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Code · CFR · Title 12 — Banks and Banking · Part 611 — Organization · § 611.1215

§ 611.1215. Communications with the public and equity holders.

393 words·~2 min read·/us/cfr/t12/s§ 611.1215·

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(a)Communications after commencement resolution and before termination. The terminating institution may communicate with equity holders and the public regarding the proposed termination, as long as written communications (other than non-public communications among participants, i.e., persons or entities that are parties to a proposed corporate restructuring involving the successor institution, or their agents) made in connection with or relating to the proposed termination and any related transactions are filed in accordance with paragraph
(c)of this section and the conditions in this section are satisfied.
(b)To rely on this section, you must include the following legend in each communication in a prominent location: Equity holders should read the plan of termination that they have received or will receive (as appropriate) because it contains important information, including an enumerated statement of the anticipated benefits and potential disadvantages of the proposal.
(c)All your written communications and all written communications by your directors, employees, and agents in connection with or relating to the proposed termination or any related transactions must be filed with us under this section on or before the date of first use.
(d)We will require you to correct communications that we deem are misleading or inaccurate.
(e)In addition to the filings we require under paragraph
(c)of this section, we may require you to file timely any written communications you have knowledge of that are made by any other participants or their agents in connection with or related to the proposed termination or to any transaction related to the proposed termination.
(f)An immaterial or unintentional failure to file or a delay in filing a written communication described in this section will not result in a violation of this section, as long as:
(1)A good faith and reasonable effort was made to comply with the filing requirement; and
(2)The written communication is filed as soon as practicable after discovery of the failure to file.
(g)Communications that exist in electronic form must be filed electronically with the FCA as we direct. For communications that do not exist in electronic form, you must timely notify us by electronic mail and send us a copy by regular mail.
(h)You do not need to file a written communication that does not contain new or different information from that which you have previously publicly disclosed and filed under this section.
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