Categories: SEC

SEC Proposes Rules to Update Statistical Disclosures for Banking Registrants

Washington D.C., Sept. 17, 2019 —

The Securities and Exchange Commission today announced that it has proposed rules to update the statistical disclosures that bank and savings and loan registrants provide to investors, and eliminate disclosures that overlap with Commission rules, U.S. GAAP or IFRS.  The proposed rules would replace Industry Guide 3, Statistical Disclosure by Bank Holding Companies, with updated disclosure in a new subpart of Regulation S-K.

“Guide 3 has not been substantively updated for more than 30 years” said SEC Chairman Jay Clayton.  “Today’s proposals are another example of how thoughtful reviews can improve disclosures for the benefit of investors and public companies.”

The proposal will have a 60-day public comment period following its publication in the Federal Register.

***

FACT SHEET
Update of Statistical Disclosures for Bank and Savings and Loan Registrants

The Securities and Exchange Commission today proposed updates to statistical disclosures for bank and savings and loan registrants.  The proposed rules would update the disclosures that investors receive and eliminate disclosures that overlap with Commission rules, U.S. GAAP or IFRS, about bank and savings and loan registrants. The proposed rules would include the Commission’s banking registrant disclosure requirements in a new subpart of Regulation S-K, replacing Industry Guide 3, Statistical Disclosure by Bank Holding Companies, which are not Commission rules.

Background

The Commission’s proposed rules reflect the significant financial reporting changes, including the issuance of new accounting standards,that have taken place for banking registrants since the Commission last updated Industry Guide 3.  The proposed rules are also part of an initiative by the Division of Corporation Finance to review disclosure requirements applicable to issuers to consider ways to improve the requirements for the benefit of investors and registrants.  

Highlights

The proposed rules would apply to bank holding companies, banks, savings and loan holding companies, and savings and loan associations (“banking and savings and loan registrants”). 

The Commission’s proposed rules would require disclosure about the following:

  • Distribution of assets, liabilities and stockholders’ equity, the related interest income and expense, and interest rates and interest differential;
  • Weighted average yield of investments in debt securities by maturity;
  • Maturity analysis of the loan portfolio including the amounts that have predetermined interest rates and floating or adjustable interest rates;
  • An allocation of the allowance for credit losses and certain credit ratios; and
  • Information about bank deposits including amounts that are uninsured.

What’s Next?

The proposal will be subject to a 60-day public comment period.  To submit comments, use the SEC’s Internet submission form or send an e-mail to rule-comments@sec.gov

IR Press

Share
Published by
IR Press

Recent Posts

OCC Issues Annual Report for 2024

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published its 2024 Annual Report.…

2 days ago

OCC Announces Enforcement Actions for December 2024

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against…

3 days ago

Treasury Maintains Pressure on Houthi Procurement and Financing Schemes

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

4 days ago

Treasury Sanctions Georgian Ministry of Internal Affairs Officials for Brutality Against Protesters, Journalists, and Politicians

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is…

4 days ago

Treasury Maintains Pressure on Iranian Shadow Fleet

WASHINGTON — Today, the United States Department of the Treasury is imposing sanctions on four…

4 days ago

Treasury Releases Report on the Uses, Opportunities, and Risks of Artificial Intelligence in Financial Services

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury) released a report following the issuance of…

4 days ago