund established under ","children":[{"t":"ref","text":"section 5390(n) of this title","href":"/us/usc/t12/s5390/n","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/13","children":[{"t":"num","text":"(13)"},{"t":"heading","text":"Insurance company"},{"t":"chapeau","text":"The term \u201cinsurance company\u201d means any entity that is\u2014"},{"t":"subpara","id":"/us/usc/t12/s5381/a/13/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" engaged in the business of insurance;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5381/a/13/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" subject to regulation by a State insurance regulator; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5381/a/13/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" covered by a State law that is designed to specifically deal with the rehabilitation, liquidation, or insolvency of an insurance company.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/14","children":[{"t":"num","text":"(14)"},{"t":"heading","text":"Nonbank financial company"},{"t":"content","children":[{"t":"p","text":"The term \u201cnonbank financial company\u201d has the same meaning as in ","children":[{"t":"ref","text":"section 5311(a)(4)(C) of this title","href":"/us/usc/t12/s5311/a/4/C","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/15","children":[{"t":"num","text":"(15)"},{"t":"heading","text":"Nonbank financial company supervised by the Board of Governors"},{"t":"content","children":[{"t":"p","text":"The term \u201cnonbank financial company supervised by the Board of Governors\u201d has the same meaning as in ","children":[{"t":"ref","text":"section 5311(a)(4)(D) of this title","href":"/us/usc/t12/s5311/a/4/D","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5381/a/16","children":[{"t":"num","text":"(16)"},{"t":"heading","text":"SIPC"},{"t":"content","children":[{"t":"p","text":"The term \u201cSIPC\u201d means the Securities Investor Protection Corporation.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s5381/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Definitional criteria"},{"t":"content","children":[{"t":"p","text":"For purpose of the definition of the term \u201cfinancial company\u201d under subsection (a)(11), no company shall be deemed to be predominantly engaged in activities that the Board of Governors has determined are financial in nature or incidental thereto for purposes of ","children":[{"t":"ref","text":"section 1843(k) of this title","href":"/us/usc/t12/s1843/k","tail":", if the consolidated revenues of such company from such activities constitute less than 85 percent of the total consolidated revenues of such company, as the Corporation, in consultation with the Secretary, shall establish by regulation. In determining whether a company is a financial company under this subchapter, the consolidated revenues derived from the ownership or control of a depository institution shall be included."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}