Last week, IBAT filed a comment on the Texas Department of Banking’s proposal to limit the time for providing required information in corporate filings. As proposed, the rule would eliminate the automatic extension of time to submit additional information and the further extension for good cause, replacing these with an extension at the sole discretion of the commissioner.
The letter cited many circumstances in which greater flexibility might be required for both the applicant and the Department of Banking and suggested several changes to the rule that would reduce costs and shift the timeframe of expected response by corporations. Finally, IBAT proposed that an extension be granted “on a showing of ‘good and sufficient cause,’” rather than being reserved to the discretion of the commissioner.
Staff contact: Shannon Phillips, email@example.com, 512-275-2221