the SIC codes 6021, 6022, 6029, 6035, and 6036 (and thus not
included in the 456 banking and savings registrants) that are either
identified as BHCs under the BHC Act or under Rule 1-02(e) of
Regulation S-X, or identified as banks or savings and loan holding
companies.

                                                     Table 4--Financial Services Registrants by Type
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               Within guide 3 scope          Not within guide 3 scope                  Total
               Type of financial services                -----------------------------------------------------------------------------------------------
                                                                 #         Assets, $bln          #         Assets, $bln          #         Assets, $bln
--------------------------------------------------------------------------------------------------------------------------------------------------------
Banking and saving......................................             456          36,569               1               0             457          36,569
Credit and finance......................................              19           1,643              60           6,357              79           8,000
Brokers, dealers, and exchanges.........................               7           3,293              89             763              96           4,056
Investment advice.......................................               1             137              37             214              38             352
Insurance...............................................               1              11             138           9,716             139           9,727
Real estate.............................................               0               0             192           1,386             192           1,386
Other financial services................................               3              39              49             426              52             465
                                                         -----------------------------------------------------------------------------------------------
    Total...............................................             487          41,692             566          18,862            1053          60,554
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Under the alternative to the proposed scope, these registrants
would be newly subject to the proposed rules and would experience an
increase in compliance costs as a result of new disclosure obligations.
Given that many of these registrants may not currently provide the
disclosures we propose to codify, these increased costs may be
significant. Moreover, even if a registrant would not be subject to
disclosure under the proposed rules, other Commission disclosure
requirements, such as MD&A, or investors' demand may elicit certain
disclosure about financial activities of these registrants to the
extent they are material.
vi. Applicability of Disclosures
a. Costs and Benefits
    Guide 3 calls for disclosure about each of its specified
activities, regardless of the materiality of these activities, except
for the few disclosures that include bright-line disclosure thresholds.
The proposed rules would codify the bright-line disclosure threshold
for deposit disclosures and would not specify disclosure thresholds,
similar to current Guide 3, for any of the other proposed disclosures.
As such, we do not expect this aspect of the proposal to result in
meaningful economic effects for registrants and investors as compared
to the baseline.
b. Alternatives
    As an alternative, the Commission considered requiring disclosures
based on the materiality of the relevant financial activities to the
registrant's business or financial statements. On the one hand, a
materiality-based approach may result in a more tailored compliance
regime and allow these registrants to use firm-specific information to
determine whether certain activities are material. However, if
registrants and investors have different perceptions about what
activities are material, investors may have less information than they
desire in making investment decisions. In addition, under this
alternative approach, a banking registrant could make an incorrect
judgment about the materiality of a certain activity, potentially
subjecting the registrant to increased litigation risk. As such, bank
and savings and loan registrants may respond by expending more
resources on materiality determinations. In addition, under this
alternative, comparability across registrants may decrease.
    As another alternative, the Commission could have proposed using a
bright-line threshold for all proposed disclosures. Such an approach
may be easier to apply as it would not require judgment and would
reduce bank and savings and loan registrants' uncertainty about whether
they need to provide disclosures. However, a bright-line threshold may
be under- or over-inclusive, especially for bank and savings and loan
registrants with a level of activities just below or over the specified
threshold. As a result, registrants that fall just below the threshold
would not be comparable to registrants above the threshold, despite
conducting similar activities. In addition, under this alternative,
some bank and savings and loan registrants may be incentivized to
actively manage their activity to the level just below the threshold
such that they would not have to provide the disclosures for specified
activities, even though those activities could be material to their
business. In this instance, the bright-line approach would be under-
inclusive.
vii. Location and Format of Disclosures
    The proposed rules would continue to provide bank and savings and
loan registrants with flexibility to determine where in the filing the
required information should be presented.\319\ As such, we do not
expect this aspect of the proposal to result in meaningful economic
effects for registrants and investors as compared to the baseline.
---------------------------------------------------------------------------

    \319\ Based on the staff's review of financial services
registrants' annual reports that contain Guide 3 disclosures, there
currently is diversity in location of the disclosures, with some
registrants providing the disclosures in the Business section and
others providing it in MD&A.
---------------------------------------------------------------------------

a. Alternatives
    Investors and other users of Commission filings may process
information located in different places within a registrant's filing
differently. As an alternative, we could have proposed to require the
disclosure to be located in the footnotes to the financial statements.
The annual financial statements are required to be audited and tagged
in a structured data format (i.e., Inline XBRL),\320\ which could
enable investors and other users of Commission filings to locate
specific proposed disclosures more easily and make comparisons across
registrants faster, thereby decreasing investors' search costs. In
addition, to the extent that investors may rely more on audited
information, requiring the disclosure to be located in the footnotes to
financial statements could decrease information asymmetries between
investors and bank and savings and loan registrants, consequently
decreasing cost of capital for these registrants. On the other hand, a
requirement to include the proposed disclosures in the financial
statements would increase bank and savings and loan registrants'
compliance costs. Moreover, prescribing a specific

location for the disclosures could diminish bank and savings and loan
registrants' ability to present the information in the context in which
it is most relevant and understandable for investors.
---------------------------------------------------------------------------

    \320\ For academic research on the benefits and costs of XBRL,
see, e.g., Yi Dong, Oliver Zhen Li, Yupeng Lin, & Chenkai Ni, Does
Information-Processing Cost Affect Firm-Specific Information
Acquisition? Evidence from XBRL Adoption, 51 J. Fin. & Quantitative
Analysis 435 (2016); Elizabeth Blankespoor, The Impact of Investor
Information Processing Costs on Firm Disclosure Choice: Evidence
from the XBRL Mandate, 57 J. Acct. Res. 919 (2019); Chunhui Liu,
Tawei Wang, & Lee J. Yao, XBRL's Impact on Analyst Forecast
Behavior: an Empirical Study, 33 J. Acct. & Pub. Pol'y 69 (2014); Yu
Cong, Jia Hao, & Lin Zou, The Impact of XBRL Reporting on Market
Efficiency, J. Info. Sys., Fall 2014, at 181; Elizabeth Blankespoor,
Brian P. Miller, & Hal D. White, Initial Evidence on the Market
Impact of the XBRL Mandate, 19 Rev. Acct. Stud. 1468 (2014).
---------------------------------------------------------------------------

D. Effects on Efficiency, Competition, and Capital Formation

    The proposed codification of certain Guide 3 disclosures and new
credit ratio disclosures may increase the quality and availability of
information about bank and savings and loan registrants' activities,
which could promote efficiency, competition, and capital formation. In
addition, the new credit ratio disclosures may reduce information
asymmetries between bank and savings and loan registrants and their
investors and promote transparency, which may reduce the cost of
capital for these registrants. Codification may also promote
comparability and avoid uncertainty about when the proposed disclosures
are required, further reducing information asymmetries and allowing
investors to achieve better allocation efficiency. This, in turn, may
increase the demand for securities offerings, reduce costs of capital,
and enhance capital formation.
    The effect of proposing not to codify the disclosures that overlap
with Commission rules, U.S. GAAP, and IFRS on informational efficiency
depends on the balance of two effects. On the one hand, the clarity of
information presented in Commission filings may increase, which would
reduce search costs for investors who do not use computerized search
tools for locating data and lead to more efficient information
processing. Given that investors may have limited attention and limited
information processing capabilities,\321\ elimination of such
information should facilitate more efficient investment decision-
making. Not codifying the Guide 3 disclosures that overlap with U.S.
GAAP and IFRS would reduce the number of disclosures that bank and
savings and loan registrants need to consider and prepare, and
consequently simplify their compliance regime. To the extent that the
overlapping disclosures are substantially the same as those provided in
response to Guide 3, not codifying certain Guide 3 disclosures would
not adversely affect investors and other users of Commission filings.
Some academic research suggests that individuals may invest more in
firms with more concise disclosures.\322\ Thus, to the extent that the
proposed rescission of Guide 3 does not affect the completeness of
disclosures, it could enhance the informational and allocative
efficiency of the market and facilitate capital formation. The
potential adverse effects of the proposed rules are likely to be
limited as investors would continue to receive substantially similar
information from bank and savings and loan registrants under U.S. GAAP
and IFRS disclosure requirements.
---------------------------------------------------------------------------

    \321\ See, e.g., David Hirshleifer & Siew Hong Teoh, Limited
Attention, Information Disclosure, and Financial Reporting, 36 J.
Acct. & Econ. 337 (2003).
    \322\ See, e.g., Alastair Lawrence, Individual Investors and
Financial Disclosure, 56 J. Acct. & Econ. 130 (2013); Michael S.
Drake, Jeffrey Hales, & Lynn Rees, Disclosure Overload? A
Professional User Perspective on the Usefulness of General Purpose
Financial Statement, Contemp. Acct. Res. (forthcoming 2019).
---------------------------------------------------------------------------

    On the other hand, not codifying certain Guide 3 disclosures could
lead to increased information asymmetries between investors and bank
and savings and loan registrants. To the extent that some of the Guide
3 disclosures (e.g., those that overlap with, but are not entirely
duplicative of, U.S. GAAP or IFRS disclosures) would no longer be
called for by an industry guide, bank and savings and loan registrants
may be less likely to voluntarily disclose such information, when
applicable. For example, the Guide 3 disclosure of maturity analysis of
investment categories that we propose not to codify applies only in
certain instances under IFRS. Moreover, even if some IFRS bank and
savings and loan registrants disclose this information, it may be
difficult for investors to assess the relative quality of those
registrants without the same disclosure for every IFRS bank and savings
and loan registrant. This impact may be heightened for smaller
registrants and first time entrants, as these types of registrants may
exhibit more information asymmetries due to less historical information
being available for investors. However, elimination of overlapping
disclosures may reduce bank and savings and loan registrants'
compliance costs, particularly for smaller registrants for which fixed
costs are a higher portion of revenue.
    The proposed rules may have effects on competition. First, to the
extent that compliance costs may increase for bank and savings and loan
registrants under the proposed rules, these costs may be passed on to
their customers, in contrast to private banking companies not subject
to the proposed disclosures or current Guide 3. Therefore, private
banking companies may gain additional competitive advantage from not
incurring such increased costs. Further, to the extent that certain
costs related to disclosures are fixed, these burdens may have a larger
impact on smaller bank and savings and loan registrants, potentially
reducing their ability to offer banking products and terms that would
enable them to better compete with their larger peers.
    Second, the cost savings from proposing not to codify all of the
Guide 3 disclosures may be larger for IFRS bank and savings and loan
registrants as they often face particular challenges in presenting the
Guide 3 disclosures that presume a U.S. GAAP presentation.\323\ For
example, the TDR and nonaccrual concepts do not exist under IFRS. To
the extent that IFRS bank and savings and loan registrants experience
greater cost savings compared to U.S. GAAP bank and savings and loan
registrants and the costs are currently passed through to their
customers and shareholders, shareholders and customers may experience
larger increases in earnings or larger decreases in service costs,
respectively, which may allow IFRS registrants to better compete for
investors as compared to U.S. GAAP registrants.\324\ Although we
request comment on the extent of any such competitive advantage, we
preliminarily do not anticipate this effect to be substantial.
---------------------------------------------------------------------------

