The Federal Reserve Board adopted final amendments for determining whether, under the Bank Holding Company Act and the Home Owners' Loan Act, a company has the ability to exercise a controlling influence on another company.
The American Banking Association, SIFMA and the Institute of International Bankers proposed revisions to a Federal Reserve Board proposal to modify its regulations for determining "whether a company has the ability to exercise a controlling influence" on another company.
The FDIC adopted a final rule that will rescind regulations concerning the fiduciary powers of state savings associations and amend regulations regarding consent requirements for the exercise of trust powers.
An IRS and U.S. Treasury Department notice of proposed rulemaking relating to the new Opportunity Zone tax incentive was published in the Federal Register. Comments on the proposal must be submitted by December 28, 2018.
In a decision that has implications for determining what constitutes a controlling Board interest, the Delaware Court of Chancery denied a motion to dismiss a suit alleging that Tesla's Board of Directors and its Chairman and CEO Elon Musk breached their fiduciary duties by approving the acquisition of SolarCity.
MSRB published investor education materials on mark-up and mark-down disclosures in municipal securities trade confirmations. The materials provide additional guidance for complying with new rules scheduled to take effect May 14, 2018.