SEC proposes to streamline bank disclosures
SEC proposes to include disclosures into Reg S-K, reduce uncertainty about who must comply, and enhance comparability. This is the first substantive update to Guide 3 since 1986.
SEC Release Nos. 33-10688; 34-86984; File No. S7-02-17
Public companies that are:
- bank holding companies
- savings and loan associations and
- savings and loan holding companies.
- Comments are due 60 days after the proposed rule is published in the Federal Register.
The proposed changes would accomplish the following:
- codify the proposed disclosure requirements into a new subpart 1400 of Reg S-K.
- limit the scope to banks, bank holding companies, savings and loan associations, and savings and loan holding companies.
- create a term, ‘reporting period’, to mean each period required by the SEC rules for a registrant’s financial statements.