    \323\ See letters from CAQ; EY; Deloitte; and PWC.
    \324\ Based on the staff's review of IFRS registrants' annual
reports that include Guide 3 disclosures, most do not provide the
TDR and nonaccrual loan disclosures called for by Guide 3.
---------------------------------------------------------------------------

E. Request for Comment

    We request comment on the economic analysis set forth in this
release. To the extent possible, we request that market participants
and other commenters provide supporting data and analysis with respect
to the benefits, costs, and effects on competition, efficiency, and
capital formation of adopting the proposed rules or any reasonable
alternatives. We also are interested in comments on the alternatives
presented in this release as well as any additional alternatives to the
proposed amendments that should be considered. In addition, we are
interested in views regarding the costs and benefits for particular
types of covered registrants, such as SRCs and EGCs.
    In addition, we ask commenters to consider the following questions:
    79. What additional qualitative or quantitative information should
we consider as part of the baseline for the economic analysis of the
proposed rules?
    80. What additional data or methodologies can we use to estimate

the costs and benefits of implementing the proposed rules?
    81. Have we considered all relevant costs of the proposed rules?
Are the estimated costs of the proposed rules reasonable? If not,
please explain in detail why the cost estimates should be higher or
lower than those provided. Please identify any costs associated with
the proposed rules that we have not identified.
    82. Have we considered all relevant benefits of the proposed rules?
Have we accurately described the benefits of the proposed rules? Why or
why not? Please identify any other benefits associated with the
proposed rules in detail.
    83. What are the current compliance costs related to Guide 3
disclosure for U.S. GAAP and IFRS registrants, including SRCs and EGCs?
Are the costs different for U.S. GAAP and IFRS registrants? Are these
costs significantly higher/lower than the compliance costs of
registrants that are not currently within the Guide 3 scope identified
in Table 1? How will the proposed rules change the compliance costs for
U.S. GAAP and IFRS registrants? Would there be any differences in costs
for U.S. GAAP and IFRS registrants?
    84. Would the proposed new credit ratio disclosures impose
significant costs for bank and savings and loan registrants? Do
registrants currently provide these disclosures? If so, can the costs
of providing these disclosures be quantified?
    85. We invite comment on the nature of any resulting compliance
costs. In particular, to what extent are the compliance costs fixed
versus variable? Are there scale advantages or disadvantages in the
compliance costs, both in terms of activity size or registrant size? To
what extent are the compliance costs one-time set-up costs versus
recurring variable costs?
    86. We are interested in comments and data related to any potential
competitive effects from the proposed rules. In particular, we are
interested in evidence and views on the current competitive situation
of U.S. bank and savings and loan registrants as well as the
attractiveness of U.S. securities markets for foreign banking
companies. To what extent does the current Guide 3 disclosure regime
affect this competitive situation, if at all? To what extent would the
proposed rules change competition between U.S. and foreign bank and
savings and loan registrants? To what extent would the proposed rules
change competition between U.S. GAAP and IFRS registrants?
    87. Would expanding the scope of the proposed rules to all
financial services registrants impose significant costs on registrants
that do not currently provide Guide 3 disclosures? If so, can these
costs be quantified? How would expanding the proposed scope to all
financial services registrants affect the competitive situation among
registrants that conduct activities addressed in this proposal?
    88. Would expanding the scope to all financial services registrants
provide significant benefits to investors and other users of Commission
filings? How would expanding the scope to all financial services
registrants affect the efficiency of capital markets?

VII. Paperwork Reduction Act

A. Background

    Certain provisions of the proposed rules contain ``collection of
information'' requirements within the meaning of the Paperwork
Reduction Act of 1995 (``PRA'').\325\ The Commission is submitting the
proposed rules to the Office of Management and Budget (``OMB'') for
review in accordance with the PRA.\326\ The hours and costs associated
with preparing and filing forms and reports that include the disclosure
called for by the proposed rules constitute reporting and cost burdens
imposed by each collection of information. An agency may not conduct or
sponsor, and a person is not required to respond to, a collection of
information requirement unless it displays a currently valid OMB
control number. Compliance with the information collections is
mandatory. Responses to the information collections are not kept
confidential and there is no mandatory retention period for the
information disclosed. The titles for the affected collections of
information are:
---------------------------------------------------------------------------

    \325\ 44 U.S.C. 3501 et seq.
    \326\ 44 U.S.C. 3507(d) and 5 CFR 1320.11.
---------------------------------------------------------------------------

     Regulation S-K (OMB Control No. 3235-007); \327\
---------------------------------------------------------------------------

    \327\ The paperwork burden from Regulation S-K is imposed
through the forms that are subject to the requirements in that
regulation and is reflected in the analysis of those forms. To avoid
a PRA inventory reflecting duplicative burdens and for
administrative convenience, we assign a one-hour burden to
Regulation S-K.
---------------------------------------------------------------------------

     Form S-1 \328\ (OMB Control No. 3235-0065);
---------------------------------------------------------------------------

    \328\ 17 CFR 239.11.
---------------------------------------------------------------------------

     Form S-3 \329\ (OMB Control No. 3235-0073); \330\
---------------------------------------------------------------------------

    ;\329\ 17 CFR 239.13.
    \330\ The paperwork burdens for Form S-3 and Form F-3 that would
result from the proposed rules are imposed through the forms from
which they are incorporated by reference and reflected in the
analysis of those forms.
---------------------------------------------------------------------------

     Form S-4 \331\ (OMB Control No. 3235-0324);
---------------------------------------------------------------------------

    \331\ 17 CFR 239.25.
---------------------------------------------------------------------------

     Form F-1 \332\ (OMB Control No. 3235-0258);
---------------------------------------------------------------------------

    \332\ 17 CFR 239.31.
---------------------------------------------------------------------------

     Form F-3 \333\ (OMB Control No. 3235-0256);
---------------------------------------------------------------------------

    \333\ 17 CFR 239.33.
---------------------------------------------------------------------------

     Form F-4 \334\ (OMB Control No. 3235-0325);
---------------------------------------------------------------------------

    \334\ 17 CFR 239.34.
---------------------------------------------------------------------------

     Form 10 \335\ (OMB Control No. 3235-0064);
---------------------------------------------------------------------------

    \335\ 17 CFR 249.210.
---------------------------------------------------------------------------

     Form 10-K (OMB Control No. 3235-0064);
     Form 10-Q \336\ (OMB Control No. 3235-0070);
---------------------------------------------------------------------------

    \336\ 17 CFR 249.308a.
---------------------------------------------------------------------------

     Form 20-F (OMB Control No. 3235-0063); and
     Regulation A \337\ (Form 1-A) \338\ (OMB Control No. 3235-
0286).
---------------------------------------------------------------------------

    \337\ 17 CFR 230.251 through 17 CFR 230.263.
    \338\ 17 CFR 239.90.
---------------------------------------------------------------------------

    The regulations and forms listed above were adopted under the
Securities Act or the Exchange Act. The regulations and forms set forth
the disclosure requirements for registration statements, offering
statements, and periodic reports filed by registrants and issuers to
help investors make informed investment decisions. A description of the
proposed rules, including the need for the information and its proposed
use, as well as a description of the likely respondents, can be found
in Sections II through V above, and a discussion of the economic
effects of the proposed rules can be found in Section VI above.

B. Burden and Cost Estimates Related to the Proposed Rules

i. Affected Registrants and Forms
    We estimate that, currently, approximately 487 bank and savings and
loan registrants provide the disclosures set forth in Guide 3. These
registrants would have to provide the disclosures required by the
proposed rules in Securities Act registration statements filed on Forms
S-1, S-3, S-4, F-1, F-3, and F-4, Exchange Act registration statements
on Forms 10 and 20-F, Exchange Act annual reports on Forms 10-K and 20-
F, Exchange Act quarterly reports on Form 10-Q, and Regulation A
offering statements on Form 1-A. We refer to these registrants in this
PRA analysis as ``affected registrants.''

