The ABC's of the FDIC, SIPC

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The ABC's of the FDIC, SIPC SEC The SECs
Role in Insolvency Proceedings October 18, 2009
Susan Markel Managing Director 1602 L Street NW,
Suite 300 Washington, DC 20036 [phone]
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The SEC Structure
The Commission consists of four Commissioners and
one Chairman with the following staff support
structure.

• Divisions and Offices reporting to the Office of
  the Chairman

• Four Divisions
• Corporation Finance
• Enforcement
• Investment Management
• Trading and Markets

• Fifteen Offices
• Administrative Law Judges
• Chief Accountant
• Interactive Disclosure
• Compliance Inspections and Examinations
• Economic Analysis
• Equal Employment Opportunity
• Executive Director
• Administrative Services
• Financial Management
• Human Resources
• General Counsel
• Information Technology
• Inspector General
• International Affairs
• Investor Education and Advocacy
• Legislative and Intergovernmental Affairs
• Public Affairs
• Risk Assessment

• Eleven Regional Offices Reporting to both the
  Division of Enforcement and the Office of
  Compliance Inspections and Examinations
• New York
• Boston
• Philadelphia
• Atlanta
• Chicago
• Miami
• Fort Worth
• Denver
• Salt Lake City
• Los Angeles
• San Francisco

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Interaction with the U.S. Securities Exchange
Commission in Chapter 11 or Chapter 7
Bankruptcies
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Interaction with the U.S. Securities Exchange
Commission in Chapter 11 or Chapter 7
Bankruptcies

• Issuance of new securities
• Bankruptcy fraud

Post Confirmation
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SEC Reporting During Bankruptcy
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When Does the SEC Step In?

• The SEC promulgates operating rules that
  establish the role of self-regulatory
  organizations and examining authorities, as well
  as self-regulatory and examining authoritys
  reporting responsibilities to the SIPC of
  inspections and reviews of the SIPC member firms.
  

1 SEC v. Am. Bd. of Trade, Inc., 645 F. Supp.
1047, 1052 (S.D.N.Y. 1986), quoting Petersen v.
Federated Development Co., 387 F. Supp. 355, 361
(S.D.N.Y. 1974). 2 Id.
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Appointment of a Receiver
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Recent Examples of Receiver Appointments and
Enforcement Actions
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