An SEC final rule rescinding Industry Guide 3 ("Guide 3") concerning statistical disclosures that banking entities and bank holding companies provide in their registration statements, was published in the Federal Register.
As previously covered, the new rule replaces Guide 3 with new Subpart 1400 ("Disclosure by Bank and Savings and Loan Registrants") under Regulation S-K, the SEC's general regulation governing disclosure. The new subpart, updates and expands some of the required disclosures, but eliminates others that overlap with existing SEC rules, U.S. GAAP or International Financial Reporting Standards. Subpart 1400 does not require these disclosures to be presented in the notes to the financial statements. If the disclosures are provided outside of the financial statements, they will (i) not be required to be audited, and (ii) not be subject to the SEC's requirement to file financial statements in a machine-readable format.
The amended disclosure requirements go into effect on November 16, 2020, with the exception of the rescission to Reg. S-K Rules 229.801(c) ("Securities Act industry guides") and 229.802(c) ("Exchange Act industry guides"), which will go into effect on January 1, 2023. Guide 3 will be rescinded on January 1, 2023.
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