    The proposed rules would codify certain disclosures called for by
Guide 3 and eliminate other Guide 3 disclosures that overlap with
Commission rules, U.S. GAAP, or IFRS. Although the disclosure Items in
Guide 3 are not Commission rules, under existing practice, affected
registrants currently provide many of these disclosures in response to
the Guide 3 items. Therefore, the burdens associated with these
disclosures are already included in the current burden hours and costs
for the affected forms. As such, for PRA purposes, we are only revising
the burdens and costs of the affected forms to reflect changes to the
existing Guide 3 disclosures in the proposed rules.
    For example, as discussed in greater detail below,\339\ we do not
propose to codify in proposed Item 1403 the disclosures under existing
Item II of Guide 3 that substantially overlap with U.S. GAAP and IFRS
disclosure requirements, and those we propose to codify in proposed
Item 1403 are consistent with the current disclosures in Item II.
Therefore, we estimate that there would be no change to the burdens and
costs of an affected registrant as a result of proposed Item 1403
because the Item would include disclosures that are already included in
Guide 3. In contrast, as discussed below,\340\ proposed Item 1404
would, in addition to codifying the loan disclosures in Item III of
Guide 3 that do not overlap with Commission rules, U.S. GAAP, or IFRS,
also require certain interest rate disclosure that is not currently a
Guide 3 disclosure. Therefore, we estimate that the proposed Item 1404
would increase the burden to an affected registrant.
---------------------------------------------------------------------------

    \339\ See Section VII.B.iii.b below.
    \340\ See Section VII.B.iii.c below.
---------------------------------------------------------------------------

    Additionally, for PRA purposes, the burden and costs estimates
related to the proposed rules should primarily affect annual reports on
Forms 10-K and 20-F. We do not believe the proposed rules should affect
the burdens and costs of a registrant filing its quarterly reports on
Form 10-Q, as the registrant would be required to collect and disclose
almost the same information related to the proposed rules cumulatively
in its annual report as in each of its prior quarterly reports.
Therefore, including the burden and cost estimates in both annual and
quarterly reports would result in a PRA inventory reflecting
duplicative burdens.
---------------------------------------------------------------------------

    \341\ See Section VII.B.iii.h.
    \342\ We recognize that the costs of retaining outside
professionals may vary depending on the nature of the professional
services, but for purposes of this PRA analysis, we estimate that
such costs will be an average of $400 per hour.This estimate is
based on consultations with several registrants, law firms and other
persons who regularly assist registrants in preparing and filing
reports with the Commission.
---------------------------------------------------------------------------

    Further, as with quarterly reports on Form 10-Q, a registrant would
be required to collect and disclose almost the same information related
to the proposed rules in a registration or offering statement as it
would in an annual report. However, we recognize that there could be
some additional burdens and costs associated with a registration or
offering statement that may not apply to an annual report. Therefore,
we are assigning a small incremental increase in burdens and costs to
all affected registration and offering statements, including Forms 20-
F, S-1, S-4, F-1, F-4, 10, and 1-A.
    Also, as discussed below,\341\ a new affected registrant would be
required to provide more years of credit ratio and related disclosures
in its initial registration or offering statement than it would be
required to provide in any subsequent registration or offering
statement. Therefore, we are assigning additional burdens and costs to
a registration or offering statement that can be filed as an initial
registration or offering statement, including Forms 20-F, S-1, F-1, 10,
and 1-A.
---------------------------------------------------------------------------

    \342\ We recognize that the costs of retaining outside
professionals may vary depending on the nature of the professional
services, but for purposes of this PRA analysis, we estimate that
such costs will be an average of $400 per hour. This estimate is
based on consultations with several registrants, law firms and other
persons who regularly assist registrants in preparing and filing
reports with the Commission.
---------------------------------------------------------------------------

ii. Standard Estimated Burden Allocation for Specified Forms
    For purposes of the PRA, total burden is to be allocated between
internal burden hours and outside professional costs. A registrant's
internal burden is estimated in internal burden hours and its outside
professional costs are estimated at $400 per hour.\342\ Table 5 below
sets forth the percentage estimates we typically use for the burden
allocation for each form.

    Table 5--Standard Estimated Burden Allocation for Specified Forms
------------------------------------------------------------------------
                                                              Outside
                Form type                    Internal      professionals
                                             (percent)       (percent)
------------------------------------------------------------------------
Form 10-K...............................              75              25
Form 20-F...............................              25              75
Form S-1................................              25              75
Form S-4................................              25              75
Form F-1................................              25              75
Form F-4................................              25              75
Form 10.................................              25              75
Form 1-A................................              75              25
------------------------------------------------------------------------

iii. Burden Change for Specific Portions of the Proposed Rules
a. Proposed Disclosure Related to Distribution of Assets, Liabilities,
and Stockholders' Equity; and Interest Rate and Interest Differential
(Item I of Guide 3/Proposed Item 1402)
    Proposed Item 1402 would require additional disaggregation to
include the categories under Item VII of Guide 3 and certain other
categories in Article 9 of Regulation S-X. Therefore, we estimate that
the burdens and costs of an affected annual report would increase by
two hours per year and the burdens and costs of an affected
registration or offering statement would increase by one hour per year.
Table 6 below shows the resulting estimated change in an affected
registrant's internal burden hours and costs for outside professionals
due to the proposed disclosure related to the distribution of assets,
liabilities, and stockholders' equity and interest rate and interest
differential.

  Table 6--Estimated Increase in Internal Burden Hours and Costs for Professionals From the Proposed Disclosure
    Related to Distribution of Assets, Liabilities, and Stockholders' Equity; and Interest Rate and Interest
                                                  Differential
                                     [Item I of guide 3/proposed item 1402]
----------------------------------------------------------------------------------------------------------------
                                                                                Increase in   Total proposed
                                     Number of      Increase in   Total proposed      outside       increase in
              Form                   affected        internal       increase in    professional       outside
                                      filings      burden hours      internal        cost per      professional
                                                  per registrant   burden hours     registrant         cost
(A)                                          (B)             (C)             (D)             (E)             (F)
                                                                     [(B) * (C)]                     [(B) * (E)]
----------------------------------------------------------------------------------------------------------------
                                            Annual Reports = +2 hours
----------------------------------------------------------------------------------------------------------------
Form 10-K.......................             453       \343\ 1.5           679.5      \344\ $200         $90,600
Form 20-F.......................              34       \345\ 0.5              17       \346\ 600          20,400
----------------------------------------------------------------------------------------------------------------
                                 Registration and Offering Statements = +1 hour
----------------------------------------------------------------------------------------------------------------
Form 20-F.......................               1      \347\ 0.25            0.25       \348\ 300             300
Form S-1........................              24      \349\ 0.25               6       \350\ 300           7,200
Form S-4........................              93      \351\ 0.25           23.25       \352\ 300          27,900
Form F-1........................               1      \353\ 0.25            0.25       \354\ 300             300
Form F-4........................               2      \355\ 0.25             0.5       \356\ 300             600
Form 10.........................               2      \357\ 0.25             0.5       \358\ 300             600
Form 1-A........................               5      \359\ 0.75            3.75       \360\ 100             500
----------------------------------------------------------------------------------------------------------------

b. Proposed Disclosure Related to Investment Portfolios (Item II of
Guide 3/Proposed Item 1403)
    The disclosures under existing Item II of Guide 3 that we do not
propose to codify in proposed Item 1403 substantially overlap with U.S.
GAAP and IFRS disclosure requirements, and those we propose to codify
in proposed Item 1403 are consistent with the current disclosures in
Item II of Guide 3. Therefore, we estimate that there would be no
change to the burdens and costs of an affected annual report or
registration or offering statement as a result of this aspect of the
proposed rules.
c. Proposed Disclosure Related to Loan Portfolios (Item III of Guide 3/
Proposed Item 1404)
    Proposed Item 1404 would codify the loan disclosures in Item III of
Guide 3 that do not overlap with Commission rules, U.S. GAAP, or IFRS.
However, because proposed Item 1404 would require additional disclosure
regarding interest rates for all loan categories, we estimate that the
burdens and costs of an affected annual report would increase by three
hours per year and the burdens and costs of an affected registration or
offering statement  would increase by one hour per year. Table 7 below
shows the resulting estimated change in an affected registrant's
internal burden hours and costs for outside professionals due to the
proposed disclosure related to loan portfolios.
---------------------------------------------------------------------------

    \343\ Two hours x 0.75 = 1.5 hours.
    \344\ (Two hours x 0.25) x $400 = $200.
    \345\ Two hours x 0.25 = 0.5 hours.
    \346\ (Two hours x 0.75) x $400 = $600.
    \347\ One hour x 0.25 = 0.25 hours.
    \348\ (One hour x 0.75) x $400 = $300.
    \349\ One hour x 0.25 = 0.25 hours.
    \350\ (One hour x 0.75) x $400 = $300.
    \351\ One hour x 0.25 = 0.25 hours.
    \352\ (One hour x 0.75) x $400 = $300.
    \353\ One hour x 0.25 = 0.25 hours.
    \354\ (One hour x 0.75) x $400 = $300.
    \355\ One hour x 0.25 = 0.25 hours.
    \356\ (One hour x 0.75) x $400 = $300.
    \357\ One hour x 0.25 = 0.25 hours.
    \358\ (One hour x 0.75) x $400 = $300.
    \359\ One hour x 0.75 = 0.75 hours.
    \360\ (One hour x 0.25) x $400 = $100.
    \361\ Three hours x 0.75 = 2.25 hours.
    \362\ (Three hours x 0.25) x $400 = $300.
    \363\ Three hours x 0.25 = .75 hours.
    \364\ (Three hours x 0.75) x $400 = $900.

    Table 7--Estimated Change in Internal Burden Hours and Costs for Outside Professionals From the Proposed
                                      Disclosure Related to Loan Portfolios
                                    [Item III of guide 3/proposed item 1404]
----------------------------------------------------------------------------------------------------------------
                                                                                Increase in   Total proposed
                                     Number of      Increase in   Total proposed      outside       increase in
              Form                   affected        internal       increase in    professional       outside
                                      filings      burden hours      internal        cost per      professional
                                                  per registrant   burden hours     registrant         cost
(A)                                          (B)             (C)             (D)             (E)             (F)
                                                                     [(B) * (C)]                     [(B) * (E)]
----------------------------------------------------------------------------------------------------------------
                                            Annual Reports = +3 hours
----------------------------------------------------------------------------------------------------------------
Form 10-K.......................             453      \361\ 2.25        1,019.25      \362\ $300        $135,900
Form 20-F.......................              34      \363\ 0.75            25.5       \364\ 900          30,600
----------------------------------------------------------------------------------------------------------------

                                    Registration and Offering Statements = +1
----------------------------------------------------------------------------------------------------------------
Form 20-F.......................               1      \365\ 0.25            0.25       \366\ 300             300
Form S-1........................              24      \367\ 0.25               6       \368\ 300           7,200
Form S-4........................              93      \369\ 0.25           23.25       \370\ 300          27,900
Form F-1........................               1      \371\ 0.25            0.25       \372\ 300             300
Form F-4........................               2      \373\ 0.25             0.5       \374\ 300             600
Form 10.........................               2      \375\ 0.25             0.5       \376\ 300             600
Form 1-A........................               5      \377\ 0.75            3.75       \378\ 100             500
----------------------------------------------------------------------------------------------------------------

d. Proposed Disclosure Related to Allowance for Credit Losses (Item IV
of Guide 3/Proposed Item 1405(c))
---------------------------------------------------------------------------

