Replies to post #613475 on Fannie Mae-No Politics (FNMA)

[Patswil]

What is SEC Form 15
SEC Form 15 is a voluntary filing with the Securities and Exchange Commission (SEC), also known as the Certification and Notice of Termination of Registration. It is used by publicly traded companies to revoke the registration of their securities. SEC Form 15 may also be used to notify the regulator and investors of a company's intent to cease filing various required forms because their securities no longer fall under certain filing requirements. A company must have fewer than 300 shareholders to be eligible to file Form 15.


BREAKING DOWN SEC Form 15
Reporting requirements under the Securities Exchange Act of 1934 can be onerous for small publicly listed firms. This is particularly true for these relatively obscure entities that have very little trading of their stock on an exchange. Because of the limited benefits of being public and the significant costs in money, time and effort to prepare and file periodic reports with the SEC, many such firms decide to deregister their securities. They do so by voluntarily filing Form 15.

Principal filings — annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K (in the case of foreign issuers, Form 20-F, and Form 6-K) — are no longer required after the filing of Form 15 with immediate effect. However, certain reporting obligations such as proxy statements remain for 90 days following the filing.

[YanksGhost]

The fine print explains it. The Form 15 filing is to cease reporting for the Series converted to common shares, years back. It then lists the shares that must continue SEC reporting which includes common stock of FNMA. Nothing ominous going on, here, just housekeeping.

[Barrario]

Understanding No-Par Value Stock
Companies may find it beneficial to issue no-par value stock because doing so gives them the flexibility to set higher prices for future public offerings and it results in less liability to shareholders if the stock should dramatically drop. Because of the known fluctuations in pricing associated with the stock market, investors typically do not consider a par, or written face value, necessary prior to purchasing a particular investment. In addition, the production of stocks with a face value may result in legal liabilities regarding the difference between the current going rate and the par value assigned to the stock making them a less attractive option for stock issuers.