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The SEC’s Final Rule on Guide 3 Disclosures: Eight Things To Know

November 2, 2020, Covington Alert

On September 11, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued a final rule amending its statistical disclosure requirements for bank holding companies, banks, savings and loan holding companies, and savings and loan associations (“banking registrants”) in registration statements and other disclosure documents. The final rule replaces Guide 3, the SEC’s industry guide for banking registrants, with regulations to be codified in a new subpart of Regulation S-K. The final rule removes requirements that are duplicative of other SEC and accounting rules, simplifies certain of the requirements that have not been removed, and introduces limited new disclosure requirements. The final rule takes effect on November 16, 2020, and compliance dates are discussed in #8 of the alert.

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