February 25, 2002 News Archive

Board Issues Guidance on new Regulation K Reporting Requirements
The Board issued guidance on the new reporting requirements for internationally active domestic banking organizations. The SR letter specifically addresses recordkeeping requirements regarding foreign investments and the expectation that adequate internal records are maintained by internationally active banking organizations to allow examiners to review compliance with the investment provisions of Regulation K.

Board Revises Procedures for Processing Regulation K Applications and Prior Notifications
The Board issued procedural changes for processing applications filed under Regulation K (International Banking Operations) as a result of the recent revisions to the regulation. The SR letter also establishes procedures for processing the new 12-day and 30-day prior notifications with respect to foreign activities by U.S. banking organizations.

SEC Announces Proposed Changes to Corporate Disclosure Rules
The Securities and Exchange Commission (SEC) announced proposed rule changes designed to improve corporate disclosures and financial reporting. The SEC is proposing changes that will:

• Provide accelerated reporting of insider transactions
• Accelerate filing of quarterly and annual reports
• Expand the list of significant events requiring disclosure on existing Form 8-K
• Require companies to post reports on their web sites at the same time they are filed with the SEC
• Require disclosure of critical accounting policies in Management's Discussion and Analysis of Financial Condition and Results of Operations in annual reports