Page:United States Statutes at Large Volume 124.djvu/1883

 124 STAT. 1857 PUBLIC LAW 111–203—JULY 21, 2010 a multiple of $10,000, the amount so determined shall be rounded down to the nearest $10,000. ‘‘(3) PUBLICATION AND REPORT TO THE CONGRESS.—Not later than April 5 of any calendar year in which a determination is required to be made under paragraph (1)— ‘‘(A) the Commission shall publish in the Federal Reg- ister the standard maximum cash advance amount; and ‘‘(B) the Board of Directors of SIPC shall submit a report to the Congress stating the standard maximum cash advance amount. ‘‘(4) IMPLEMENTATION PERIOD.—Any adjustment to the standard maximum cash advance amount shall take effect on January 1 of the year immediately succeeding the calendar year in which such adjustment is made. ‘‘(5) INFLATION ADJUSTMENT CONSIDERATIONS.—In making any determination under paragraph (1) to increase the standard maximum cash advance amount, the Board of Directors of SIPC shall consider— ‘‘(A) the overall state of the fund and the economic conditions affecting members of SIPC; ‘‘(B) the potential problems affecting members of SIPC; and ‘‘(C) such other factors as the Board of Directors of SIPC may determine appropriate.’’. (b) LIQUIDATION OF A CARRYING BROKER-DEALER.—Section 5(a)(3) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78eee(a)(3)) is amended— (1) by striking the undesignated matter immediately fol- lowing subparagraph (B); (2) in subparagraph (A), by striking ‘‘any member of SIPC’’ and inserting ‘‘the member’’; (3) in subparagraph (B), by striking the comma at the end and inserting a period; (4) by striking ‘‘If SIPC’’ and inserting the following: ‘‘(A) IN GENERAL.—SIPC may, upon notice to a member of SIPC, file an application for a protective decree with any court of competent jurisdiction specified in section 21(e) or 27 of the Securities Exchange Act of 1934, except that no such application shall be filed with respect to a member, the only customers of which are persons whose claims could not be satisfied by SIPC advances pursuant to section 9, if SIPC’’; and (5) by adding at the end the following: ‘‘(B) CONSENT REQUIRED.—No member of SIPC that has a customer may enter into an insolvency, receivership, or bankruptcy proceeding, under Federal or State law, with- out the specific consent of SIPC, except as provided in title II of the Dodd-Frank Wall Street Reform and Con- sumer Protection Act.’’. SEC. 929I. PROTECTING CONFIDENTIALITY OF MATERIALS SUBMITTED TO THE COMMISSION. (a) SECURITIES EXCHANGE ACT OF 1934.—Section 24 of the Securities Exchange Act of 1934 (15 U.S.C. 78x) is amended— (1) in subsection (d), by striking ‘‘subsection (e)’’ and inserting ‘‘subsection (f)’’; (2) by redesignating subsection (e) as subsection (f); and Effective date. Federal Register, publication.