Restrictions on sale of assets of a covered financial company by the Federal Deposit Insurance Corporation.

CFR · 2024-01-01 · US · Title 12

(a) (2) (ii) The restrictions in this section apply to the sale of assets of a bridge financial company if: (A) The sale is not in the ordinary course of business of the bridge financial company, and (B) The approval or non-objection of the FDIC is required in connection with the sale according to the charter, articles of association, bylaws or other documents or instruments establishing the governance of the bridge financial company and the authorities of its board of directors and executive officers. (iii) In the case of a sale of securities backed by a pool of assets that may include assets of a covered financial company by a trust or other entity, this section applies only to the sale of assets by the FDIC to an underwriter in an initial offering, and not to any other purchaser of the securities. (iv) The restrictions of this section do not apply to a sale of a security or a group or index of securities, a commodity, or any qualified financial contract that customarily is traded through a financial intermediary, as defined in paragraph (b) of this section, where the seller cannot control selection of the purchaser and the sale is consummated through that customary practice. (v) The restrictions of this section do not apply to a judicial sale or a trustee's sale of property that secures an obligation to the FDIC where the sale is not conducted or controlled by the FDIC. (vi) The restrictions of this section do not apply to the sale or transfer of an asset if such sale or t

official document · source cfr-2024 · id 12:§ 380.13