    \365\ One hour x 0.25 = 0.25 hours.
    \366\ (One hour x 0.75) x $400 = $300.
    \367\ One hour x 0.25 = 0.25 hours.
    \368\ (One hour x 0.75) x $400 = $300.
    \369\ One hour x 0.25 = 0.25 hours.
    \370\ (One hour x 0.75) x $400 = $300.
    \371\ One hour x 0.25 = 0.25 hours.
    \372\ (One hour x 0.75) x $400 = $300.
    \373\ One hour x 0.25 = 0.25 hours.
    \374\ (One hour x 0.75) x $400 = $300.
    \375\ One hour x 0.25 = 0.25 hours.
    \376\ (One hour x 0.75) x $400 = $300.
    \377\ One hour x 0.75 = 0.75 hours.
    \378\ (One hour x 0.25) x $400 = $100.
---------------------------------------------------------------------------

    The disclosures under existing Item IV of Guide 3 that we do not
propose to codify in proposed Item 1405(c) substantially overlap with
U.S. GAAP and IFRS disclosure requirements, and those we propose to
codify in proposed Item 1405(c) are consistent with the current
disclosures in Item IV of Guide 3. Therefore, we estimate that there
would be no change to the burdens and costs of an affected annual
report or registration or offering statement as a result of this aspect
of the proposed rules.
e. Proposed Disclosure Related to Deposits (Item V of Guide 3/Proposed
Item 1406)
    Proposed Item 1406 would codify the majority of the disclosures
currently called for by Item V of Guide 3, with some revisions. Based
on differences from the current Item V disclosures and the proposed
requirements, we estimate that burdens and costs of an affected annual
report would increase by three burden hours per year and the burdens
and costs of an affected registration or offering statement would
increase by one hour per year. Table 8 below shows the resulting
estimated change in an affected registrant's internal burden hours and
costs for outside professionals due to the proposed disclosure related
to deposits.

    Table 8--Estimated Change in Internal Burden Hours and Costs for Outside Professionals From the Proposed
                                         Disclosure Related to Deposits
                                     [Item V of guide 3/proposed item 1406]
----------------------------------------------------------------------------------------------------------------
                                                                                Increase in   Total proposed
                                     Number of      Increase in   Total proposed      outside       increase in
              Form                   affected        internal       increase in    professional       outside
                                      filings      burden hours      internal        cost per      professional
                                                  per registrant   burden hours     registrant         cost
(A)                                          (B)             (C)             (D)         (E) (F)
                                                                     [(B) * (C)]     [(B) * (E)]
----------------------------------------------------------------------------------------------------------------
                                            Annual Reports = +3 hours
----------------------------------------------------------------------------------------------------------------
Form 10-K.......................             453      \379\ 2.25        1,019.25      \380\ $300        $135,900
Form 20-F.......................              34      \381\ 0.75            25.5       \382\ 900          30,600
----------------------------------------------------------------------------------------------------------------
                                    Registration and Offering Statements = +1
----------------------------------------------------------------------------------------------------------------
Form 20-F.......................               1      \383\ 0.25            0.25       \384\ 300             300
Form S-1........................              24      \385\ 0.25               6       \386\ 300           7,200
Form S-4........................              93      \387\ 0.25           23.25       \388\ 300          27,900
Form F-1........................               1      \389\ 0.25            0.25       \390\ 300            $300
Form F-4........................               2      \391\ 0.25             0.5       \392\ 300             600
Form 10.........................               2      \393\ 0.25             0.5       \394\ 300             600
Form 1-A........................               5      \395\ 0.75            3.75       \396\ 100             500
----------------------------------------------------------------------------------------------------------------

f. Proposed Disclosure Related to Return on Equity and Assets (Item VI
of Guide 3)
    The proposed rules would not codify the disclosures in Item VI of
Guide 3. Therefore, we estimate that the burdens and costs of an
affected annual report would decrease by two burden hours per year and
the burdens and costs of an affected registration or offering statement
would decrease by one hour per year. Table 9 below shows the resulting
estimated change in an affected registrant's internal burden hours and
costs for outside professionals due to this aspect of the proposed
rules.
---------------------------------------------------------------------------

    \379\ Three hours x 0.75 = 2.25 hours.
    \380\ (Three hours x 0.25) x $400 = $300.
    \381\ Three hours x 0.25 = 0.75 hours.
    \382\ (Three hours x 0.75) x $400 = $900.
    \383\ One hour x 0.25 = 0.25 hours.
    \384\ (One hour x 0.75) x $400 = $300.
    \385\ One hour x 0.25 = 0.25 hours.
    \386\ (One hour x 0.75) x $400 = $300.
    \387\ One hour x 0.25 = 0.25 hours.
    \388\ (One hour x 0.75) x $400 = $300.
    \389\ One hour x 0.25 = 0.25 hours.
    \390\ (One hour x 0.75) x $400 = $300.
    \391\ One hour x 0.25 = 0.25 hours.
    \392\ (One hour x 0.75) x $400 = $300.
    \393\ One hour x 0.25 = 0.25 hours.
    \394\ (One hour x 0.75) x $400 = $300.
    \395\ One hour x 0.75 = 0.75 hours.
    \396\ (One hour x 0.25) x $400 = $100.
    \397\ Two hours x 0.75 = 1.5 hours.
    \398\ (Two hours x 0.25) x $400 = $200.
    \399\ Two hours x 0.25 = 0.5 hours.
    \400\ (Two hours x 0.75) x $400 = $600.
    \401\ One hour x 0.25 = 0.25 hours.
    \402\ (One hour x 0.75) x $400 = $300.
    \403\ One hour x 0.25 = 0.25 hours.
    \404\ (One hour x 0.75) x $400 = $300.
    \405\ One hour x 0.25 = 0.25 hours.
    \406\ (One hour x 0.75) x $400 = $300.
    \407\ One hour x 0.25 = 0.25 hours.
    \408\ (One hour x 0.75) x $400 = $300.
    \409\ One hour x 0.25 = 0.25 hours.
    \410\ (One hour x 0.75) x $400 = $300.
    \411\ One hour x 0.25 = 0.25 hours.
    \412\ (One hour x 0.75) x $400 = $300.

   Table 9--Estimated Decrease in Internal Burden Hours and Costs for Outside Professionals From the Proposed
                                Disclosure Related to Return on Equity and Assets
                                              [Item VI of guide 3]
----------------------------------------------------------------------------------------------------------------
                                                                                Increase in   Total proposed
                                     Number of      Increase in   Total proposed      outside       increase in
              Form                   affected        internal       increase in    professional       outside
                                      filings      burden hours      internal        cost per      professional
                                                  per registrant   burden hours     registrant         cost
(A)                                          (B)             (C)             (D)             (E)             (F)
                                                                      [(B * (C)]                     [(B) * (E)]
----------------------------------------------------------------------------------------------------------------
                                            Annual Reports = -2 hours
----------------------------------------------------------------------------------------------------------------
Form 10-K.......................             453     \397\ (1.5)         (679.5)    \398\ ($200)       ($90,600)
Form 20-F.......................              34     \399\ (0.5)            (17)     \400\ (600)        (20,400)
----------------------------------------------------------------------------------------------------------------
                                 Registration and Offering Statements = -1 hour
----------------------------------------------------------------------------------------------------------------
Form 20-F.......................               1    \401\ (0.25)          (0.25)     \402\ (300)          ($300)
Form S-1........................              24     \403\(0.25)             (6)     \404\ (300)         (7,200)
Form S-4........................              93    \405\ (0.25)         (23.25)      \406\(300)        (27,900)
Form F-1........................               1    \407\ (0.25)          (0.25)     \408\ (300)           (300)
Form F-4........................               2    \409\ (0.25)           (0.5)     \410\ (300)           (600)
Form 10.........................               2    \411\ (0.25)           (0.5)      \412\(300)           (600)

Form 1-A........................               5    \413\ (0.75)          (3.75)      \414\(100)           (500)
----------------------------------------------------------------------------------------------------------------

g. Proposed Disclosure Related to Short-Term Borrowings (Item VII of
Guide 3/Proposed Item 1402)
    The proposed rules would codify the average amount outstanding and
interest paid disclosures in Item VII of Guide 3 as part of Proposed
Rule 1402, and the remaining disclosures in Item VII would not be
proposed for codification. Therefore, we estimate that the burdens and
costs of an affected annual report would decrease by four burden hours
per year and the burdens and costs of an affected registration or
offering statement would decrease by one hour per year. Table 10 below
shows the resulting estimated change in an affected registrant's
internal burden hours and costs for outside professionals due to the
proposed disclosure related to short-term borrowings.

    Table 10--Estimated Decrease in Internal Burden Hours and Costs for Outside Professionals From the Proposed Rule Related to Short-Term Borrowings
                                                        [Item VII of guide 3/proposed item 1402]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Increase in
                                                                       Number of       internal     Total proposed   Increase in out     Total proposed
                               Form                                    affected      burden  hours    increase in   side professional     increase in
                                                                        filings           per          internal          cost per           outside
                                                                                registrant     burden  hours      registrant     professional cost
(A)                                                                            (B)             (C)      (D) [(B) *                (E)    (F) [(B) * (E)]
                                                                                (C)]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                Annual Reports = -4 hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Form 10-K.........................................................             453       \415\ (3)         (1,359)       \416\ ($400)         ($181,200)
Form 20-F.........................................................              34       \417\ (1)            (34)      \418\ (1,200)           (40,800)
                                                        Registration and Offering Statements = -1
--------------------------------------------------------------------------------------------------------------------------------------------------------
Form 20-F.........................................................               1    \419\ (0.25)          (0.25)        \420\ (300)              (300)
Form S-1..........................................................              24    \421\ (0.25)             (6)        \422\ (300)            (7,200)
Form S-4..........................................................              93    \423\ (0.25)         (23.25)         \424\(300)           (27,900)
Form F-1..........................................................               1    \425\ (0.25)          (0.25)        \426\ (300)              (300)
Form F-4..........................................................               2    \427\ (0.25)           (0.5)        \428\ (300)              (600)
Form 10...........................................................               2     \429\(0.25)           (0.5)        \430\ (300)              (600)
Form 1-A..........................................................               5    \431\ (0.75)          (3.75)        \432\ (100)              (500)
--------------------------------------------------------------------------------------------------------------------------------------------------------

h. Proposed Disclosure Related to Credit Ratios (Proposed Items 1405(a)
and (b))
---------------------------------------------------------------------------

