SEC Proposes Rules to Update Statistical Disclosures for Banking Registrants

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.