The Securities Exchange Commission today published in the Federal Register its final rule updating required disclosures that bank and savings and loan registrants are required to provide to investors, known as Industry Guide 3. The final rule eliminates disclosures that overlap with generally accepted accounting principles, International Financial Reporting Standards and SEC rules. Until now, Guide 3 has not been updated substantively in more than 30 years.
Late last year, the American Bankers Association called the update “long overdue” and applauded the SEC’s effort to harmonize the requirement with commission rules and GAAP. The rule applies to fiscal years ending Dec. 15, 2021, and Guide 3 will be rescinded Jan. 1, 2023. The SEC said voluntary compliance with the new rules will be accepted before the mandatory compliance date.