Reid Hooper

Reid Hooper

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Shortened T+2 Settlement Cycle for Securities Transactions is Implemented

On September 5, 2017, the securities industry implemented a shortened standard settlement cycle for securities transactions from three business days (“T+3”) to two business days (“T+2”). On March 22, 2017, the Securities and Exchange Commission (the “SEC”) had adopted an amendment to Rule 15c6-1(a) of the Securities and Exchange Act of 1934 that shortened the … Continue Reading

SEC Clarifies Guidance Related to Omission of Interim Financial Information in Registration Statements

On Thursday, August 17, 2017, the U.S. Securities and Exchange Commission (the “SEC”) issued an interpretation that clarifies what financial information an emerging growth company (an “EGC”) may omit from its confidentially submitted draft registration statement.… Continue Reading

SEC Permits All Companies to File Certain Registration Statements Confidentially

On June 29, 2017, the Division of Corporate Finance of the Securities and Exchange Commission announced that it will permit all companies to submit drafts of certain registration statements to the Division on a confidential basis, expanding a popular privilege that was made available to emerging growth companies under the Jumpstart Our Business Startups Act (known … Continue Reading

SEC Chair Will Continue to Push Agenda, Despite GOP Requests

Shortly after the election, House Republicans reportedly sent a letter to the federal agencies, including the SEC, asking them to refrain from finalizing any pending rules or regulations in order to provide the new administration and Congress the opportunity to review and provide direction. The letter further stated that “should you ignore this counsel, please … Continue Reading

2017 Proxy Season Preview: Renewed Shareholder Push for Majority Voting in Director Elections May Affect More Small and Middle Market Banks

As the 2017 proxy season approaches, now is the ideal time for bank to begin preparations.  As in past proxy seasons, one issue that may turn out to be a significant focus of shareholders and companies alike is the voting standard for director elections.  This is no more evident than in the corporate governance regimes … Continue Reading
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