External Communications Materials
Chapters in this video
- 0:00 Signing-day chaos: press release, investor deck, and public call order
- 1:14 The 4-business-day Form 8-K deadline and exam trap
- 2:27 Furnished versus filed: legal liability distinction
- 3:18 Banker's role: develop and rehearse, never sign or send
- 4:17 Regulation FD and the business relationship exception
- 5:04 Gap-period communications after signing day
- 6:09 Rapid-fire exam recap
What this video covers
- The 4-business-day Form 8-K deadline under Item 1.01, and why the clock starts the day after signing with weekends excluded
- Which materials are furnished (press release and investor presentation under Items 7.01/9.01) versus filed (merger agreement under Item 9.01), and what that means for anti-fraud liability
- The specific order of operations on signing day: public release first, then employee and customer communications to avoid leaks
- What the banker actually does: develop content, build the investor deck, brief management on questions, and rehearse the chief executive officer (CEO) and chief financial officer (CFO)
- What the banker does NOT do: sign filings, hit send on distributions, or otherwise disseminate materials
- How the business relationship exception protects bankers before announcement, and why it expires completely once the deal is public
- Regulation fair disclosure (Regulation FD) requirements during the gap period, including conference appearances, analyst Q&A, and milestone updates
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Series 79 course also includes adaptive practice questions and spaced-repetition flashcards.