Page:United States Statutes at Large Volume 124.djvu/1489

 124 STAT. 1463 PUBLIC LAW 111–203—JULY 21, 2010 Corporation, in any capacity, might otherwise have to exercise any powers described in clause (i) or under any other provision of law. (K) INCIDENTAL POWERS.—The Corporation, as receiver for a covered financial company, may exercise all powers and authorities specifically granted to receivers under this title, and such incidental powers as shall be necessary to carry out such powers under this title. (L) UTILIZATION OF PRIVATE SECTOR.—In carrying out its responsibilities in the management and disposition of assets from the covered financial company, the Corporation, as receiver for a covered financial company, may utilize the services of private persons, including real estate and loan portfolio asset management, property management, auction marketing, legal, and brokerage services, if such services are available in the private sector, and the Cor- poration determines that utilization of such services is practicable, efficient, and cost effective. (M) SHAREHOLDERS AND CREDITORS OF COVERED FINAN- CIAL COMPANY.—Notwithstanding any other provision of law, the Corporation, as receiver for a covered financial company, shall succeed by operation of law to the rights, titles, powers, and privileges described in subparagraph (A), and shall terminate all rights and claims that the stockholders and creditors of the covered financial company may have against the assets of the covered financial com- pany or the Corporation arising out of their status as stockholders or creditors, except for their right to payment, resolution, or other satisfaction of their claims, as permitted under this section. The Corporation shall ensure that share- holders and unsecured creditors bear losses, consistent with the priority of claims provisions under this section. (N) COORDINATION WITH FOREIGN FINANCIAL AUTHORI- TIES.—The Corporation, as receiver for a covered financial company, shall coordinate, to the maximum extent possible, with the appropriate foreign financial authorities regarding the orderly liquidation of any covered financial company that has assets or operations in a country other than the United States. (O) RESTRICTION ON TRANSFERS.— (i) SELECTION OF ACCOUNTS FOR TRANSFER.—If the Corporation establishes one or more bridge financial companies with respect to a covered broker or dealer, the Corporation shall transfer to one of such bridge financial companies, all customer accounts of the cov- ered broker or dealer, and all associated customer name securities and customer property, unless the Cor- poration, after consulting with the Commission and SIPC, determines that— (I) the customer accounts, customer name securities, and customer property are likely to be promptly transferred to another broker or dealer that is registered with the Commission under sec- tion 15(b) of the Securities Exchange Act of 1934 (15 U.S.C. 73o(b)) and is a member of SIPC; or (II) the transfer of the accounts to a bridge financial company would materially interfere with