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Results: 1-10 of 54

SEC provides six-month reprieve from ratings disclosure requirements in ABS offerings
  • Alston & Bird LLP
  • USA
  • July 23 2010

Yesterday, the SEC's Division of Corporation Finance issued a no-action letter providing class relief for asset-backed securities (ABS) issuers from the Regulation AB Item 1103(a)(9) and 1120 requirements that a prospectus for an ABS offering disclose whether an issuance or sale of any class of offered ABS is conditioned on the assignment of a rating by one or more rating agencies and, if so, disclose the minimum credit rating that must be assigned and the identity of each rating agency and any arrangements to have such ratings monitored while the ABS are outstanding


Providence Bank assumes all of the deposits of Premier Bank
  • Alston & Bird LLP
  • USA
  • October 17 2010

On Friday, the Missouri Division of Finance closed Premier Bank, headquartered in Jefferson City, Missouri, and appointed the FDIC as receiver


House passes "Pay for Performance Act"
  • Alston & Bird LLP
  • USA
  • April 2 2009

Last night, by a 247-171 vote, with 237 Democrats and 10 Republicans voting in favor, the House of Representatives passed H.R. 1664, the "Pay for Performance Act of 2009."


Treasury announces auto supplier support program
  • Alston & Bird LLP
  • USA
  • March 20 2009

Yesterday, the Treasury Department announced an auto supplier support program that is intended "to help stabilize the auto supply base and restore credit flows in a critical sector of the American economy" by addressing concerns that "banks are unwilling to extend credit" against auto supplier receivables due from auto manufacturers "due to the uncertainty about the ability of the auto companies to honor their obligations."


Treasury releases completed transactions report, including additional loans to Chrysler and GM
  • Alston & Bird LLP
  • USA
  • May 22 2009

Today, Treasury released a completed transaction report disclosing that two financial institutions had repurchased an aggregate of $77,193,000 of preferred stock issued to Treasury under the Capital Purchase Program (CPP), and one other financial institution that had previously repurchased Treasury's preferred stock paid an additional $1,200,000 to purchase Treasury's warrants, reducing Treasury’s total investment in financial institutions under the CPP (net of repayments) to $197,869,419,000


AIG files preliminary proxy statement disclosing new director nominees and planned departure of CEO
  • Alston & Bird LLP
  • USA
  • May 22 2009

Yesterday, American International Group, Inc. (AIG) filed a preliminary proxy statement with the the SEC for its upcoming annual meeting of stockholders


JOBS Act aims to jumpstart capital formation
  • Alston & Bird LLP
  • USA
  • April 5 2012

The Jumpstart Our Business Startups Act (otherwise known as the JOBS Act), which was signed into law by President Obama on April 5, 2012, contains the most sweeping set of changes to the securities laws governing public and private offerings since the Securities Offering Reform was enacted in 2005


Geithner: "the financial system is starting to heal"
  • Alston & Bird LLP
  • USA
  • May 13 2009

In a speech this morning before the Independent Community Bankers of America (ICBA), while acknowledging that "the process of financial recovery and repair is going to take time," Treasury Secretary Geithner cited several key metrics that indicated that "the financial system is starting to heal"


SEC will not appeal proxy access decision; Rule 14a-8 amendments on private ordering to become effective
  • Alston & Bird LLP
  • USA
  • September 8 2011

Late Tuesday, September 6, 2011, the Securities and Exchange Commission (SEC) Chairman Mary L. Shapiro issued a statement that the SEC would not seek a rehearing of the decision by the United States Court of Appeals for the District of Columbia Circuit vacating the SEC’s recently adopted Rule 14a-11 and related amendments and would not seek Supreme Court review


Bernanke defends stress tests
  • Alston & Bird LLP
  • USA
  • May 12 2009

In a speech last night at the Federal Reserve Bank of Atlanta's Financial Markets Conference, Federal Reserve Chairman Ben Bernanke acknowledged that "projecting credit losses in an uncertain economic environment is difficult, to say the least," but nonetheless expressed confidence in the results of the Supervisory Capital Assessment Program (SCAP) given "the intensive, painstaking nature" of the assessment process