Bringing Banking Registration into the 21st Century: SEC Codifies New Disclosure Requirements for Banking Registrants

Written by Taher Kameli & Chathan Vemuri For the past 30 years, the rules and requirements for banks and savings & loan registrants for making disclosures to investors have been a mess as they simply duplicated other rules and requirements of the Securities & Exchange Commission (SEC) and the U.S. Generally Accepted Accounting Principles (GAAP) or the International Financial Reporting Standards (IFRS).[1] This failed to take into account major changes in financial reporting since 1986 when the last substantive update to Industry Guide 3, Statistical Disclosure by Bank Holding Companies, the guide published by the SEC’s Division of Corporation Finance