Archives: Transactional

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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

CRE Concentrations Affect Bank M&A Activity

In recent years, bank regulators increasingly have focused on the growth in commercial real estate (CRE) concentrations and the perceived risk that such concentrations create in relation to earnings and capital.  This concern was highlighted in December 2015, when the Fed, the FDIC and the OCC jointly issued a statement to “remind financial institutions of … Continue Reading

Post-Election Outlook for Financial Regulatory Agencies: U.S. Securities and Exchange Commission

Republican president-elect Donald J. Trump, with the support of a Republican controlled Senate and House of Representatives, promises to bring in a new era of limited government, rolling back legislation enacted under President Obama’s administration. This transition to a new administration will have a significant impact on each of the federal financial regulatory agencies, including … Continue Reading

OCC Announces New Centralized Online System for Licensing and Public Welfare Investment Filings

On November 7, 2016, the Office of the Comptroller of the Currency (“OCC”) announced that the agency will begin phasing in a new, centralized online system for processing licensing and public welfare investment applications and notices filed by national banks, federal savings associations, and federal branches and agencies (collectively, “banks”).… 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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