Page:United States Statutes at Large Volume 124.djvu/1524

 124 STAT. 1498 PUBLIC LAW 111–203—JULY 21, 2010 (i) IN GENERAL.—The Corporation, as receiver for a covered broker or dealer, may approve articles of association for one or more bridge financial companies with respect to such covered broker or dealer, which bridge financial company or companies shall, by oper- ation of law and immediately upon approval of its articles of association— (I) be established and deemed registered with the Commission under the Securities Exchange Act of 1934 and a member of SIPC; (II) operate in accordance with such articles and this section; and (III) succeed to any and all registrations and memberships of the covered financial company with or in any self-regulatory organizations. (ii) OTHER REQUIREMENTS.—Except as provided in clause (i), and notwithstanding any other provision of this section, the bridge financial company shall be subject to the Federal securities laws and all require- ments with respect to being a member of a self-regu- latory organization, unless exempted from any such requirements by the Commission, as is necessary or appropriate in the public interest or for the protection of investors. (iii) TREATMENT OF CUSTOMERS.—Except as other- wise provided by this title, any customer of the covered broker or dealer whose account is transferred to a bridge financial company shall have all the rights, privileges, and protections under section 205(f) and under the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.), that such customer would have had if the account were not transferred from the covered financial company under this subpara- graph. (iv) OPERATION OF BRIDGE BROKERS OR DEALERS.— Notwithstanding any other provision of this title, the Corporation shall not operate any bridge financial com- pany created by the Corporation under this title with respect to a covered broker or dealer in such a manner as to adversely affect the ability of customers to promptly access their customer property in accordance with applicable law. (3) INTERESTS IN AND ASSETS AND OBLIGATIONS OF COVERED FINANCIAL COMPANY.—Notwithstanding paragraph (1) or (2) or any other provision of law— (A) a bridge financial company shall assume, acquire, or succeed to the assets or liabilities of a covered financial company (including the assets or liabilities associated with any trust or custody business) only to the extent that such assets or liabilities are transferred by the Corporation to the bridge financial company in accordance with, and subject to the restrictions set forth in, paragraph (1)(B); and (B) a bridge financial company shall not assume, acquire, or succeed to any obligation that a covered finan- cial company for which the Corporation has been appointed receiver may have to any shareholder, member, general