Legislative and Regulatory Developments
The Dodd-Frank Act and other legislative initiatives have prompted significant committee activity. Here are some highlights:
- The Consumer Financial Protection Act, codified at Title X of Dodd-Frank, raises significant issues related to federal preemption of state consumer financial laws. For an in-depth discussion of those issues, check out Travis Nelson's article in the October issue of the Banking Law Committee Journal.
- For an overview of major legislative developments affecting the business bankruptcy practice, take a look at Judith Greenstone Miller, Aisha Williams, and Brian Yates' report from the Business Bankruptcy Committee's fall meeting.
- As the rulemaking following the enactment of Dodd-Frank ramps up, comment letters submitted by the Federal Regulation of Securities Committee provide a roadmap to understanding the current issues. For example, the Committee submitted a comment letter on Dodd-Frank Section 1502 which added Section 13(p) to the Securities Exchange Act and required certain companies to disclose whether "conflict minerals" coming from certain parts of Africa are necessary to the functionality or production of a product manufactured by such company. More comment letters are underway - keep an eye on the Federal Regulation of Securities comment letter site!
FDIC and Failed-Bank Issues
- If you represent a failed bank or bank holding company, or an officer or director thereof, you shouldn't miss the Annual Meeting CLE program sponsored by the Banking Law Committee. [Materials] You should also check out Lorraine Buerger's article on FDIC-assisted acquisitions in the October issue of the Banking Law Committee Journal.
- For an update on what's happening with the FDIC's claim for more than $900 million in Colonial Bancgroup's bankruptcy litigation, check out Peter Bergan's article in the October issue of the Banking Law Committee Journal.
As credit risk continues to be a hot business issue, consider the following scholarship on security interests:
- For a discussion of the issues that arise in structuring, securing, and perfecting security interests for commercial loan transactions where a debtor, the collateral, or both are located outside the United States, check out an Annual Meeting CLE program sponsored by the UCC, International Business Law, and Project Finance Committees.
- For an overview of the emerging issue of bankruptcy courts invalidating savings clauses, check out the materials from the Business Bankruptcy Committee's fall meeting.
Offerings and Share Classes
- For some current thinking on alternative offerings, take a look at the Annual Meeting CLE program on PIPEs, registered directs, wall-crossed deals, and rights offerings sponsored by the Federal Regulation of Securities Committee.
- For an evaluation of preferred vs. common stock, look no further than the Annual Meeting CLE program sponsored by the Corporate Laws Committee.
For an overview of the implications of International Financial Reporting Standards for your clients' debt covenants, regulatory compliance, state corporate law, corporate governance, and litigation contingencies, check out the Annual Meeting CLE program sponsored by the Law and Accounting, Commercial Finance, Federal Regulation of Securities, and UCC Committees. [Materials] Related to this, you might consider reviewing the SEC Staff's recently issued first progress report on the work plan for the consideration of incorporating IFRS into U.S. issuers' financial reporting system.