{"data":{"id":"us/12-cfr-380.65","jurisdiction":"us","citation":"12 CFR 380.65","heading":"Priorities for unsecured claims against a covered broker or dealer.","body":"Allowed claims not satisfied pursuant to § 380.63(d), including allowed claims for net equity to the extent not satisfied after final allocation of customer property in accordance with § 380.64(a)(3), shall be paid in accordance with the order of priority set forth in § 380.21 subject to the following adjustments:\n(a) Administrative expenses of SIPC incurred in performing its responsibilities as trustee for a covered broker or dealer shall be included as administrative expenses of the receiver as defined in § 380.22 and shall be paid pro rata with such expenses in accordance with § 380.21(c).\n(b) Amounts paid by the Corporation to customers or SIPC shall be included as amounts owed to the United States as defined in § 380.23 and shall be paid pro rata with such amounts in accordance with § 380.21(c).\n(c) Amounts advanced by SIPC for the purpose of satisfying customer claims for net equity shall be paid following the payment of all amounts owed to the United States pursuant to § 380.21(a)(3) but prior to the payment of any other class or priority of claims described in § 380.21(a)(4) through (11).","path":["Title 12—Banks and Banking","CHAPTER III—FEDERAL DEPOSIT INSURANCE CORPORATION","SUBCHAPTER B—REGULATIONS AND STATEMENTS OF GENERAL POLICY","PART 380—ORDERLY LIQUIDATION AUTHORITY","Subpart D—Orderly Liquidation of Covered Brokers or Dealers"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"abe9a5fe22bdaaebb73bc727ea84e552c7862b31d86a7e90eb9feb2b9e1ff2f7","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-380.64","next":"us/12-cfr-380.66"},"notice":"GroundRules: Original legal text. Not legal advice."}