Mike Waters, partner in the Birmingham office and a member of the Banking & Financial Services Industry Team, authored an article published by the American University Business Law Review in Washington, DC. His article, “The Inchoate Meaning of ‘Covered Security’ under the Securities Act of 1933—A Look at a Bank ‘in Organization,’” addresses a seldom examined but crucial topic in de novo bank formations: whether a bank in organization that is seeking funds to capitalize the bank may rely on the federal preemption of state securities law registration requirements under the National Securities Markets Improvement Act of 1996.