12 CFR § 380.60 - Definitions.
---
identifier: "/us/cfr/t12/s380.60"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 380.60 - Definitions."
title_number: 12
title_name: "Banks and Banking"
section_number: "380.60"
section_name: "Definitions."
chapter_name: "FEDERAL DEPOSIT INSURANCE CORPORATION"
subchapter_number: "B"
subchapter_name: "REGULATIONS AND STATEMENTS OF GENERAL POLICY"
part_number: "380"
part_name: "ORDERLY LIQUIDATION AUTHORITY"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 5385(h); 12 U.S.C. 5389; 12 U.S.C. 5390(s)(3); 12 U.S.C. 5390(b)(1)(C); 12 U.S.C. 5390(a)(7)(D); 12 U.S.C. 5381(b); 12 U.S.C. 5390(r); 12 U.S.C. 5390(a)(16)(D)."
regulatory_source: "76 FR 4215, Jan. 25, 2011, unless otherwise noted."
cfr_part: "380"
---
# 380.60 Definitions.
For purposes of this subpart D, the following terms are defined as follows:
*Appointment date.* The term *appointment date* means the date of the appointment of the Corporation as receiver for a covered financial company that is a covered broker or dealer. This date shall constitute the *filing date* as that term is used in SIPA.
*Bridge broker or dealer.* The term *bridge broker or dealer* means a new financial company organized by the Corporation in accordance with 12 U.S.C. 5390(h) for the purpose of resolving a covered broker or dealer.
*Commission.* The term *Commission* means the Securities and Exchange Commission.
*Covered broker or dealer.* The term *covered broker or dealer* means a covered financial company that is a qualified broker or dealer.
*Customer.* The term *customer* of a covered broker or dealer shall have the same meaning as in 15 U.S.C. 78*lll*(2) *provided that* the references therein to *debtor* shall mean the covered broker or dealer.
*Customer name securities.* The term *customer name securities* shall have the same meaning as in 15 U.S.C. 78*lll*(3) *provided that* the references therein to *debtor* shall mean the covered broker or dealer and the references therein to *filing date* shall mean the appointment date.
*Customer property.* The term *customer property* shall have the same meaning as in 15 U.S.C. 78*lll*(4) *provided that* the references therein to *debtor* shall mean the covered broker or dealer.
*Net equity.* The term *net equity* shall have the same meaning as in 15 U.S.C. 78*lll*(11) *provided that* the references therein to *debtor* shall mean the covered broker or dealer and the references therein to *filing date* shall mean the appointment date.
*Qualified broker or dealer.* The term *qualified broker or dealer* means a broker or dealer that:
(1) Is registered with the Commission under section 15(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(b)); and
(2) Is a member of SIPC.
*SIPA.* The term *SIPA* means the Securities Investor Protection Act of 1970, 15 U.S.C. 78aaa-*lll.*
*SIPC.* The term *SIPC* means the Securities Investor Protection Corporation.