On June 1, 2018, the OCC and FDIC issued a final rule shortening the settlement cycle for securities transactions effected by OCC- and FDIC-regulated institutions. Under the final rule, all such banks will be required to adhere to the standard industry settlement cycle, which currently requires trades to be settled no later than the second
Securities
SEC Proposal Dives Into Long-Standing Debate About the Duties of Investment Professionals
By Gerald Hodgkins & Jason Levy on
Posted in Enforcement, Litigation
On Wednesday, April 18th, the SEC introduced a much-anticipated package of proposed rules and formal guidance concerning the standards of conduct for financial professionals. The more than 1,000-page proposal, which emerged eight years after Congress required the agency to conduct a study on the topic, addresses whether investment advisers and broker-dealers should have identical or…
SEC Report of Investigation Concludes that DAO Tokens Were Securities
By David Stein & Mike Nonaka on
Posted in Blockchain, Fintech
On July 25, 2017, the Securities and Exchange Commission (“SEC”) issued a Report of Investigation (“Report”) finding that the digital tokens offered and sold by the virtual, unincorporated organization known as “The DAO” were securities subject to the federal securities laws. The DAO sold DAO tokens in exchange for the digital currency Ether used on…
2017 Proxy Season Preview: Renewed Shareholder Push for Majority Voting in Director Elections May Affect More Small and Middle Market Banks
Posted in Transactional
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 of small and mid-sized banks. As reported in the American Banker in May, shareholders at some small and mid-sized banks have renewed a push for banks to adopt majority voting, rather than plurality voting, in director elections.
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