The Board of Governors of the Federal Reserve System has released for public comment proposed revisions to its regulations for evaluating “controlling influence” issues under the Bank Holding Company Act. The proposal seeks to incorporate a more transparent and predictable framework for interpreting controlling influence issues into the Board’s regulations and, in doing so, to dispense with more than 30 years of policy and practice under which controlling influence issues were addressed primarily on a transaction-specific and often nonpublic basis. The centerpiece of the proposal is a new, “tiered framework” of presumptions, which is intended to bring greater clarity, transparency and certainty to this foundational aspect of US banking law. In our call, we will examine:
- The new, tiered framework of control presumptions
- Other changes in key definitions and concepts involving the “controlling influence” test
- Key takeaways for industry participants, potential impacts of the proposal, and issues for public comment
Please join Mayer Brown partners David Sahr and Don Waack and senior associate Matthew Bisanz to hear about this important development.
Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.