On July 11, 2012, the Board of Governors of the Federal Reserve System issued guidance regarding a new process for an applicant to request feedback on a potential acquisition or other proposal prior to the submission of a formal application or notice (the “Prefiling Process”).
Under the Prefiling Process, applicants will now have the opportunity to work with Federal Reserve staff to receive critical feedback on potential issues related to acquisitions or other proposals. The Prefiling Process is optional and may shorten the review period for many formal applications.
The Federal Reserve’s review during the Prefiling Process will be targeted to the specific request for feedback and not intended to identify or resolve all issues or concerns related to a possible future application or notice, or be predictive of a final outcome. In addition, the Prefiling Process is not part of the formal review period for applications outlined in relevant statutes and regulations and should not be considered as such. The guidance indicates that most prefilings can be addressed swiftly and that the Federal Reserve anticipates reviewing prefiling and submitted information regarding a particular proposal for no more than 60 days. Notwithstanding the foregoing, some prefilings may require additional time.
The implementation of the Prefiling Process may be beneficial to individuals and entities that are not frequent filers with the Federal Reserve or filers with novel proposals that are seeking feedback on specific areas regarding a proposal. Parties considering the submission of applications to the Federal Reserve regarding bank and nonbank acquisitions and other proposals should consult their legal counsel to determine how the guidance and the Prefiling Process impacts the process relating to their existing or potential proposals.
Read a copy of the guidance issued July 11 by the Federal Reserve: Implementation of a new process for requesting guidance from the Federal Reserve regarding bank and nonbank acquisitions and other proposals.
For more information, please contact Gunster’s Banking and Financial Services practice attorneys.
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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication. Established in 1925, Gunster is one of Florida’s oldest and largest full-service law firms. The firm’s clients include international, national and local businesses, institutions, local governments and prominent individuals. Gunster maintains its presence in Florida with offices in Fort Lauderdale, Jacksonville, Miami, Palm Beach, Stuart, Tallahassee, Tampa, Vero Beach and West Palm Beach. Gunster is home to more than 165 attorneys and 200 committed support staff, providing counsel to clients through 18 practice groups including banking & financial services; business litigation; construction; corporate; environmental & land use; government affairs; health care; immigration; international; labor & employment; leisure & resorts; private wealth services; probate, trust & guardianship litigation; professional malpractice; real estate; securities and corporate governance; tax; and technology & entrepreneurial companies. Gunster is ranked among the National Law Journal’s list of the 250 largest law firms. |
