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  • Posts by June King
    Partner

    June is a member of the Corporate Services Department. Her practice focuses on U.S. and state securities laws compliance, Sarbanes-Oxley Act and corporate governance issues, and financial institution regulatory matters. She ...

Treasury Secretary Henry Paulson recently announced terms for private bank participation in Treasury’s capital purchase program (the “CPP”). Private bank applications under the CPP are due on December 8, 2008. Among the key features of the CPP for private banks (“Private Bank Program”) are the following terms.

  • Amount of Equity; Eligible Institutions. Eligible ...

The Emergency Economic Stabilization Act of 2008 (the “Act”), authorizing a $700 billion U.S. economic rescue plan, was passed by Congress on October 3, 2008, and President Bush has signed the Act into law. Since that date, financial industry regulators have announced a number of significant initiatives designed to foster liquidity and confidence in the U.S. financial system ...

Recently, there have been many questions, and some confusion has arisen, regarding the best way to structure personal bank deposits for maximum financial security. Until October 3, 2008, if a depositor’s accounts at one FDIC–insured financial institution totaled $100,000 or less, in general the deposits were insured by the FDIC. As a part of the Emergency Economic Stabilization Act of 2008, the $100,000 FDIC insurance limitation was increased to $250,000 for the period beginning October 3, 2008, and ending December 31, 2009 (Temporary Increase Period). Because this increase is currently a temporary measure, it may be wise to continue to stay within the $100,000 limit. The good news is that it is possible to qualify for additional insurance coverage at an FDIC–insured financial institution as long as certain requirements are met. Deposits made under the following ownership categories can be insured separately:

Public companies were required to substantially increase the information about executive compensation included in their most recent proxy statements. In particular, the U.S. Securities and Exchange Commission (SEC) added a “Compensation Discussion and Analysis” (CD&A) to the required disclosures for public companies, other than small business issuers. Most companies struggled to determine exactly what the SEC was expecting to see in the CD&A.

 Public companies should begin to prepare for the upcoming proxy season now. The revolutionary change in how proxy statements can or must be delivered to shareholders next year means that companies need to develop a plan of action when it comes to the proxy process as soon as possible. Those companies that wait too long may end up missing out on potentially big savings or find out they are too ...

Identity theft, which involves the stealing of personal identifying information, is a growing crime that impacts thousands of unsuspecting consumers. After an identity thief obtains personal information, it may be used to steal money from the victim’s accounts or make massive purchases on the basis of the victim’s credit. While identity theft clearly harms the victim, a ...

On July 26, 2006,the Securities and Exchange Commission (SEC) adopted substantial changes to the rules requiring disclosure of executive compensation, related person transactions and security ownership of officers and directors. The revisions will affect disclosures in proxy statements, annual reports and registration statements of public companies. The SEC will also require that most of the disclosure be provided in plain English. Highlights of the changes include:

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