On July 24, 2018, the SEC proposed amendments to Rules 3-10 and 3-16 of Regulation S-X, which address financial disclosure requirements for guarantors, issuers of guaranteed securities and affiliates whose securities collateralize a registrant’s securities. The proposed rules are intended to focus the disclosures in registered offerings of guaranteed and collateralized debt securities on information that is material to investors, make the disclosures easier to understand, reduce compliance costs and encourage issuers to offer guaranteed or collateralized debt securities on a registered basis.