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The Federal Regulation of Securities Committee (the “Committee”) of the Business Law Section of the American Bar Association (“ABA”) submitted its comment letter addressing the Securities and Exchange Commission’s (“SEC”) Registered Offering Reform rulemaking proposal (the “Registered Offering Proposed Rules”), the Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies…

Recent geopolitical developments have catalysed a reordering of European defence policy. The European Union has initiated significant efforts to revitalise and consolidate its defence and security industrial base through the Permanent Structured Cooperation, the European Defence Fund, the Strategic Compass for Security and Defence, the European Defence Industrial Strategy and the proposed European Defence Industry…

The SEC recently published its report on the 2024 Government-Business Forum on Small Business Capital Formation.  The Forum addresses a range of issues affecting small businesses, including smaller public companies.  The SEC’s Office of the Advocate for Small Business Capital Formation leads the Forum.  The following fifteen policy recommendations, which range from recommendations related to…

The Securities and Exchange Commission (the “SEC”) has adopted new rules that require public companies to disclose substantial information about the material impacts of climate-related risks on their business, financial condition, and governance (the “Final Rules”).  The SEC says that “climate-related risks, their impacts, and a public company’s response to those risks can significantly affect…

On October 20, 2023, the US federal banking regulators announced that they were extending the period for public comment to January 16, 2024 for both the (i) Basel Endgame proposal to significantly revise the risk-based regulatory capital requirements for certain midsize and larger US banking organizations (the “Capital Proposal”) and (ii) proposal to change the…

On July 27, 2023, the US banking regulators issued a proposal to significantly revise the risk-based capital requirements applicable to large banks and to banks with significant trading activity. The proposal, which is colloquially referred to as “Basel III Endgame” or “Basel IV,” includes important changes to the calculation of credit risk weights for securitization…

In late July 2023, US banking agencies released proposals to significantly revise the risk-based regulatory capital requirements for certain midsize and larger US banking organizations, and change how the capital surcharge is calculated for global, systemically important banking organizations. These proposals are critical, as the amount of capital a bank must maintain with respect to…

On July 27, 2023, US federal banking regulators issued proposals to significantly revise the risk-based regulatory capital requirements for certain midsize and larger US banking organizations (the “Capital Proposal”) and change the method for calculating the capital surcharge for global systemically important banking organizations (“G-SIBs”). These proposals are of critical importance because the amount of…

On July 27, 2023, US federal banking regulators issued proposals to (i) significantly revise the risk-based regulatory capital requirements for certain midsize and larger US banking organizations (the “Capital Proposal”) and (ii) change the method for calculating the capital surcharge for globally systemically important banking organizations (“G-SIBs”) (the “G-SIB Surcharge Proposal”). These proposals are of…