Month: August 2016

Banking News – Green Bancorp’s CFO to Depart But Keep up Corporate Ties
&nbspThe chief fiscal officer of Green Bancorp will leave the Houston company in October, even if he will keep up ties to it.
Union Banking – http://www.americanbanker.com/news/union-banking/green-bancorps-cfo-to-depart-but-keep up-corporate-ties-1091045-1.html

Banking News – Too simple for auditors to cock a deaf ’un
&nbspFeeble fines mean the Huge Four are not being held to account
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/6bafa112-6f84-11e6-9ac1-1055824ca907.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Danish payments PC Nets plans IPO
&nbspPE owners look to duplicate earlier success with UK’s Worldpay
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/fbea1306-6f94-11e6-a0c9-1365ce54b926.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Danish payments PC Nets plans IPO
&nbspPE owners look to duplicate earlier success with UK’s Worldpay
FT.com – Banks – http://www.ft.com/cms/s/0/fbea1306-6f94-11e6-a0c9-1365ce54b926.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – SEC Proposes Amendments to Require Hyperlinks to Exhibits in Filings
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The Securities and Chat Fee today projected rule and form amendments that would require registrants to include a hyperlink to exhibits in their filings.

“The projected changes should make it much simpler to locate ID emotionally caught up to company filings,” said SEC Chair Mary Jo White. “This enhanced capability will benefit both investors and companies.”

The projected amendments would require registrants that file registration statements and periodic and current reports that are subject to the exhibit equipment under Item 601 of Parameter S-K, or that file on Forms F-10 or 20-F, to include a hyperlink to each exhibit listed in the exhibit index of the filings. The amendments would also require that registrants submit all of these filings in HyperText Markup Foreign language (HTML) format. 

The public comment period will remain open for 45 days later periodical in the Federal Catalog. To submit observations, use the SEC’s Internet submission form or send an e-mail to [email protected].

SEC.gov Updates: Press Releases – http://www.sec.gov/news/pressrelease/2016-176.html

Banking News – New Head and CFO at Coastal Banking in S.C.
&nbspCoastal Banking Co. in Beaufort, S.C., promoted Charles Wagner to head and hired Thomas Flournoy to be its new chief fiscal officer.
Union Banking – http://www.americanbanker.com/news/union-banking/new-head-and-cfo-at-coastal-banking-in-sc-1091038-1.html

Banking News – Why Many Banks Are Hanging On to FDIC Loss-Share Pacts
&nbspPlenty of banks have finished their federal loss-share deals early, but despite the incentives to wind them down, plenty more still have these crisis-era provision in place. It may be due to varying deadlines, mistakes calculating loan values or worries that they still might need the coverage for home equity lines.
Union Banking – http://www.americanbanker.com/news/inhabitant-regional/why-many-banks-are-hanging-on-to-fdic-loss-share-pacts-1091036-1.html

Banking News – How Two Expense Reports Cost a Bank’s Shareholders $2.5M
&nbspA breakdown in domestic reins at Bank of Princeton nearly killed a deal to sell the company to Investors Bancorp.
Union Banking – http://www.americanbanker.com/news/dealmaking-approach/how-two-expense-reports-cost-a-banks-shareholders-25m-1091035-1.html

Banking News – Fee Rate Advisory #1 for Fiscal Year 2017
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The Securities and Chat Fee today announced that in fiscal year 2017 the fees that public companies and other issuers pay to catalog their securities with the Fee will be set at $115.90 per million dollars.

The securities laws require the Fee to make annual adjustments to the rates for fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Chat Act of 1934. The Fee must set rates for the fees paid under Section 6(b) to levels that the Fee projects will breed collections equal to annual legislative target amounts. The Fee’s projections are calculated using a slant urban in consultation with the Congressional Budget Office and the Office of Management and Budget. The legislative target amount for fiscal year 2017 is $585 million. The annual adjustment to the fee rate under Section 6(b) also sets the annual adjustment to the fee rates under Sections 13(e) and 14(g).

By law, the annual rate changes for fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Chat Act of 1934 must take effect on the first day of each fiscal year. Consequently, commanding Oct. 1, 2016, the Section 6(b) fee rate applicable to the registration of securities, the Section 13(e) fee rate applicable to the repurchase of securities, and the Section 14(g) fee rates applicable to proxy solicitations and statements in corporate control transactions will boost from $100.70 per million dollars to $115.90 per million dollars. The Section 6(b) rate is also the rate used to assess the fees payable with the Annual Notice of Securities Sold Pursuant to Rule 24f-2 under the Investment Company Act of 1940.

 The Fee will issue further notices as apt to keep the public well-informed of developments concerning to fees under Section 6(b), Section 13(e) and Section 14(g). These notices will be posted on the Fee’s Internet Web site at www.sec.gov.

