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Reg O Annual Financial Statement for Shareholder

Question: 
We have been told that according to Reg O, we must have a financial statement completed annually for any shareholder who holds 10.9% or more in our stock. I have not been able to find this requirement in Reg O. The shareholder is not a director of the bank. Could this be an SEC requirement?
Answer: 

John Burnett

Whenever I read "we have been told," my almost automatic response is, "By whom, and based on what law, regulation, guidance or other source?"

Answer: 

Jim Bedsole

It could be an SEC requirement (although I'm not aware of anything on that front), or it could be a state law/reg requirement, but it definitely is not a Reg O requirement.

First published on 02/09/2015

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