    \413\ One hour x 0.75 = 0.75 hours.
    \414\ (One hour x 0.25) x $400 = $100.
    \415\ Four hours x 0.75 = 3 hours.
    \416\ (Four hours x 0.25) x $400 = $400.
    \417\ Four hours x 0.25 = 1 hours.
    \418\ (Four hours x 0.75) x $400 = $1,200.
    \419\ One hour x 0.25 = 0.25 hours.
    \420\ (One hour x 0.75) x $400 = $300.
    \421\ One hour x 0.25 = 0.25 hours.
    \422\ (One hour x 0.75) x $400 = $300.
    \423\ One hour x 0.25 = 0.25 hours.
    \424\ (One hour x 0.75) x $400 = $300.
    \425\ One hour x 0.25 = 0.25 hours.
    \426\ (One hour x 0.75) x $400 = $300.
    \427\ One hour x 0.25 = 0.25 hours.
    \428\ (One hour x 0.75) x $400 = $300.
    \429\ One hour x 0.25 = 0.25 hours.
    \430\ (One hour x 0.75) x $400 = $300.
    \431\ One hour x 0.75 = 0.75 hours.
    \432\ (One hour x 0.25) x $400 = $100.
---------------------------------------------------------------------------

    For all filings other than initial registration and offering
statements, including annual reports and registration or offering
statements that are not initial registration or offering statements,
the proposed credit ratios and related disclosures would be required
for the same periods that financial statements for those filings are
required by our rules, which would be less than five years. For an
affected registrant that would be required under the proposed rules to
provide its credit ratios and related disclosures for less than five
years, we estimate that the burdens and costs of an annual report would
increase by six burden hours per year and the burdens and costs of a
registration or offering statement that is not an initial registration
or offering statement would increase by one hour per year.
    An affected registrant filing its initial registration or offering
statement would be required under the proposed rules to provide its
credit ratios and related disclosures for each of the last five years.
We estimate that providing the additional years of credit ratios and
related disclosures that go beyond what would be required in an annual
report or a registration or offering statement that is not an initial
registration or offering statement would increase the burdens and costs
for an initial

registration or offering statement by six burden hours per year.
    Table 11 below shows the resulting estimated change in an affected
registrant's internal burden hours and costs for outside professionals
due to the proposed disclosure related to credit ratios.

     Table 11--Estimated Increase in Internal Burden Hours and Costs for Outside Professionals From the Proposed Disclosure Related to Credit Ratios
                                                            [Proposed items 1405(a) and (b)]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Increase in
                                                                       Number of       internal     Total proposed   Increase in out     Total proposed
                               Form                                    affected      burden  hours    increase in   side professional     increase in
                                                                        filings           per          internal          cost per           outside
                                                                                registrant     burden hours       registrant     professional cost
(A)                                                                            (B)             (C)      (D) [(B) *                (E)    (F) [(B) * (E)]
                                                                                (C)]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                Annual Reports = +6 hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Form 10-K.........................................................             453       \433\ 4.5         2,038.5         \434\ $600           $271,800
Form 20-F.........................................................              34       \435\ 1.5              51        \436\ 1,800             61,200
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                               Not Initial Registration and Offering Statements = +1 hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Form 20-F.........................................................               1      \437\ 0.25            0.25         \438\ $300               $300
Form S-1..........................................................              24      \439\ 0.25               6          \440\ 300              7,200
Form S-4..........................................................              93      \441\ 0.25           23.25          \442\ 300             27,900
Form F-1..........................................................               1      \443\ 0.25            0.25          \444\ 300                300
Form F-4..........................................................               2      \445\ 0.25             0.5          \446\ 300                600
Form 10...........................................................               2      \447\ 0.25             0.5          \448\ 300                600
Form 1-A..........................................................               5      \449\ 0.75            3.75           \450\100                500
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                 Initial Registration and Offering Statements = +6 hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Form 20-F.........................................................               1       \451\ 1.5             1.5        \452\ 1,800              1,800
Form S-1..........................................................              20       \453\ 1.5              30        \454\ 1,800             36,000
Form F-1..........................................................               1       \455\ 1.5             1.5        \456\ 1,800              1,800
Form 10...........................................................               1       \457\ 1.5             1.5         \458\1,800              1,800
Form 1-A..........................................................               4       \459\ 4.5              18          \460\ 600              2,400
--------------------------------------------------------------------------------------------------------------------------------------------------------

iv. Aggregated Change in Burden for Specific Portions of the Proposed
Rules
---------------------------------------------------------------------------

    \433\ Six hours x 0.75 = 4.5 hours.
    \434\ (Six hours x 0.25) x $400 = $600.
    \435\ Six hours x 0.25 = 1.5 hours.
    \436\ (Six hours x 0.75) x $400 = $1,800.
    \437\ One hour x 0.25 = 0.25 hours.
    \438\ (One hour x 0.75) x $400 = $300.
    \439\ One hour x 0.25 = 0.25 hours.
    \440\ (One hour x 0.75) x $400 = $300.
    \441\ One hour x 0.25 = 0.25 hours.
    \442\ (One hour x 0.75) x $400 = $300.
    \443\ One hour x 0.25 = 0.25 hours.
    \444\ (One hour x 0.75) x $400 = $300.
    \445\ One hour x 0.25 = 0.25 hours.
    \446\ (One hour x 0.75) x $400 = $300.
    \447\ One hour x 0.25 = 0.25 hours.
    \448\ (One hour x 0.75) x $400 = $300.
    \449\ One hour x 0.75 = 0.75 hours.
    \450\ (One hour x 0.25) x $400 = $100.
    \451\ Six hours x 0.25 = 1.5 hours.
    \452\ (Six hours x 0.75) x $400 = $1,800.
    \453\ Six hours x 0.25 = 1.5 hours.
    \454\ (Six hours x 0.75) x $400 = $1,800.
    \455\ Six hours x 0.25 = 1.5 hours.
    \456\ (Six hours x 0.75) x $400 = $1,800.
    \457\ Six hours x 0.25 = 1.5 hours.
    \458\ (Six hours x 0.75) x $400 = $1,800.
    \459\ Six hours x 0.75 = 4.5 hours.
    \460\ (Six hours x 0.25) x $400 = $600.
---------------------------------------------------------------------------

    Table 12 below shows the resulting estimated change in an affected
registrant's internal burden hours and costs for outside professionals
aggregated for each portion of the proposed rules.

       Table 12--Estimated Change in Internal Burden Hours and Costs for Outside Professionals From the Aggregated Portions of the Proposed Rules
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Total proposed
                                                                           Total burden      Internal     Total proposed      Outside        change in
               Form                    Number of      Existing Guide 3      hour change     burden hour      change in     professional       outside
                                    affected forms          item             per form       change per       internal      costs change    professional
                                                                                form        burden hours      per form          cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     Annual Reports
--------------------------------------------------------------------------------------------------------------------------------------------------------
Form 10-K.........................             453  Item I..............               2             1.5           679.5            $200         $90,600
                                                    Item II.............               0               0               0               0               0
                                                    Item III............               3            2.25        1,019.25             300         135,900
                                                    Item IV.............               0               0               0               0               0
                                                    Item V..............               3            2.25        1,019.25             300         135,900
                                                    Item VI.............             (2)           (1.5)         (679.5)           (200)        (90,600)
                                                    Item VII............             (4)             (3)         (1,359)           (400)       (181,200)
                                                    Credit Ratios.......               6             4.5         2,038.5             600         271,800
                                                                         -------------------------------------------------------------------------------
    Subtotals.....................  ..............  ....................               8               6           2,718             800         362,400
Form 20-F.........................              34  Item I..............               2             0.5              17             600          20,400
                                                    Item II.............               0               0               0               0               0
                                                    Item III............               3            0.75            25.5             900          30,600
                                                    Item IV.............               0               0               0               0               0
                                                    Item V..............               3            0.75            25.5             900          30,600
                                                    Item VI.............             (2)           (0.5)            (17)           (600)        (20,400)
                                                    Item VII............             (4)             (1)            (34)         (1,200)        (40,800)
                                                    Credit Ratios.......               6             1.5              51           1,800          61,200
                                                                         -------------------------------------------------------------------------------
    Subtotals.....................  ..............  ....................               8               2              68           2,400          81,600
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                    Not Initial Registration and Offering Statements
--------------------------------------------------------------------------------------------------------------------------------------------------------
Form 20-F.........................               1  Item I..............               1            0.25            0.25             300             300
                                                    Item II.............               0               0               0               0               0
                                                    Item III............               1            0.25            0.25             300             300
                                                    Item IV.............               0               0               0               0               0
                                                    Item V..............               1            0.25            0.25             300             300
                                                    Item VI.............             (1)          (0.25)          (0.25)           (300)           (300)
                                                    Item VII............             (1)          (0.25)          (0.25)           (300)           (300)
                                                    Credit Ratios.......               1            0.25            0.25             300             300
                                                                         -------------------------------------------------------------------------------
    Subtotals.....................  ..............  ....................               2             0.5             0.5             600             600
Form S-1..........................              24  Item I..............               1            0.25               6             300           7,200
                                                    Item II.............               0               0               0               0               0
                                                    Item III............               1            0.25               6             300           7,200
                                                    Item IV.............               0               0               0               0               0
                                                    Item V..............               1            0.25               6             300           7,200
                                                    Item VI.............             (1)          (0.25)             (6)           (300)         (7,200)
                                                    Item VII............             (1)          (0.25)             (6)           (300)         (7,200)
                                                    Credit Ratios.......               1            0.25               6             300           7,200
                                                                         -------------------------------------------------------------------------------
    Subtotals.....................  ..............  ....................               2             0.5              12             600          14,400
Form S-4..........................              93  Item I..............               1            0.25           23.25             300          27,900
                                                    Item II.............               0               0               0               0               0
                                                    Item III............               1            0.25           23.25             300          27,900
                                                    Item IV.............               0               0               0               0               0
                                                    Item V..............               1            0.25           23.25             300          27,900
                                                    Item VI.............             (1)          (0.25)         (23.25)           (300)        (27,900)
                                                    Item VII............             (1)          (0.25)         (23.25)           (300)        (27,900)
                                                    Credit Ratios.......               1            0.25           23.25             300          27,900
                                                                         -------------------------------------------------------------------------------
    Subtotals.....................  ..............  ....................               2             0.5            46.5             600          55,800
Form F-1..........................               1  Item I..............               1            0.25            0.25             300             300
                                                    Item II.............               0               0               0               0               0
                                                    Item III............               1            0.25            0.25             300             300
                                                    Item IV.............               0               0               0               0               0
                                                    Item V..............               1            0.25            0.25             300             300
                                                    Item VI.............             (1)          (0.25)          (0.25)           (300)           (300)
                                                    Item VII............             (1)          (0.25)          (0.25)           (300)           (300)
                                                    Credit Ratios.......               1            0.25            0.25             300             300
                                                                         -------------------------------------------------------------------------------
    Subtotals.....................  ..............  ....................               2             0.5             0.5             600             600
Form F-4..........................               2  Item I..............               1            0.25             0.5             300             600
                                                    Item II.............               0               0               0               0               0
                                                    Item III............               1            0.25             0.5             300             600

