Following is Davis Polk’s client memorandum on the FDIC’s and the SEC’s proposed rule to implement the provisions applicable to covered broker-dealers under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The Proposed Rule is intended to provide clarity on those provisions, including the roles of the FDIC as receiver and the Securities Investor Protection Corporation as trustee as well as the administration of claims of customers and creditors.

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