FDIC Publishes Final Rule on Restrictions on Sales of Assets of a Covered Financial Company (Fed. Reg.)

The Federal Deposit Insurance Corporation ("FDIC") published a final rule to implement Dodd-Frank Section 210(r) ("Powers and Duties of the Corporation") in the Federal Register. Under Section 210(r), individuals or entities that have, or may have, contributed to the failure of a "covered financial company" cannot buy that covered financial company's assets from the FDIC.

The final rule establishes a self-certification process that is a prerequisite to the purchase of assets of a covered financial company from the FDIC. The final rule will become effective on July 1, 2014.

See: 79 FR 20762.