                                                    Item IV.............               0               0               0               0               0
                                                    Item V..............               1            0.25             0.5             300             600
                                                    Item VI.............             (1)          (0.25)           (0.5)           (300)           (600)
                                                    Item VII............             (1)          (0.25)           (0.5)           (300)           (600)
                                                    Credit Ratios.......               1            0.25             0.5             300             600
                                                                         -------------------------------------------------------------------------------
    Subtotals.....................  ..............  ....................               2             0.5               1             600           1,200
Form 10...........................               2  Item I..............               1            0.25             0.5             300             600
                                                    Item II.............               0               0               0               0               0
                                                    Item III............               1            0.25             0.5             300             600
                                                    Item IV.............               0               0               0               0               0
                                                    Item V..............               1            0.25             0.5             300             600
                                                    Item VI.............             (1)          (0.25)           (0.5)           (300)           (600)
                                                    Item VII............             (1)          (0.25)           (0.5)           (300)           (600)
                                                    Credit Ratios.......               1            0.25             0.5             300             600
                                                                         -------------------------------------------------------------------------------
    Subtotals.....................  ..............  ....................               2             0.5               1             600           1,200
Form 1-A..........................               5  Item I..............               1            0.75            3.75             100             500
                                                    Item II.............               0               0               0               0               0
                                                    Item III............               1            0.75            3.75             100             500
                                                    Item IV.............               0               0               0               0               0
                                                    Item V..............               1            0.75            3.75             100             500
                                                    Item VI.............             (1)          (0.75)          (3.75)           (100)           (500)
                                                    Item VII............             (1)          (0.75)          (3.75)           (100)           (500)
                                                    Credit Ratios.......               1            0.75            3.75             100             500
                                                                         -------------------------------------------------------------------------------
    Subtotals.....................  ..............  ....................               2             1.5             7.5             200           1,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                       Initial Registration or Offering Statements
--------------------------------------------------------------------------------------------------------------------------------------------------------
Form 20-F.........................               1  Credit Ratios.......               6             1.5             1.5           1,800           1,800
Form S-1..........................              20  Credit Ratios.......               6             1.5              30           1,800          36,000
Form F-1..........................               1  Credit Ratios.......               6             1.5             1.5           1,800           1,800
Form 10...........................               1  Credit Ratios.......               6             1.5             1.5           1,800           1,800
Form 1-A..........................               4  Credit Ratios.......               6             4.5              18             600           2,400
--------------------------------------------------------------------------------------------------------------------------------------------------------

v. Total Change in Burden Per Form as a Result of the Proposed Rules
    Table 13 below shows the resulting estimated change in an affected
registrant's internal burden hours and costs for outside professionals
per form as a result of the proposed rules regardless of the purpose
for which the form is used.

  Table 13--Estimated Total Increase in Internal Burden Hours and Costs for Outside Professional as a Result of
                                               the Proposed Rules
----------------------------------------------------------------------------------------------------------------
                                                                                Total proposed
                                   Total number      Internal     Total proposed      Outside        change in
              Form                  of affected     burden hour      change in     professional       outside
                                       forms        change per       internal      costs change    professional
                                                       form        burden hours      per form          cost
----------------------------------------------------------------------------------------------------------------
Form 10-K.......................             453               6           2,718            $800        $362,400
Form 20-F
    Form 20-F...................              34               2              68           2,400          81,600
    Form 20-F...................               1             0.5             0.5             600             600
    Form 20-F...................               1             1.5             1.5           1,800           1,800
                                              36               4              70           4,800          84,000
Form S-1
    Form S-1....................              24             0.5              12             600          14,400
    Form S-1....................              20             1.5              30           1,800          36,000
                                              44               2              42           2,400          50,400
Form S-4........................              93             0.5            46.5             600          55,800
Form F-1
    Form F-1....................               1             0.5             0.5             600             600
    Form F-1....................               1             1.5             1.5           1,800           1,800
                                               2               2               2           2,400           2,400

Form F-4........................               2             0.5               1             600           1,200
Form 10
    Form 10.....................               2             0.5               1             600           1,200
    Form 10.....................               1             1.5             1.5           1,800           1,800
                                               3               2             2.5           2,400           3,000
Form 1-A
    Form 1-A....................               5             1.5             7.5             200           1,000
    Form 1-A....................               4             4.5              18             600           2,400
                                               9               6            25.5             800           3,400
                                 -------------------------------------------------------------------------------
    Total.......................             642              23           2,908          14,800         562,600
----------------------------------------------------------------------------------------------------------------

vi. Total Paperwork Burden Under the Proposed Rules
    Table 14 below shows the total estimated internal burden hours and
costs for outside professional under the proposed rules.

                                                Table 14--Total Paperwork Burden Under the Proposed Rules
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Proposed        Proposed
                                                                                change in       change in       Proposed
                                  Current annual  Current burden     Current cost        internal         outside      burden hours   Proposed costs for
                                     responses         hours            burden          registrant     professional    for affected   affected responses
                                                                                burden hours        costs         responses
                                             (A)             (B)                 (C)             (D)             (E)             (F)                 (G)
                                                                                [(B) + (D)]         [(C) + (E)]
--------------------------------------------------------------------------------------------------------------------------------------------------------
10-K............................           8,137      14,220,652      $1,898,891,869           2,718        $362,400      14,223,370      $1,899,254,269
20-F............................             725         479,784         577,479,600              70          84,000         479,854         577,563,600
S-1.............................             901         148,556         182,048,700              42          50,400         148,598         182,099,100
S-4.............................             551         563,216         678,291,204        \461\ 47          55,800         563,263         678,347,004
F-1.............................              63          26,815          32,445,300               2           2,400          26,817          32,447,700
F-4.............................              39          14,076          17,106,000               1           1,200          14,077          17,107,200
10..............................             216          12,072          14,356,888         \462\ 3           3,000          12,075          14,359,888
1-A.............................             179          98,396          13,111,912        \463\ 26           3,400          98,422          13,115,312
--------------------------------------------------------------------------------------------------------------------------------------------------------

C. Request for Comment
---------------------------------------------------------------------------

    \461\ Rounded to 47.
    \462\ Rounded to three.
    \463\ Rounded to 26.
---------------------------------------------------------------------------

    Pursuant to 44 U.S.C. 3506(c)(2)(B), we request comment in order
to:
     Evaluate whether the proposed collections of information
are necessary for the proper performance of the functions of the
Commission, including whether the information will have practical
utility;
     Evaluate the accuracy of our assumptions and estimates of
the burden of the proposed collection of information;
     Determine whether there are ways to enhance the quality,
utility, and clarity of the information to be collected;
     Evaluate whether there are ways to minimize the burden of
the collection of information on those who respond, including through
the use of automated collection techniques or other forms of
information technology; and
     Evaluate whether the proposed rules would have any effects
on any other collection of information not previously identified in
this section.
    Any member of the public may direct to us any comments concerning
the accuracy of these burden estimates and any suggestions for reducing
these burdens. Persons submitting comments on the collection of
information requirements should direct their comments to the Office of
Management and Budget, Attention: Desk Officer for the U.S. Securities
and Exchange Commission, Office of Information and Regulatory Affairs,
Washington, DC 20503, and send a copy to, Vanessa A. Countryman,
Secretary, U.S. Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549, with reference to File No. S7-02-17. Requests for
materials submitted to OMB by the Commission with regard to the
collection of information requirements should be in writing, refer to
File No. S7-02-17 and be submitted to the U.S. Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549. OMB is required to make a decision concerning the collection of
information requirements between 30 and 60 days after publication of
the proposed rule. Consequently, a comment to OMB is best assured of
having its full effect if the OMB receives it within 30 days of
publication.

VIII. Small Business Regulatory Enforcement Fairness Act

    For purposes of the Small Business Regulatory Enforcement Fairness
Act of

1996 (``SBREFA''),\464\ the Commission must advise OMB as to whether
the proposed rules constitute a ``major'' rule. Under SBREFA, a rule is
considered ``major'' where, if adopted, it results or is likely to
result in:
---------------------------------------------------------------------------

    \464\ Public Law 104-121, tit. II, 110 Stat. 857 (1996).
---------------------------------------------------------------------------

     An annual effect on the economy of $100 million or more
(either in the form of an increase or a decrease);
     A major increase in costs or prices for consumers or
individual industries; or
     Significant adverse effects on competition, investment, or
innovation.
    We request comment on whether our proposed rule would be a ``major
rule'' for purposes of SBREFA. We solicit comment and empirical data
on:
     The potential effect on the U.S. economy on an annual
basis;
     Any potential increase in costs or prices for consumers or
individual industries; and
     Any potential effect on competition, investment, or
innovation.
    Commenters are requested to provide empirical data and other
factual support for their views to the extent possible.

