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tomer to the debtor or trustee after the filing date.

of

$ 300.305 Excluded contracts.

Notwithstanding the fact that an open

contractual commitment described in $ 300.300(c) meets the requirements of $300.301 and the other requirements of these rules, a court shall not be precluded from canceling such commitment, awarding damages, or granting such other remedy as it shall deem fair and equitable if, on application of the trustee or SIPC, it determines that such commitment was not entered into in the ordinary course of business or was entered into by the debtor, or the broker or dealer or his customer, for the purposes of creating a commitment in contemplation of a liquidation proceeding under the Act. Such a determination shall be made after notice and opportunity for hearing by the debtor, such broker or dealer, or such customer, and may be made before or after the delivery of securities or payment of the contract price or before or after any buy-in or sell-out of the open contractual commitment, or otherwise.

$300.306 Completion or closeout pur

suant to SIPC direction. In its discretion SIPC may, in order to prevent a substantial detrimental impact upon the finanical condition of one or more brokers or dealers, direct the closeout or completion of an open contractual commitment, irrespective of whether it is described in $ 300.300(c) or meets the requirements of $ 300.301 or has been reported in conformity with $ 300.303 or is supported by appropriate documentation. SIPC shall consult with the Securities and Exchange Commission before SIPC makes any determinations under this section. $ 300.307 Completion with cash or se

curities of customer. The trustee may, if authorized by the court, complete an open contractual commitment of the debtor, regardless of whether it is described in $300.300(0) or meets the requirements of $ 300.301 or has been reported to the trustee in conformity with $300.303, to the extent that such commitment is completed with customer name securities of the customer of the debtor for whose account the commitment was made, or with cash or securities paid or delivered by or for the account of such cus

$ 300.400 Satisfaction

customer claims for standardized options. (a) For the purpose of sections 7(b)(1), 8 (b) and (d), and 16(11) of the Securities Investor Protection Act (hereinafter referred to as “the Act”), this rule will be applied in determining what a customer will receive in either (1) a liquidation proceeding pursuant to the Act or (2) a direct payment procedure pursuant to section 10 of the Act, in satisfaction of a claim based upon Standardized Options positions.

(b) As promptly as practicable after the initiation of a liquidation proceeding or a direct payment procedure under the Act, the trustee in a liquidation proceeding, or SIPC in a direct payment procedure, shall liquidate or cause to be liquidated, by sale or purchase, all Standardized Options positions held for the accounts of customers.

(c) A trustee in a liquidation proceeding, or SIPC in a direct payment procedure, shall calculate the dollar amount of all Standardized Options positions held for the account of a customer in accordance with section 16(11) of the Act, and credit or debit, as appropriate, the dollar amount so calculated to the account of such customer.

(d) Notwithstanding paragraph (b) of this section, neither the trustee in a liquidation proceeding nor SIPC in a direct payment procedure shall be required under this rule to liquidate any short position in Standardized Options covered by the deposit of (1) the underlying securities, in the case of a call option, or (2) treasury bills, in the case of a put option, by or on behalf of a customer with a bank or other depository. Any such positions that are not liquidated shall be excluded from the calculation provided for in paragraph (c) of this section.

(e) In no event will Standardized Options positions be delivered to or on behalf of customers in satisfaction of claims pursuant to section 7(b)(1) of the Act.

(f) In no event will Standardized Options be purchased for delivery to customers pursuant to section 8(d) of the Act.

(g) This rule shall not be construed as limiting or restricting in any way the exercise of any right of a broker or registered clearing agency to liquidate or cause the liquidation of Standardized Options Positions.

(h) As used in this rule the term Standardized Options means options traded on a national securities exchange, an automated quotation system of a registered securities association, or a foreign securities exchange. (48 FR 49840, Oct. 28, 1983)

has ordered securities purchased for the account, unless:

(1) The Debtor has sent written confirmation to the customer that the securities in question have been purchased for or sold to the customer's account; or

(2) Whether or not such a written confirmation has been sent, if the securities in question have become the subject of a completed or executory contract for purchase for or sale to the account.

RULES RELATING TO SATISFACTION OF A

“CLAIM FOR CASH" OR A “CLAIM FOR SECURITIES"

SOURCE: Sections 300.500 through 300.503 appear at 53 FR 10369, Mar. 31, 1988, unless otherwise noted.

$ 300.500 General.

These rules will be applied in determining whether a securities transaction gives rise to a “claim for cash” or a "claim for securities” on the filing date of either a liquidation proceeding pursuant to the Securities Investor Protection Act (hereinafter referred to as “the Act”) or a direct payment procedure pursuant to section 10 of the Act.

$300.502 Claim for securities.

(a) Where the Debtor held cash in an account for a customer, the custo er has a “claim for securities” with respect to any authorized securities purchase:

(1) If the Debtor has sent written confirmation to the customer that the securities in question have been purchased for or sold to the customer's account; or

(2) Whether or not such a written confirmation has been sent, if the securities in question have become the subject of completed or executory contract for sale for or purchase from the account.

(b) Where the Debtor held securities in an account for a customer, the customer has a “claim for securities', notwithstanding the fact that the customer has ordered the securities sold for the account, unless:

(1) The Debtor has sent written confirmation to the customer that the securities in question have been sold for or purchased from the customer's account; or

(2) Whether or not written confirmation of the purchase has been sent, if the securities in question have become the subject of completed or executory contract for sale for or purchase form the account.

