August 20, 2020

U.S. FDIC and SEC Adopt Joint Rules to Govern the Orderly Liquidation of Covered Broker-Dealers

On July 24, 2020, the Federal Deposit Insurance Corporation (“FDIC”) and U.S. Securities and Exchange Commission (“SEC” and, collectively with the FDIC, the “Agencies”) jointly adopted a final rule in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”) to supplement the statutory provisions of Title II of the Dodd-Frank Act (the “Orderly Liquidation Authority” or “OLA”) that govern the orderly liquidation of certain SEC-registered brokers or dealers. In this Legal Update, we review the Agencies’ final rule.

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