IX. Regulatory Flexibility Act Certification

    When an agency issues a rulemaking proposal, the Regulatory
Flexibility Act (``RFA'') \465\ requires the Commission to prepare and
make available for public comment an Initial Regulatory Flexibility
Analysis (``IRFA'') that will describe the impact of the proposed rule
on small entities.\466\ Section 605 of the RFA allows an agency to
certify a rule, in lieu of preparing an IRFA, if the proposed
rulemaking is not expected to have a significant economic impact on a
substantial number of small entities.\467\
---------------------------------------------------------------------------

    \465\ 5 U.S.C. 601 et seq.
    \466\ 5 U.S.C. 603(a).
    \467\ 5 U.S.C. 605(b).
---------------------------------------------------------------------------

    The proposed amendments would update and streamline our disclosure
requirements for banks, bank holding companies, savings and loan
associations, and savings and loan holding companies. These registrants
currently provide many disclosures in response to the items set forth
in Guide 3, which are not Commission rules. The proposed rules would
rescind Guide 3; update and codify certain Guide 3 disclosures into new
Subpart 1400 of Regulation S-K; eliminate other Guide 3 disclosures
that overlap with Commission rules, U.S. GAAP, or IFRS; and add certain
credit ratio disclosure requirements. The reasons for, and objectives
of, the proposed rules are discussed in more detail in Sections II
through IV above.
    The RFA defines ``small entity'' to mean ``small business,''
``small organization,'' or ``small governmental jurisdiction.'' \468\
For purposes of the RFA, under our rules, a registrant, other than an
investment company, is a ``small business'' or ``small organization''
if it had total assets of $5 million or less on the last day of its
most recent fiscal year and is engaged or proposing to engage in an
offering of securities that does not exceed $5 million.\469\ We
estimate the proposed amendments would affect one issuer that files
with the Commission, other than investment companies, which may be
considered a small entity and is potentially subject to the proposed
rule.\470\ Accordingly, the Commission hereby certifies, pursuant to 5
U.S.C. 605(b), that the proposed amendments, if adopted, would not have
a significant economic impact on a substantial number of small entities
for purposes of the RFA.
---------------------------------------------------------------------------

    \468\ 5 U.S.C. 601(6).
    \469\ See 17 CFR 230.157 under the Securities Act and 17 CFR
240.0-10(a) under the Exchange Act.
    \470\ This estimate is based on staff analysis. See supra notes
300 to 303 above.
---------------------------------------------------------------------------

    Request for Comment:
    We request comment on this certification. In particular, we solicit
comment on the following: Do commenters agree with the certification?
If not, please describe the nature of any impact of the proposed
amendments on small entities and provide empirical data to illustrate
the extent of the impact. Such comments will be considered in the
preparation of the final rules (and in a Final Regulatory Flexibility
Analysis if one is needed) and, if the proposed amendments are adopted,
will be placed in the same public file as comments on the proposed
rules themselves.

X. Statutory Authority and Text of Proposed Rules

    We are proposing the rules contained in this document pursuant to
Sections 3(b), 7, 10, 19(a), and 28 of the Securities Act and Sections
3(b), 12, 13, 15(d), 23(a), and 36(a) of the Exchange Act.

List of Subjects

17 CFR Part 210

    Accountants, Accounting, Banks, Banking, Employee benefit plans,
Holding companies, Insurance companies, Investment companies, Oil and
gas exploration, Reporting and recordkeeping requirements, Securities,
Utilities.

17 CFR Parts 229

    Reporting and recordkeeping requirements, Securities.

17 CFR Part 249

    Brokers, Reporting and recordkeeping requirements, Securities.
    In accordance with the foregoing, Title 17, Chapter II of the Code
of Federal Regulations is proposed to be amended as follows:
    For the reasons stated in the preamble, the Commission is proposing
to amend Title 17, Chapter II of the Code of Federal Regulations as
follows:

PART 210--FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL
STATEMENTS, SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF
1934, INVESTMENT COMPANY ACT OF 1940, INVESTMENT ADVISERS ACT OF
1940, AND ENERGY POLICY AND CONSERVATION ACT OF 1975

0
1. The authority citation for part 210 continues to read as follows:

    Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 77z-2, 77z-3,
77aa(25), 77aa(26), 77nn(25), 77nn(26), 78c, 78j-1, 78l, 78m, 78n,
78o(d), 78q, 78u-5, 78w, 78ll, 78mm, 80a-8, 80a-20, 80a-29, 80a-30,
80a-31, 80a-37(a), 80b-3, 80b-11, 7202 and 7262, and sec. 102(c),
Pub. L. 112-106, 126 Stat. 310 (2012), unless otherwise noted.

0
2. Revise Sec.  210.9-01 to read as follows:

Sec.  210.9-01  Application of Sec. Sec.  210.9-01 to 210.9-07

    The consolidated financial statements filed for bank holding
companies, savings and loan holding companies, and the financial
statements of banks and savings and loan associations, must apply the
guidance in this article in filings with the Commission.
0
3. Amend Sec.  210.9-03 by:
0
a. removing and reserving paragraphs 7(a) through (c); and
0
 b. revising paragraph 7(e)(2).
0
 The revisions to read as follows:

Sec.  210.9-03  Balance sheets.

* * * * *
    7. * * *
    (e) * * *
    (2) If a significant portion of the aggregate amount of loans
outstanding at the end of the fiscal year disclosed pursuant to
(e)(1)(i) of this section relates to loans that are disclosed as past
due, nonaccrual or troubled debt restructurings in the consolidated
financial statements, so state and disclose the aggregate amounts of
such loans along with such other information necessary to an
understanding of the

effects of the transactions on the financial statements.
* * * * *

PART 229--STANDARD INSTRUCTIONS FOR FILING FORMS UNDER SECURITIES
ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934 AND ENERGY POLICY AND
CONSERVATION ACT OF 1975--REGULATION S-K

0
4. The authority citation for part 229 continues to read as follows:

    Authority: 15 U.S.C. 77e, 77f, 77g, 77h, 77j, 77k, 77s, 77z-2,
77z-3, 77aa(25), 77aa(26), 77ddd, 77eee, 77ggg, 77hhh, 77iii, 77jjj,
77nnn, 77sss, 78c, 78i, 78j, 78j-3, 78l, 78m, 78n, 78n-1, 78o, 78u-
5, 78w, 78ll, 78mm, 80a-8, 80a-9, 80a-20, 80a-29, 80a-30, 80a-31(c),
80a-37, 80a-38(a), 80a-39, 80b-11 and 7201 et seq.; 18 U.S.C. 1350;
sec. 953(b), Pub. L. 111-203, 124 Stat. 1904 (2010); and sec.
102(c), Pub. L. 112-106, 126 Stat. 310 (2012).

0
5. Amend Sec.  229.404 by revising Instruction 4.c under ``Instructions
to Item 404(a)'' to read as follows:

Sec.  229.404  (Item 404) Transactions with Related Persons, Promoters
and Certain Control Persons

* * * * *

Instructions to Item 404(a)

* * * * *
    4. * * *
    c. If the lender is a bank, savings and loan association, or
broker-dealer extending credit under Federal Reserve Regulation T (12
CFR part 220) and the loans are not disclosed as past due, nonaccrual
or troubled debt restructurings in the consolidated financial
statements, disclosure under paragraph (a) of this Item may consist of
a statement, if such is the case, that the loans to such persons:
    i. Were made in the ordinary course of business;
    ii. Were made on substantially the same terms, including interest
rates and collateral, as those prevailing at the time for comparable
loans with persons not related to the lender; and
    iii. Did not involve more than the normal risk of collectibility or
present other unfavorable features.
* * * * *

Sec.  229.801  [Amended]

0
6. Amend Sec.  229.801 by reserving paragraph (c).

Sec.  229.802  [Amended]

0
7. Amend Sec.  229.802 by reserving paragraph (c).
0
8. Add Subpart 229.1400, consisting of Sec. Sec.  229.1401 through
229.1406, to read as follows:

Subpart 229.1400--Disclosure by Bank and Savings and Loan
Registrants

Sec.
229.1401 (Item 1401) General instructions.
229.1402 (Item 1402) Distribution of assets, liabilities and
stockholders' equity; interest rates and interest differential.
229.1403 (Item 1403) Investments in debt securities.
229.1404 (Item 1404) Loan portfolio.
229.1405 (Item 1405) Allowance for Credit Losses.
229.1406 (Item 1406) Deposits.

Sec.  229.1401  (Item 1401) General instructions.

    (a) A bank, bank holding company, savings and loan association, or
savings and loan holding company (``bank and savings and loan
registrants'') must provide the disclosure required by this subpart.
    (b) When the term ``reported period'' is used in this subpart, it
refers to each of the periods described below:
    (1) Each annual period required by 17 CFR part 210 (``Regulation S-
X'') or 17 CFR 239.90 (``Form 1-A'') for bank and savings and loan
registrants, except as is provided in paragraph (2) below;
    (2) With respect to the disclosures required by Sec.  229.1405(a),
each of the last five fiscal years for initial public offering
registration statements under the Securities Act, registration
statements for an initial registration of a class of securities under
Section 12(b) or 12(g) of the Exchange Act, and initial offering
statements under Regulation A, and
    (3) Any additional interim period subsequent to the most recent
fiscal year end if a material change in the information or the trend
evidenced thereby has occurred.
    (c) In this subpart, registrants are required to use daily averages
unless otherwise indicated. Registrants may use weekly or month-end
averages where the collection of data on a daily average basis would
involve unwarranted or undue burden or expense; provided that such
averages are representative of the registrant's operations. Registrants
must disclose the basis used for presenting averages.
    (d) In various provisions throughout this subpart, registrants are
required to disclose information relating to certain foreign financial
activities. For purposes of this subpart, registrants are only required
to present this information if the registrant meets the threshold to
make separate disclosures concerning its foreign activities in its
consolidated financial statements pursuant to the test set forth in
Sec.  210.9-05 of Regulation S-X.

Sec.  229.1402  (Item 1402) Distribution of assets, liabilities and
stockholders' equity; interest rates and interest differential.

