15 U.S.C. § 78fff-1 : US Code - Section 78FFF-1: Powers and duties of a trustee

Search 15 U.S.C. § 78fff-1 : US Code - Section 78FFF-1: Powers and duties of a trustee

(a) Trustee powers
A trustee shall be vested with the same powers and title with
respect to the debtor and the property of the debtor, including the
same rights to avoid preferences, as a trustee in a case under
title 11. In addition, a trustee may, with the approval of SIPC but
without any need for court approval -
(1) hire and fix the compensation of all personnel (including
officers and employees of the debtor and of its examining
authority) and other persons (including accountants) that are
deemed by the trustee necessary for all or any purposes of the
liquidation proceeding;
(2) utilize SIPC employees for all or any purposes of a
liquidation proceeding; and
(3) margin and maintain customer accounts of the debtor for the
purposes of section 78fff-2(f) of this title.
(b) Trustee duties
To the extent consistent with the provisions of this chapter or
as otherwise ordered by the court, a trustee shall be subject to
the same duties as a trustee in a case under chapter 7 of title 11,
including, if the debtor is a commodity broker, as defined under
section 101 of such title, the duties specified in subchapter IV of
such chapter 7, except that a trustee may, but shall have no duty
to, reduce to money any securities constituting customer property
or in the general estate of the debtor. In addition, the trustee
shall -
(1) deliver securities to or on behalf of customers to the
maximum extent practicable in satisfaction of customer claims for
securities of the same class and series of an issuer; and
(2) subject to the prior approval of SIPC but without any need
for court approval, pay or guarantee all or any part of the
indebtedness of the debtor to a bank, lender, or other person if
the trustee determines that the aggregate market value of
securities to be made available to the trustee upon the payment
or guarantee of such indebtedness does not appear to be less than
the total amount of such payment or guarantee.
(c) Reports by trustee to court
The trustee shall make to the court and to SIPC such written
reports as may be required of a trustee in a case under chapter 7
of title 11, and shall include in such reports information with
respect to the progress made in distributing cash and securities to
customers. Such reports shall be in such form and detail as the
Commission determines by rule to present fairly the results of the
liquidation proceeding as of the date of or for the period covered
by such reports, having due regard for the requirements of section
78q of this title and the rules prescribed under such section and
the magnitude of items and transactions involved in connection with
the operations of a broker or dealer.
(d) Investigations
The trustee shall -
(1) as soon as practicable, investigate the acts, conduct,
property, liabilities, and financial condition of the debtor, the
operation of its business, and any other matter, to the extent
relevant to the liquidation proceeding, and report thereon to the
court;
(2) examine, by deposition or otherwise, the directors and
officers of the debtor and any other witnesses concerning any of
the matters referred to in paragraph (1);
(3) report to the court any facts ascertained by the trustee
with respect to fraud, misconduct, mismanagement, and
irregularities, and to any causes of action available to the
estate; and
(4) as soon as practicable, prepare and submit, to SIPC and
such other persons as the court designates and in such form and
manner as the court directs, a statement of his investigation of
matters referred to in paragraph (1).