Page:United States Statutes at Large Volume 124.djvu/1501

 124 STAT. 1475 PUBLIC LAW 111–203—JULY 21, 2010 to exercise any rights under contract or law, including to termi- nate, breach, cancel, or otherwise discontinue such agreement. (16) ACCOUNTING AND RECORDKEEPING REQUIREMENTS.— (A) IN GENERAL.—The Corporation as receiver for a covered financial company shall, consistent with the accounting and reporting practices and procedures estab- lished by the Corporation, maintain a full accounting of each receivership or other disposition of any covered finan- cial company. (B) ANNUAL ACCOUNTING OR REPORT.—With respect to each receivership to which the Corporation is appointed, the Corporation shall make an annual accounting or report, as appropriate, available to the Secretary and the Comp- troller General of the United States. (C) AVAILABILITY OF REPORTS.—Any report prepared pursuant to subparagraph (B) and section 203(c)(3) shall be made available to the public by the Corporation. (D) RECORDKEEPING REQUIREMENT.— (i) IN GENERAL.—The Corporation shall prescribe such regulations and establish such retention schedules as are necessary to maintain the documents and records of the Corporation generated in exercising the authorities of this title and the records of a covered financial company for which the Corporation is appointed receiver, with due regard for— (I) the avoidance of duplicative record reten- tion; and (II) the expected evidentiary needs of the Cor- poration as receiver for a covered financial com- pany and the public regarding the records of cov- ered financial companies. (ii) RETENTION OF RECORDS.—Unless otherwise required by applicable Federal law or court order, the Corporation may not, at any time, destroy any records that are subject to clause (i). (iii) RECORDS DEFINED.—As used in this subpara- graph, the terms ‘‘records’’ and ‘‘records of a covered financial company’’ mean any document, book, paper, map, photograph, microfiche, microfilm, computer or electronically-created record generated or maintained by the covered financial company in the course of and necessary to its transaction of business. (b) PRIORITY OF EXPENSES AND UNSECURED CLAIMS.— (1) IN GENERAL.—Unsecured claims against a covered finan- cial company, or the Corporation as receiver for such covered financial company under this section, that are proven to the satisfaction of the receiver shall have priority in the following order: (A) Administrative expenses of the receiver. (B) Any amounts owed to the United States, unless the United States agrees or consents otherwise. (C) Wages, salaries, or commissions, including vaca- tion, severance, and sick leave pay earned by an individual (other than an individual described in subparagraph (G)), but only to the extent of 11,725 for each individual (as indexed for inflation, by regulation of the Corporation) Deadline. Regulations. Public information.