    (a) For each reported period, present average balance sheets
containing the information specified below. The format of the average
balance sheets may be condensed from consolidated financial statements,
provided that the condensed average balance sheets indicate the
significant categories of assets and liabilities, including all major
categories of interest-earning assets and interest-bearing liabilities.
Major categories of interest-earning assets must include, at a minimum,
loans, taxable investment securities, non-taxable investment
securities, interest bearing deposits in other banks, federal funds
sold, securities purchased with agreements to resell, and other short-
term investments. Major categories of interest-bearing liabilities must
include, at a minimum, savings deposits, other time deposits, federal
funds purchased, securities sold under agreements to repurchase,
commercial paper, other short-term debt, and long-term debt.
    (b) For each reported period, present an analysis of net interest
earnings as follows:
    (1) For each major category of interest-earning asset and each
major category of interest-bearing liability, the average amount
outstanding during the period and the interest earned or paid on such
amount.
    (2) The average yield for each major category of interest-earning
asset.
    (3) The average rate paid for each major category of interest-
bearing liability.
    (4) The average yield on all interest-earning assets and the
average effective rate paid on all interest-bearing liabilities.
    (5) The net yield on interest-earning assets (net interest earnings
divided by total interest-earning assets, with net interest earnings
equaling the difference between total interest earned and total
interest paid).
    (6) The registrant may, at its option, present its analysis in
connection with the average balance sheet required by paragraph (a) of
this section.
    (c) For the interest rates and interest differential analysis:
    (1) Present for each comparative reporting period:
    (i) The dollar amount of change in interest income; and
    (ii) The dollar amount of change in interest expense.
    (2) For each major category of interest-earning asset and interest-
bearing liability, segregate the changes presented pursuant to
paragraph (c)(1)

of this section into amounts attributable to:
    (i) Changes in volume (change in volume times old rate);
    (ii) Changes in rates (change in rate times old volume); and
    (iii) Changes in rates and volume (change in rate times the change
in volume).
    (3) The rates and volume variances presented pursuant to paragraph
(c)(2) of this section must be allocated on a consistent basis between
rates and volume variances, and the basis of allocation disclosed in a
note to the table.
    Instruction 1 to Sec.  229.1402. If material, disclose how non-
accruing loans have been treated for purposes of the analyses required
by paragraph (b) of this section.
    Instruction 2 to Sec.  229.1402. In the calculation of the changes
in the interest income and interest expense required by paragraph (c)
of this section, exclude any out-of-period items and adjustments and
disclose the types and amounts of items excluded in a note to the
table.
    Instruction 3 to Sec.  229.1402. If material loan fees are included
in the interest income computation, disclose the amount of such fees.
    Instruction 4 to Sec.  229.1402. If tax-exempt income is calculated
on a tax equivalent basis, describe the extent of recognition of
exemption from Federal, state, and local taxation and the combined
marginal or incremental rate used in a brief note to the table.
    Instruction 5 to Sec.  229.1402. If disclosure regarding foreign
activities is required pursuant to Sec.  229.1401(d), the information
required by paragraphs (a), (b) and (c) of this section must be further
segregated between domestic and foreign activities for each significant
category of assets and liabilities disclosed pursuant to paragraph (a)
of this section. In addition, for each reported period, present
separately, on the basis of averages, the percentage of total assets
and total liabilities attributable to foreign activities.

Sec.  229.1403  (Item 1403) Investments in debt securities.

    (a) As of the end of the latest reported period, state the weighted
average yield of each category of debt securities not carried at fair
value through earnings for which disclosure is required in the
financial statements and is due:
    (1) In one year or less;
    (2) After one year through five years;
    (3) After five years through ten years; and
    (4) After ten years.
    (b) Disclose how the weighted average yield has been calculated.
Additionally, state whether yields on tax-exempt obligations have been
computed on a tax-equivalent basis (see Instruction 4 to Sec.
229.1402). Discuss any major changes in the tax-exempt portfolio.

Sec.  229.1404  (Item 1404) Loan portfolio.

    (a) As of the end of the latest reported period, present separately
the amount of loans in each category for which disclosure is required
in the financial statements that are due:
    (1) In one year or less;
    (2) After one year through five years; and
    (3) After five years.
    (b) For each loan category for which disclosure is provided in
response to paragraph (a), present separately the total amount of all
loans in such loan category that are due after one year that:
    (1) Have predetermined interest rates; and
    (2) Have floating or adjustable interest rates.
    Instruction 1 to Sec.  229.1404. Report scheduled repayments in the
maturity category in which the payment is due.
    Instruction 2 to Sec.  229.1404. Report demand loans, loans having
no stated schedule of repayments and no stated maturity, and overdrafts
as due in one year or less.
    Instruction 3 to Sec.  229.1404. Determinations of maturities shall
be based upon contractual terms. However, to the extent that non-
contractual rollovers or extensions are included for purposes of
measuring the allowance for credit losses under U.S. GAAP or IFRS,
consider such non-contractual rollovers or extensions for purposes of
the maturities classification and briefly discuss this methodology.

Sec.  229.1405  (Item 1405) Allowance for Credit Losses.

    (a) For each reported period, disclose the following credit ratios,
along with each component of the ratio's calculation. For initial
public offering registration statements under the Securities Act,
registration statements for an initial registration of a class of
securities under Section 12(b) or 12(g) of the Exchange Act, and
initial offering statements under Regulation A, provide the following
ratios for the last five fiscal years:
    (1) Allowance for credit losses to total loans outstanding at each
period end.
    (2) Nonaccrual loans to total loans outstanding at each period end.
    (3) Allowance for credit losses to nonaccrual loans at each period
end.
    (4) Net charge-offs during the period to average loans outstanding
during the period. Provide this ratio for each loan category for which
disclosure is required in the financial statements.
    (b) Provide a discussion of the factors that drove material changes
in the ratios in (a) above, or the related components, during the
periods presented.
    (c) At the end of each reported period, provide a breakdown of the
allowance for credit losses by each loan category for which disclosure
is required by U.S. GAAP as set forth in the following template:

              Allocation of the Allowance for Credit Losses
------------------------------------------------------------------------
                                                  Reported period
                                         -------------------------------
                                                            Percent of
 Balance at end of period applicable to:                   loans in each
                                              Amount        category to
                                                            total loans
------------------------------------------------------------------------
Each loan category required by U.S. GAAP              $X               X
                                         -------------------------------
                                          ..............             100
------------------------------------------------------------------------

    Instruction 1 to Sec.  229.1405. A foreign private issuer that
prepares its financial statements in accordance with IFRS as issued by
the IASB does not need to provide disclosure responsive to Sec.
229.1405(a)(2), (a)(3) and paragraph (c) of this section.
    Instruction 2 to Sec.  229.1405. Net charge-offs must be based on
current period net charge-offs for each loan category.

Sec.  229.1406  (Item 1406) Deposits.

    (a) For each reported period, present separately the average amount
of and the average rate paid on each of the following deposit in bank
office categories that are in excess of 10 percent of average total
deposits:
    (1) Noninterest bearing demand deposits.
    (2) Interest-bearing demand deposits.
    (3) Savings deposits.
    (4) Time deposits.
    (5) Other.
    (b) If the registrant believes other categories more appropriately
describe the nature of the deposits, those categories may be used.
    (c) If material, separately present domestic deposits and foreign
deposits for all amounts reported under paragraph (a) of this section.
Foreign deposits as used here means deposits from depositors who are
not in the registrant's country of domicile.
    (d) If material, the registrant must disclose separately the
aggregate amount of deposits by foreign depositors in domestic offices.
Registrants are not required to identify the nationality of the
depositors.
    (e) As of the end of each reported period, present separately the
amount of uninsured deposits. For registrants that are U.S. federally
insured depositary institutions, uninsured deposits are individual
deposits in U.S. offices of amounts exceeding the Federal Deposit
Insurance Corporation insurance limit, and investment products such as
mutual funds, annuities, or life insurance policies. Foreign banking or
savings and loan institutions must disclose the definition of uninsured
deposits appropriate for their country of domicile.
    (f) As of the end of the latest reported period, state the amount
outstanding of:
    (1) U.S. time deposits in excess of the Federal Deposit Insurance
Corporation insurance limit; and
    (2) Time deposits that are otherwise uninsured (including for
example, U.S time deposits in uninsured accounts, non-U.S. time
deposits in uninsured accounts, or non-U.S. time deposits in excess of
any country-specific insurance fund), by time remaining until maturity
of:
    (i) 3 months or less;
    (ii) Over 3 through 6 months;
    (iii) Over 6 through 12 months; and
    (iv) Over 12 months.

PART 249--FORMS, SECURITIES EXCHANGE ACT OF 1934

0
9. The authority citation for part 249 continues to read in part as
follows:

    Authority:  15 U.S.C. 78a et seq. and 7201 et seq.; 12 U.S.C.
5461 et seq.; 18 U.S.C. 1350; Sec. 953(b) Pub. L. 111-203, 124 Stat.
1904; Sec. 102(a)(3), Pub. L. 112-106, 126 Stat. 309 (2012); Sec.
107, Pub. L. 112-106, 126 Stat. 313 (2012), and Sec. 72001, Pub. L.
114-94, 129 Stat. 1312 (2015), unless otherwise noted.

0
10. Amend Form 20-F (referenced in Sec.  249.220f) by:
0
a. adding Instruction 4 to Item 4; and
0
b. revising Instruction 2 to Item 7.B.
    The addition and revisions to read as follows:

    Note:  The text of Form 20-F does not, and this amendment will
not, appear in the Code of Federal Regulations.

United States, Securities and Exchange Commission, Washington, DC 20549

Form 20-F

* * * * *

Part I

* * * * *
    Instructions to Item 4: * * *
    4. If you are bank, bank holding company, savings and loan
association or savings and loan holding company, provide the
information specified in Subpart 1400 of Regulation S-K (Sec.  229.1400
et seq. of this chapter).
* * * * *
    Instructions to Item 7.B: * * *
    2. In response to Item 7.B.2, if the lender is a bank, savings and
loan association, or broker dealer extending credit under Federal
Reserve Regulation T, and the loans are not disclosed as past due,
nonaccrual or troubled debt restructurings in the consolidated
financial statements, your response may consist of a statement, if
true, that the loans in question (A) were made in the ordinary course
of business, (B) were made on substantially the same terms, including
interest rates and collateral, as those prevailing at the time for
comparable transactions with other persons, and (C) did not involve
more than the normal risk of collectibility or present other
unfavorable features.
* * * * *

    By the Commission.

    Dated: September 17, 2019.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2019-20491 Filed 10-2-19; 8:45 am]
 BILLING CODE 8011-01-P