Regulatory Alerts2022-03-03
Circular to Issuing Houses on No-Objection Letters for Transactions
The Securities and Exchange Commission requires issuing houses to obtain and file a No-Objection letter from primary regulators, particularly in banking and insurance, as a prerequisite for approving proposed transactions. This mandatory reference letter must confirm the absence of material financial statement changes since the last accounting year-end, list current board members, and explicitly approve the proposed issuance. Applications submitted without this letter will be deemed incomplete and withheld from processing, a change designed to accelerate the Commission transaction turnaround period.
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