Reid Hooper

Firm/Organization: Covington & Burling LLP

Blogs: Cov Financial Services, Global Policy Watch, Inside Compensation

Latest Articles

Overview of Fintech Regulation in the United States

By Mike Nonaka, Christopher DeCresce, Jenny Konko & Reid Hooper

January 31, 2019

Innovation in financial services continues to move at a rapid pace. The significant increase in the number of fintech companies in recent years has highlighted a burgeoning market with significant economic potential, and a commercial need to create efficiencies and modernize the provision of financial products and services. Federal and state financial services regulators remain focused on fostering the growth of fintech companies, while simultaneously developing an appropriate regulatory framework for fintech activities that will…

Global Policy Watch

SEC Adopts New Guidance on Public Company Cybersecurity Disclosures and Insider Trading

By David H. Engvall & Reid Hooper

February 28, 2018

On February 21, 2018, the U.S. Securities and Exchange Commission (the “Commission”) approved a statement and interpretive guidance that provides the Commission’s views on a public company’s disclosure obligations concerning cybersecurity risks and incidents (the “2018 Commission Guidance”). This guidance reinforces and expands upon previous cybersecurity disclosure guidance issued by the Division of Corporation Finance (the “Staff”) in October 2011 (the “2011 Staff Guidance”). The 2018 Commission Guidance also focuses on two additional issues: (i)…

Cov Financial Services

SEC Adopts New Guidance on Public Company Cybersecurity Disclosures and Insider Trading

By David H. Engvall & Reid Hooper

February 27, 2018

Cov Financial Services

SEC Permits All Companies to File Certain Registration Statements Confidentially

By Reid Hooper & Randy Benjenk

July 7, 2017

On June 29, 2017, the Division of Corporate Finance of the Securities and Exchange Commission announced that it will permit all companies to submit drafts of certain registration statements to the Division on a confidential basis, expanding a popular privilege that was made available to emerging growth companies under the Jumpstart Our Business Startups Act (known as the JOBS Act) in 2012. The availability of non-public draft filings will be of particular interest to financial institutions…

Cov Financial Services

SEC Chair Will Continue to Push Agenda, Despite GOP Requests

By Reid Hooper

December 16, 2016

Shortly after the election, House Republicans reportedly sent a letter to the federal agencies, including the SEC, asking them to refrain from finalizing any pending rules or regulations in order to provide the new administration and Congress the opportunity to review and provide direction. The letter further stated that “should you ignore this counsel, please be aware that we will work with our colleagues to ensure that Congress scrutinizes your actions — and, if appropriate,…

Cov Financial Services

2017 Proxy Season Preview: Renewed Shareholder Push for Majority Voting in Director Elections May Affect More Small and Middle Market Banks

By Reid Hooper

November 4, 2016

As the 2017 proxy season approaches, now is the ideal time for bank to begin preparations. As in past proxy seasons, one issue that may turn out to be a significant focus of shareholders and companies alike is the voting standard for director elections. This is no more evident than in the corporate governance regimes of small and mid-sized banks. As reported in the American Banker in May, shareholders at some small and mid-sized banks…

Inside Compensation

SEC Proposes “Pay for Performance” Disclosure Rule

By David H. Engvall & Reid Hooper

May 2, 2015

By David Engvall, Reid Hooper, Keir Gumbs, and David Martin On April 29, 2015, the Securities and Exchange Commission (the “SEC”) proposed a new rule that would require public companies to provide new disclosures annually regarding the relationship, over a five-year period, between executive compensation actually paid and a measure of financial performance of the company. The purpose of the rule, according to the SEC, is to elicit disclosure to provide greater transparency and allow…

Inside Compensation

SEC Hedging Disclosure Proposal Could Cause Companies To Review Trading Policies

By Reid Hooper

February 10, 2015

On February 9, 2015 the SEC proposed rules, as required by Section 955 of Dodd-Frank, that would require disclosure regarding whether directors, officers and other employees are permitted to hedge or offset any decrease in the market value of equity securities granted by the company as compensation or held, directly or indirectly, by employees or directors. The purpose of the rules, according to the SEC, is to elicit disclosure regarding whether employees or directors…

Reid Hooper

Overview of Fintech Regulation in the United States

SEC Adopts New Guidance on Public Company Cybersecurity Disclosures and Insider Trading

SEC Adopts New Guidance on Public Company Cybersecurity Disclosures and Insider Trading

SEC Permits All Companies to File Certain Registration Statements Confidentially

SEC Chair Will Continue to Push Agenda, Despite GOP Requests

2017 Proxy Season Preview: Renewed Shareholder Push for Majority Voting in Director Elections May Affect More Small and Middle Market Banks

SEC Proposes “Pay for Performance” Disclosure Rule

SEC Hedging Disclosure Proposal Could Cause Companies To Review Trading Policies

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