Sec. 202. Prevention of fraudulent transfers

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Section 546(e) of title 11, United States Code, is amended by inserting after 548(b) of this title, the following: and except in the case of a transfer made in connection with a change in control transaction, as defined in section 3 of the . Stop Wall Street Looting Act , or during the protected period, as defined in section 548(f) of this title, Section 548 of title 11, United States Code, is amended by adding at the end the following: In this subsection— the terms change in control transaction , control person , and target firm have the meanings given those terms in section 3 of the Stop Wall Street Looting Act ; and the term protected period means the shorter of— the 8-year period beginning on the date on which a change in control transaction closed; or the period beginning on the date on which a change in control transaction closed and ending on the earliest subsequent date on which a public offering of a controlling share of the common equity securities of the target firm occurs.

For purposes of this section, if the debtor is a target firm, the debtor is presumed to have made a transfer or incurred an obligation described in subparagraphs

(A)and

(B)of subsection (a)(1) if— the transfer was made to or obligation was incurred by the debtor or an affiliate in connection with a change in control transaction; or during a protected period— the transfer was made by the debtor or an affiliate to a control person, an affiliate, or an insider; or the obligation was incurred by the debtor or an affiliate from a control person, an affiliate, or an insider. For the purposes of this section, a court shall, in analyzing related transactions, link together as a single transaction any interrelated yet formally distinct steps in an integrated transaction (commonly known as the step transaction doctrine ). . Section 548 of title 11, United States Code, is amended— in subsection (a)(1), by striking paragraph that was made or incurred on or within 2 years before the date of the filing of the petition and inserting that was made or incurred during the period described in subsection

(g); and adding at the end the following: The trustee may avoid under subsection

(a)a transfer of an interest of the debtor in property or any obligation incurred by the debtor on or within— 8 years before the date of the filing of the petition if the transfer was made or obligation incurred in connection with a change in control transaction, as defined in section 3 of the Stop Wall Street Looting Act ; or 2 years before the date of the filing of the petition for all other transfers and obligations. . Section 3306(b) of title 28, United States Code, is amended— in paragraph (2), by striking or at the end; in paragraph (3), by striking the period at the end and inserting ; or ; and by adding at the end the following: within 8 years after the transfer was made or the obligation was incurred, if the transfer was made or the obligation was incurred— in connection with a change in control transaction, as defined in section 3 of the Stop Wall Street Looting Act ; or during a protected period, as defined in section 548(f) of title 11. . Section 1103(c) of title 11, United States Code, is amended— by redesignating paragraphs

(3)through

(5)as paragraphs

(4)through (6), respectively; and by inserting after paragraph

(2)the following: upon motion, undertake an examination of a director, officer, general partner, or person in control of the debtor regarding potential conflicts of interest; . Section 1107 of title 11, United States Code, is amended— in subsection (a), by striking Subject to and inserting, Except as provided in subsection (c), subject to ; and by adding at the end the following: Notwithstanding subsection (a), if a debtor in possession is serving in a case under this title, a committee of creditors appointed under section 1102 of this title shall have the exclusive right of a trustee serving in a case under this chapter to bring or settle on behalf of the estate— an action under section 544, 547, 548, or 553 to avoid a transfer made or obligation incurred by the debtor in connection with a change of control transaction, as defined in section 3 of the Stop Wall Street Looting Act ; or an action against an insider, a former insider, or an agent or aider and abettor of an insider or former insider. .