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1 * *, I

2 I

3 II SIPC...38 SIPC...39 SIPC...39 SIPC

4 III

5 1

6 2

7 1

8 ,651 5,420 1, ,

11 < >

16 public companies 10

18 203 3 A B. 12 C

19 13 D

22 5 16

24 SEA 15b-4 18 SEC 12 SEC

25 IOSCO

26 12 20

27 21

28 A. Open Bank Assistance B. C. Purchase And Assumptions D. Bridge Bank And New Banks

29 2 Trustee Failure Securities Investor Protection Corporation SIPC SIPC SEC 3 Trustee 2 23

30 3 1 24

37 2 31

41 30 3 Reorganization Securities Investor Protection Act SIPA 1 SIPC SIPC SIPA

42 SIPC SIPC % 5% 36

44 Securities Investor Protection Act SIPA 31 SIPA Securities Investor Protection Corporation SIPC SEC SEC SIPC SIPA SIPC SIPC SIPC 1934 SIPC SIPA SIPC FDIC SIPC Michael E. Don, Josephine Wang, Stockbroker Liquidations under the Securities Investor Protection Act and Their Impact on Securities Transfers, Cardozo Law Review, December, Thomas W. Joo, Who Watches the Watchers? The Securities Investor Protection Act, Investor Confidence, and the Subsidization of Failure, Southern California Law Review, May,

45 SIPC SEC SIPC SIPC SEC SIPC SEC SIPA SIPC SIPC SEC SIPC SIPC SIPA 33 SIPC SIPC SIPA SIPA SIPC SIPA SIPC SIPC SIPC SIPC SIPC ,191,520, SIPC 33 Thomas Lee Hazen, Law of Securities Regulation Updated by the January 2003 Pocket Part, Chapter 14. Market Regulation; Broker-dealers. 34 Robert S. Banks, Jr. Banks & Underhill, P.C., Investor Protection Not! SIPC and the Securities Investor Protection Act of Financial Statements of SIPC, 2002, 39

46 SIPA SIPC SEC 10 SIPC 1 SIPA SIPC SIPA SIPC SIPC 11 SIPA SIPC 36 SIPA 78eee(a)(3). 40

47 SIPA SIPC SIPC 21 liquidating repurchase agreements stock loans liquidate securities contracts SIPA SIPA SIPC SIPC SIPC SIPA 37 SIPA SIPA SIPA SIPA SIPA SIPA SIPA SIPA 11 SIPA SIPA SIPA 39 2 SIPC SIPA SIPC SIPA SIPA Michael E. Don, Josephine Wang 38 SIPA 78fff(b). 39 SIPC v. Charisma Sec. Corp., 2d Cir, 1974; SEC v. Securities Northwest, Inc., 9th Cir,

48 1 SIPC SIPA SIPA 1978 SIPA 1978 SIPA 40 SIPA 78lll(2) Michael E. Don, Josephine Wang 42

49 SIPC SIPC SIPC SIPC 3 SIPA SIPA 60e 1938 SIPA 1970 SIPA 60e 60e SIPA SIPA 60e 60e SIPA 43

50 60e SIPA 1 2 SIPA 3 SEC 42 SIPA 60e 60e SIPA 1970 SIPA custom name securities SIPA SIPC 2 SIPA 42 SIPA 78fff(c)(2)(C)(i)-(iii) (1970). 44

51 SIPA SIPC 1978 SIPA SIPC SIPA SIPA 4 SIPA SIPA 1 ABC ABC 50 3 XYZ , , ABC 1 30 ABC 2 20,000 SIPC ABC 100 XYZ ABC 43 SIPA 78lll(11). 45

52 1 30 ABC 1 8,000 50,000 5, ,000 5, , , , ,000 23, ABC 20, ,000 3% 3% 1 1,740 56, , , ,800 SIPC SIPC SIPC ABC 30 ABC ABC SIPC 3 XYZ 40, ,000 3% 18,000 1,200 XYZ 6 620, ,000 38,800 XYZ 3 100, ,000 SIPC 3 SIPC SIPC 46

53 44 482, SIPC 45 SIPC 46 SIPC SIPA SIPA SIPA SIPC 47 CIPF CIPF Michael E. Don, Josephine Wang 45 SIPA 78fff-2(f). 46 SIPA 78fff-2(f). 47 SIPA 78fff-3(c)(2). 47

54 CIPF2002 CIPF 20,500 10,

59 (4)

61 %

64 fiduciary duties (c)

66 [2001]121

72 /8/ /10/

73 %

74 /2/ /7/1 1996/6/ /6/5

76 80 3 B

77 71

79 73 167

81 4 75

82 1 2 76

83 1 77

84 Federal Deposit Insurance Corporation 100,000 78

86 80

88 David L. Ratner, Securities Regulation in a Nutshell, West Group (1998) 26. Louis Loss, Joel Seligman, Securities Regulation, Third Edition, Little Brown and Company (1995) 27. Thomas L. Hazen, Broker-Dealer Bankruptcy--The Securities Investor Protection Act, Law of Securities Regulation, Updated By The January 2003 Pocket Part 28. Norman S Poser, Broker-Dealer Law and Regulation (Boston: Little Brown 1995) 29. Thomas W. Joo, Who Watches the Watchers? The Securities Investor Protection Act, Investor Confidence, and the Subsidization of Failure, Southern California Law Review, May, Robert S. Banks, Jr. Banks & Underhill, P.C., Investor Protection Not! SIPC and the Securities Investor Protection Act of Michael E. Don, Josephine Wang, Stockbroker Liquidations under the Securities Investor Protection Act and Their Impact on Securities Transfers, Cardozo Law Review, December,

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