Securities and Exchange Commission 2020 – Federal Register Recent Federal Regulation Documents

We are adopting rules to update our statistical disclosure requirements for banking registrants. These registrants currently provide many disclosures in response to the items set forth in Industry Guide 3 (``Guide 3''), Statistical Disclosure by Bank Holding Companies, which are not Commission rules. The amendments update and expand the disclosures that registrants are required to provide, codify certain Guide 3 disclosure items and eliminate other Guide 3 disclosure items that overlap with Commission rules, U.S. Generally Accepted Accounting Principles (``U.S. GAAP''), or International Financial Reporting Standards (``IFRS''). In addition, we are relocating the codified disclosure requirements to a new subpart of Regulation S-K and rescinding Guide 3.

The Securities and Exchange Commission (``Commission'' or ``SEC'') is amending Regulation NMS under the Securities Exchange Act of 1934 (``Exchange Act'') to rescind a provision that allows a proposed amendment to a national market system plan (``NMS plan'') to become effective upon filing if the proposed amendment establishes or changes a fee or other charge. As a result of rescinding the provision, such a proposed amendment instead will be subject to the procedures under which there must be an opportunity for public comment and Commission approval by order prior to effectiveness. The Commission also is amending its regulations to require that proposed NMS plans and proposed amendments to existing NMS plans be filed with the Commission by email, and is amending its regulations to modify the procedures applicable to the Commission's handling of proposed NMS plans and plan amendments, including fee amendments. Finally, the Commission is adopting amendments to its rules of practice regarding disapproval proceedings and its delegations of authority to the Director of the Division of Trading and Markets (``Division'').