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On September 11, 2020, the SEC adopted new rules to “update and expand the statistical disclosures” that banks and savings and loans are required to provide to investors.  The new rules replace Industry Guide 3 – which has not been meaningfully updated for more than 30 years – and will be included in a new subpart of Regulation S-K.   

The new rules require disclosure concerning:

  • distribution of assets, liabilities and stockholders’ equity, the related interest income and expense, and interest rates and interest differential;
  • weighted average yield of investments in debt securities by maturity;
  • maturity analysis of the loan portfolio including the amounts that have predetermined interest rates and floating or adjustable interest rates;
  • certain credit ratios and the factors that explain material changes in the ratios, or the related components during the periods presented;
  • the allowance for credit losses by loan category; and
  • bank deposits including average amounts and rate paid and amounts that are uninsured.

The new rules will become effective 30 days following publication in the Federal Register for fiscal years ending on and after December 15, 2021, with early compliance permitted.  Guide 3 will be rescinded effective January 1, 2023.

Additional details of the new rules will be discussed in an upcoming posting on the Securities Edge blog.  In the interim, please direct any questions or observations to Gunster securities law and corporate governance practice leader Bob Lamm.

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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication.


About Gunster

Gunster, Florida’s law firm for business, provides full-service legal counsel to leading organizations and individuals from its 12 offices statewide. Established in 1925, the firm has expanded, diversified and evolved, but always with a singular focus: Florida and its clients’ stake in it. A magnet for business-savvy attorneys who embrace collaboration for the greatest advantage of clients, Gunster’s growth has not been at the expense of personalized service but because of it. The firm serves clients from its offices in Boca Raton, Fort Lauderdale, Jacksonville, Miami, Orlando, Palm Beach, Stuart, Tallahassee, Tampa, The Florida Keys, Vero Beach, and its headquarters in West Palm Beach. With nearly 200 attorneys and 200 committed support staff, Gunster is ranked among the National Law Journal’s list of the 500 largest law firms and has been recognized as one of the Top 100 Diverse Law Firms by Law360. More information about its practice areas, offices and insider’s view newsletters is available at www.gunster.com.

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