Page:United States Statutes at Large Volume 124.djvu/1517

 124 STAT. 1491 PUBLIC LAW 111–203—JULY 21, 2010 (i) the term ‘‘financial institution’’ means a broker or dealer, a depository institution, a futures commis- sion merchant, a bridge financial company, or any other institution determined by the Corporation, by regulation, to be a financial institution; and (ii) the term ‘‘clearing organization’’ has the same meaning as in section 402 of the Federal Deposit Insur- ance Corporation Improvement Act of 1991. (10) NOTIFICATION OF TRANSFER.— (A) IN GENERAL.— (i) NOTICE.—The Corporation shall provide notice in accordance with clause (ii), if— (I) the Corporation as receiver for a covered financial company in default or in danger of default transfers any assets or liabilities of the covered financial company; and (II) the transfer includes any qualified finan- cial contract. (ii) TIMING.—The Corporation as receiver for a cov- ered financial company shall notify any person who is a party to any contract described in clause (i) of such transfer not later than 5:00 p.m. (eastern time) on the business day following the date of the appoint- ment of the Corporation as receiver. (B) CERTAIN RIGHTS NOT ENFORCEABLE.— (i) RECEIVERSHIP.—A person who is a party to a qualified financial contract with a covered financial company may not exercise any right that such person has to terminate, liquidate, or net such contract under paragraph (8)(A) solely by reason of or incidental to the appointment under this section of the Corporation as receiver for the covered financial company (or the insolvency or financial condition of the covered finan- cial company for which the Corporation has been appointed as receiver)— (I) until 5:00 p.m. (eastern time) on the busi- ness day following the date of the appointment; or (II) after the person has received notice that the contract has been transferred pursuant to paragraph (9)(A). (ii) NOTICE.—For purposes of this paragraph, the Corporation as receiver for a covered financial company shall be deemed to have notified a person who is a party to a qualified financial contract with such covered financial company, if the Corporation has taken steps reasonably calculated to provide notice to such person by the time specified in subparagraph (A). (C) TREATMENT OF BRIDGE FINANCIAL COMPANY.—For purposes of paragraph (9), a bridge financial company shall not be considered to be a financial institution for which a conservator, receiver, trustee in bankruptcy, or other legal custodian has been appointed, or which is otherwise the subject of a bankruptcy or insolvency proceeding. (D) BUSINESS DAY DEFINED.—For purposes of this para- graph, the term ‘‘business day’’ means any day other than any Saturday, Sunday, or any day on which either the Time period.