SEC Finalizes Rules Updating Statistical Disclosure Requirements for Banking Registrants: Final Rules Continue the SEC’s Efforts to Eliminate Disclosure Requirements That Overlap With Other SEC Rules and Accounting Standards by Replacing Industry Guide 3 With Updated Disclosure Rules in a New Subpart of Regulation S-K

Sullivan & Cromwell LLP - September 25, 2020

On September 11, 2020, the Securities and Exchange Commission adopted its previously proposed rules to update and expand the statistical disclosures that bank holding companies, banks, savings and loan holding companies, and savings and loan associations provide to investors in accordance with Industry Guide 3, Statistical Disclosures by Bank Holding Companies.  Under the final rules, which were adopted substantially as proposed, Guide 3 is rescinded and replaced with a new Subpart 1400 of Regulation S-K.  The final rules codify and in some cases revise certain Guide 3 disclosures, eliminate disclosures that overlap with SEC rules, U.S. GAAP or International Financial Reporting Standards (“IFRS”) and introduce new credit ratio disclosure requirements, though most registrants already disclose these in their SEC filings.