FASB’s Invitation to Comment – Agenda Consultation
SIFMA provided comments to the Financial Accounting Standards Board (FASB) on its Invitation to Comment - Agenda Consultation (the “ITC”).
Summary
SIFMA has submitted an Amicus “Friend of the Court” Brief.
Court:
U.S. District Court
(S.D. NY)
Amicus Issue:
Whether deposits into a customer’s own account with a securities broker are voidable under the Bankruptcy Code as fraudulent transfers, and whether a financial institution that credits deposits to an accountholder thereby becomes an “initial transferee” of those deposits.
Counsel of Record:
Dickstein Shapiro LLP
1825 Eye Street, NW
Washington, DC 20006
Howard Schiffman
Eric A. Bensky
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