17 C.F.R. § 300.100

General

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(a) For the purpose of sections 9(a)(2) and 16(12) of the Securities Investor Protection Act (hereinafter referred to as “the Act”), these rules will be applied in determining what accounts held by a person with a member of SIPC (hereinafter called a “member”) are to be deemed accounts held in a capacity other than his individual capacity.

(b) Accounts held by a customer in different capacities, as specified by these rules, shall be deemed to be accounts of “separate” customers.

(c) A “person” as used in these rules includes, but is not limited to, an individual, a corporation, a partnership, an association, a joint stock company, a trust, an unincorporated organization, or a government or political subdivision thereof.

(d) The burden shall be upon the customer to establish each capacity in which he claims to hold accounts separate from his individual capacity.

Notes of Decisions

Cited in 5 cases (1 in the last 5 years), 1997–2021 · leading case: Sec. Inv. Prot. Corp. v. Bernard L. Madoff Inv. Sec. LLC (In re Madoff), 531 B.R. 439 (Bankr. S.D.N.Y. 2015).

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Sec. Inv. Prot. Corp. v. Bernard L. Madoff Inv. Sec. LLC (In re Madoff), 531 B.R. 439 (Bankr. S.D.N.Y. 2015). · cites it 2× “” 17 C.F.R. § 300.100 (b). Accounts held by corporations, partnerships or unincorporated associations are treated as separate from the partners or owners of the entity, id.”

Sec. Inv. Prot. Corp. v. Bernard L. Madoff Inv. Sec. LLC (In re Madoff), 522 B.R. 41 (Bankr. S.D.N.Y. 2014). “”); (3) 17 C.F.R. § 300.100 (b) (“[a]ccounts held by a customer int different capacities, as specified by these rules, shall be deemed to be accounts of "separate” customers.”

In Re Adler, Coleman Clearing Corp., 204 B.R. 99 (Bankr. S.D.N.Y. 1997). “They cite to SIPA and the SIPC Rules, 17 C.F.R. §§ 300.100 to 300.503 (1996), to support their assertion.”

In Re Adler, Coleman Clearing Corp., 216 B.R. 719 (Bankr. S.D.N.Y. 1998). “…held by a customer in different capacities, as specified by these rules, shall be accounts of "separate" customers. 17 C.F.R. § 300.100 .”

Bernard L. Madoff Inv. Sec. LLC v. Lisa Beth Nissenbaum Trust (S.D.N.Y. 2021). “” 17 C.F.R. 300.100(b); see also 15 U.S.C. § 78fff-3(a)(2) (“[A] customer who holds accounts with the debtor in separate capacities shall be deemed to be a different customer in each capacity.”

— 17 C.F.R. § 300.100(b) — 1 case

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