SEC.gov Updates: Press Releases – http://www.sec.gov/news/pressrelease/2016-175.html

Banking News – Swift warns banks about hacker theft
&nbspCybercriminals have made off with unspecified amounts of cash, payments network tells members
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/db90621c-6f86-11e6-a0c9-1365ce54b926.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Swift warns banks about hacker theft
&nbspCybercriminals have made off with unspecified amounts of cash, payments network tells members
FT.com – Banks – http://www.ft.com/cms/s/0/db90621c-6f86-11e6-a0c9-1365ce54b926.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Deutsche and Commerzbank held merger talks
&nbspGermany’s two largest banks discussed a tie-up but chose it was not the right time to combine
FT.com – Banks – http://www.ft.com/cms/s/0/bf731232-6f59-11e6-9ac1-1055824ca907.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – RBC to Pay $2.5 Million for Proxy Proclamation Leak Violations
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The Securities and Chat Fee today announced that RBC Capital Markets LLC has agreed to a $2.5 million agreement for causing much fake and ambiguous disclosures about its appraisal breakdown in a proxy proclamation for Rural/Metro Corporation’s sale in 2011 to a private equity firm. 

RBC was the lead fiscal adviser to Rural/Metro, a medical moving air force source, and expected a $500,000 fee for a fairness opinion open to Rural/Metro’s board as it thorough the sale. An SEC investigation found that RBC’s presentation top secret much fake and ambiguous statements which made the bid look more arresting, and caused that in rank to be built-in in the proxy proclamation Rural/Metro filed in May 2011 to solicit shareholder praise for the sale.

The SEC found that RBC’s presentation described one of its valuations as being based on Wall Street analysts’ “consensus projections” of Rural/Metro’s 2010 adjusted EBITDA, a pretax return figure. In fact, the appraisal did not reflect analysts’ investigate or a “consensus” view, but was Rural/Metro’s actual 2010 adjusted EBITDA of $69.8 million.  Rural/Metro’s proxy proclamation built-in a summary of RBC’s appraisal breakdown, which falsely stated that RBC used “Wall Street investigate analyst consensus projections” for 2010 “consensus” adjusted EBITDA. The SEC order found that in addendum to being fake, the proxy proclamation was ambiguous because shareholders would be led to believe the breakdown reflected the “consensus” assess of $76.8 million. The SEC also found that RBC caused the proxy proclamation to include a ambiguous leak that not compulsory RBC had relied on another appraisal breakdown in its fairness presentation to Rural/Metro’s board when, in fact, RBC did not rely on the breakdown for appraisal purposes.

“Right disclosures about fiscal advisers’ fairness opinions are vital to shareholders in the sale of a corporation,” said Andrew J. Ceresney, Boss of the SEC Enforcement Rift. “This enforcement action holds RBC blamed for causing its client to deliver notes misstatements about its fiscal breakdown to shareholders.”  

Without admitting or denying the findings, RBC agreed to the entry of an SEC order that it caused Rural/Metro to violate Chat Act Section 14(a) and Chat Act Rule 14a-9, which prohibits solicitation by means of a proxy proclamation that contains any much fake or ambiguous proclamation. RBC agreed to stop and desist from committing or causing further violations and to pay $500,000 in disgorgement, $77,759 in appeal, and a $2 million penalty.

The SEC’s investigation was conducted by George Parizek, Brittany Hamelers, and Amanda de Roo, helped by trial counsel Fred Block and supervised by Timothy England.

SEC.gov Updates: Press Releases – http://www.sec.gov/news/pressrelease/2016-174.html

Banking News – Green Dot Taps Board Member to Head Banking Unit
&nbspGreen Dot Corp. has tapped one of its board members, Mary Dent, to take the helm of its banking unit.
Union Banking – http://www.americanbanker.com/news/inhabitant-regional/green-dot-taps-board-member-to-head-banking-unit-1091033-1.html

Banking News – Fosun chairman calls P2P market a ‘scam’
&nbspGuo Guangchang becomes the latest executive to attack the country’s peer-to-peer lending market
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/b908e8b8-6f72-11e6-a0c9-1365ce54b926.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Weak inflation figures place difficulty on ECB
&nbspGerman bankers point the finger at ‘fatal’ fiscal policy as central bank ponders extending QE
FT.com – Banks – http://www.ft.com/cms/s/0/b941a25a-6f60-11e6-9ac1-1055824ca907.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Inhabitant Buying to Buy Private Bancshares in Atlanta
&nbspNational Buying in Birmingham, Ala., has agreed to buy Private Bancshares in Atlanta.
Union Banking – http://www.americanbanker.com/news/dealmaking-approach/inhabitant-buying-to-buy-private-bancshares-in-atlanta-1091030-1.html

Banking News – FSB report highlights slow pace of change
&nbspRegulators say globally active banks more hard-wearing than pre-crisis
FT.com – Banks – http://www.ft.com/cms/s/0/24333df0-6f5f-11e6-9ac1-1055824ca907.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct