---
kind: "section"
citation: "12 C.F.R. § 380.65"
title: "12"
number: "380.65"
heading: "Priorities for unsecured claims against a covered broker or dealer."
url: "https://uscodex.org/cfr/12/380.65"
---

# §380.65. Priorities for unsecured claims against a covered broker or dealer.


Allowed claims not satisfied pursuant to [§ 380.63(d)](/cfr/12/380.63.md?p=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)](/cfr/12/380.64.md?p=a-3), shall be paid in accordance with the order of priority set forth in [§ 380.21](/cfr/12/380.21.md) subject to the following adjustments:

- (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](/cfr/12/380.22.md) and shall be paid pro rata with such expenses in accordance with [§ 380.21(c)](/cfr/12/380.21.md?p=c).
- (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](/cfr/12/380.23.md) and shall be paid pro rata with such amounts in accordance with [§ 380.21(c)](/cfr/12/380.21.md?p=c).
- (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)](/cfr/12/380.21.md?p=a-3) but prior to the payment of any other class or priority of claims described in [§ 380.21(a)(4) through (11)](/cfr/12/380.21.md?p=a-4..a-11).

## Notes

### Source

Source: 85 FR 53665, Aug. 31, 2020, unless otherwise noted.

### Authority

Authority: 12 U.S.C. 5385(h); 12 U.S.C. 5389; 12 U.S.C. 5390(s)(3); 12 U.S.C. 5390(b)(1)(C); 12 U.S.C. 5390(a)(7)(D); 12 U.S.C. 5381(b); 12 U.S.C. 5390(r); 12 U.S.C. 5390(a)(16)(D).

### Source

Source: 76 FR 4215, Jan. 25, 2011, unless otherwise noted.