---
kind: "section"
citation: "17 C.F.R. § 302.105"
title: "17"
number: "302.105"
heading: "Priorities for unsecured claims against a covered broker or dealer."
url: "https://uscodex.org/cfr/17/302.105"
---

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


Allowed claims not satisfied pursuant to [§ 302.103(d)](/cfr/17/302.103.md?p=d), including allowed claims for net equity to the extent not satisfied after final allocation of customer property in accordance with [§ 302.104(a)(3)](/cfr/17/302.104.md?p=a-3), shall be paid in accordance with the order of priority set forth in [12 CFR 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 [12 CFR 380.22](/cfr/12/380.22.md) and shall be paid pro rata with such expenses in accordance with [12 CFR 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 [12 CFR 380.23](/cfr/12/380.23.md) and shall be paid pro rata with such amounts in accordance with [12 CFR 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 [12 CFR 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 [12 CFR 380.21(a)(4) through (11)](/cfr/12/380.21.md?p=a-4..a-11).

## Notes

### Authority

Authority: 12 U.S.C. 5385(h).

### Source

Source: 85 FR 53668, Oct. 30, 2020, unless otherwise noted.