$300.501 Claim for cash.

(a) Where a SIPC member (“Debtor") held securities in an account for a customer, the customer has a “claim for cash” with respect to any authorized securities sale:

(1) If the Debtor has sent written confirmation to the customer that the securities in question have been sold for or purchased from the customer's account; or

(2) Whether or not such a written confirmation has been sent, if the securities in question have become the subject of a completed or executory contract for sale for or purchase from the account.

(b) Where the Debtor held cash in an account for a customer, the customer has a “claim for cash”, notwithstanding the fact that the customer

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FORMS FOR CLOSEOUT OR COMPLETION OF

OPEN CONTRACTUAL COMMITMENTS

(b) Nothing in these Series 500 Rules shall be construed as limiting the right of the Securities Investor Protection Corporation, in a direct payment procedure under section 10 of the Act, to reject a claim for cash or a claim for securities if such claim arose out of a securities transaction which could have been avoided in a liquidation proceeding under the Act.

PART 301-FORMS, SECURITIES IN

VESTOR PROTECTION CORPORA-
TION

$ 301.300a Form 300-A, for summary of

buy-ins or sell-outs of all open con

tractual commitments. This form shall be filed as required by $300.303 of this chapter with the trustee in a proceeding under section 5 of the Act by a broker-dealer who executed transactions out of which arose open contractual commitments, as defined by $300.300(c) of this chapter, with the debtor in the proceeding. The form shall be used to summarize the buy-ins and sell-outs of those open contractual commitments and shall be accompanied by the forms described in $$ 301.300b and 301.300c.

EDITORIAL NOTE: For FEDERAL REGISTER citations affecting Form 300-A, see the List of CFR Sections Affected, which appears in the Finding Aids section of the printed volume and on GPO Access.

Sec. 301.0-1 Availability of forms.

FORMS FOR CLOSEOUT OR COMPLETION OF OPEN

CONTRACTUAL COMMITMENTS

301.300a Form 300-A, for summary of buy

ins or sell-outs of all open contractual

commitments. 301.300b Form 300-B, for report of all fails to

deliver. 301.300C Form 300-C, for report of all fails to

receive. AUTHORITY: Sec. 3, 84 Stat. 1636 (15 U.S.C. 78ccc), as amended by sec. 3, Pub. L. 95–283, 92 Stat. 249.

SOURCE: 44 FR 21213, Apr. 9, 1979, unless otherwise noted.

NOTE: Pursuant to section 3(e)(2)(D) of the Securities Investor Protection Act of 1970 (the “Act''), the Securities and Exchange Commission (“Commission'') shall approve a proposed rule change submitted by the Securities Investor Protection Corporation (**SIPC'') if the Commission finds the rule change is in the public interest and is consistent with the purposes of the Act. Any rule change so approved shall be given force and effect as if promulgated by the Commission. The forms described in this part have been so approved.

8 301.300b Form 300-B, for report of all

fails to deliver. This form shall be filed as required by $300.303 of this chapter with the trustee in a proceeding under section 5 of the Act by a broker-dealer who executed transactions out of which arose open contractual commitments, as defined by $300.300(c) of this chapter, with the debtor in the proceeding. The form shall be used to report all the fails to deliver, as defined by $300.300(b) of this chapter, that were open on the filing date, as well as any subsequent closeouts. This form shall accompany the form described in $ 300.300a.

EDITORIAL NOTE: For FEDERAL REGISTER Cİtations affecting Form 300-B, see the List of CFR Sections Affected, which appears in the Finding Aids section of the printed volume and on GPO Access.

$ 301.0-1 Availability of forms.

The forms prescribed for use under the Securities Investor Protection Act of 1970, as amended, (the “Act”) and under part 300 of this chapter are identified and described in this part. Copies of these forms may be obtained upon request to, as appropriate, the Securities Investor Protection Corporation (“SIPC”) at 900 Seventeenth Street, NW., Washington, DC 20006, or the trustee appointed in a liquidation proceeding under section 5 of the Act.

§ 301.300c Form 300-C, for report of all

fails to receive. This form shall be filed as required by $ 300.303 of this chapter with the trustee in a proceeding under section 5 of the Act by a broker-dealer who executed transactions out of which arose open contractual commitments, as defined by $300.300(c) of this chapter, with the debtor in the proceeding. The form shall be used to report all the fails to receive, as defied by $ 300.300(a) of this chapter, that were open on the filing date, as well as any subsequent closeouts. This form shall accompany the form described in § 300.300a.

EDITORIAL NOTE: For FEDERAL REGISTER CÍtations affecting Form 300-C, see the List of CFR Sections Affected, which appears in the Finding Aids section of the printed volume and on GPO Access.

1

CHAPTER IV-DEPARTMENT OF THE TREASURY

SUBCHAPTER A-REGULATIONS UNDER SECTION 15C OF THE

SECURITIES EXCHANGE ACT OF 1934

Part 400 401 402 403 404 405 420 449

Rules of general application
Exemptions
Financial responsibility
Protection of customer securities and balances
Recordkeeping and preservation of records
Reports and audit ......
Large position reporting
Forms, Section 15C of the Securities Exchange Act

of 1934 .......

Page 863 869 874 900 908 914 919

925

SUBCHAPTER B-REGULATIONS UNDER TITLE II OF THE GOVERNMENT

SECURITIES ACT OF 1986

450

Custodial holdings of government securities by de

pository institutions

927

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