Release No. 33-6221

Release No. 34-16961

July 8, 1980

AMENDMENTS TO GUIDES FOR STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES

ACTION: Publication of Amended Guides

SUMMARY: The Commission announces the completion of the review by the Division of Corporation Finance of the Guides for Statistical Disclosure by Bank Holding Companies and authorizes publication of various amendments to those guides designed to reduce the volume of disclosure, to lower compliance costs, and to make certain statistical disclosure adjustments requested by the staff, preparers and users of statistical information. This project is part of the Commissions ongoing program to have outstanding guides and rules reviewed to insure effectiveness and eliminate unnecessary or duplicative requirements.

EFFECTIVE DATE: The Guides will be followed by the Division of Corporation Finance 30 days after publication in the Federal Register.

FOR FURTHER INFORMATION CONTACT: Prior to the effective date of the amendments contact William H. Carter at (202) 272-2604 or Charles A. Oglebay (202) 272-2557. Thereafter, contact only Charles A. Oglebay.

SUPPLEMENTARY INFORMATION: The Commission today authorized publication of amendments to Guides 61 and 3, "Statistical Disclosure by Bank Holding Companies," of the Guides for the Preparation and Filing of Registration Statements under the Securities Act of 1933 ("Securities Act") 15 U.S.C. 77a et seq. and of the Guides for the Preparation and Filing of Reports and Proxy and Registration Statements Under the Securities Exchange Act of 1934 ("Exchange Act") 15 U.S.C. 78a et seq. (1976 and Supp. I. 1977). At the time Guides 61 and 3 (the "Guides") were originally published ¹ the Commission stated that the experience of preparers and users of the information would be reviewed to see whether the new disclosures made under the Guides are necessary and appropriate. In order to implement that review function, the Commission issued a release on August 30, 1979, ² requesting comments on the quality and desirability of the disclosure made under the existing Guides. Fifty-six letters of comment were received and analyzed. Most commentators supported the Guides and called the resulting disclosure valuable. Several amendments were suggested, however. The amendments authorized today are based on these suggestions and on over three years of staff experience. They are intended both to eliminate unnecessary elements of the Guides and to improve the quality of disclosure thereunder.

Background of Guides

Guides 61 and 3 are intended to provide registrants with a convenient reference to the statistical disclosures sought by the staff of the Division of Corporation Finance in registration statements and other disclosure documents filed by bank holding companies. They are not Commission rules nor do they bear the Commissions official approval.

In both the preparation of the original Guides and these amendments the staff was mindful of the users need to assess uncertainties and the users need for substantial and specific disclosure about changes in risk characteristics of loan portfolios. See Accounting Series Release No. 166 (December 24, 1974) (40 FR 2678, January 15, 1975). Accordingly, the Guides call for extensive disclosure about loan portfolios and related items in filings by bank holding companies. In addition, many of the suggested disclosures are intended to provide information to facilitate analysis and comparison of sources of income and exposure to risks. Such information assists users in evaluating the potential impact of future economic events upon a registrants business and earnings and in assessing the ability of a bank holding company to move into or out of situations with favorable or unfavorable risk/return characteristics.

The Guides are intended to apply only to the description of business portion of a bank holding company registration statement, proxy statement or report. Although the Guides describe certain information that should be disclosed, they do not purport to be all inclusive and in no way limit the extent of the disclosures to be made. Appropriate disclosure must always depend on the individual facts and circumstances concerning each registrant.

Discussion of Amendments

The following is a brief discussion of the amendments.

General Instructions

The instructions have been amended in several respects. First, the "reported period" generally has been reduced from the last five fiscal years of the registrant to the last three fiscal years. One exception, however, is for Items III and IV, "Loan Portfolio" and "Summary of Loan Loss Experience," for which the "reported period" remains five years. The other exception applies in the case of a holding company or a bank either with less than $200,000,000 of assets or net worth of $10,000,000 or less. In such a case the "reported period" for all items shall be the latest two fiscal years. One other aspect of the "reported period" definition has been changed. The previous definition required registrants to furnish statistical and other information for any interim period subsequent to the latest full fiscal year for which an income statement was furnished. This requirement often resulted in an unnecessary burden on registrants. Accordingly, the amended definition only requires information for a subsequent interim period when a material change in the information presented or the trend evidenced thereby has taken place.

The general reduction in the "reported period" from five to three years is being implemented because of the view of many commentators, in which the staff concurs, that the benefits of providing five years of information to various users do not outweigh the related costs. The five year presentation for the loan portfolio and the summary of loan loss experience, however, has been retained to provide a better basis for statistical trend analysis and to better identify unusual or non-recurring events which may have affected the loan portfolio and its related provisions for possible losses. Such information is important since a loan portfolio may equal sixty percent or more of the total assets of a bank holding company and may be the source of its greatest risk and uncertainty. Accordingly, in the case of this information the benefits of presentation appear to outweigh the related costs. Finally, the further reduction in the "reported period" for small banks to two years not only is based upon cost-benefit concepts but is also based upon the disproportionate burden upon small banks and upon the fact that typically the information is being presented in the context of an acquisition of the smaller bank by a larger bank holding company. When an acquisition occurs the compilation of statistical and other information often constitutes a significant burden with only a short-lived benefit to investors and other users.

Second, General Instruction 5 has been amended to require that the basis for presenting averages need only be stated when something other than a daily average basis is used. Banking practice generally involves daily averages and to reiterate constantly this known industry practice appears unnecessary.

Third, a new instruction (General Instruction 6) has been added to make it clear that the disclosure requirements of the Guides are also applicable to foreign registrants to the extent the requested information is available or could be made available without undue cost or expense. This instruction was added to codify the staffs long standing position that such disclosures should be made by all foreign banking registrants making filings.

Item I. Distribution of Assets, Liabilities and Stockholders Equity; Interest Rates and Interest Differential

Two significant changes have been made in this Item, the most extensive of which is the combination of this Item with the previous Item VII, Interest Rates and Interest Differential. The majority of the commentators favored such a combination, basically to eliminate duplication and to simplify the presentation. The other change is the deletion of the previous Item I B which required percentage figures for the disclosures required in Item I A. The virtually unanimous opinion of the commentators was that such percentage figures are unnecessary and that any investor could easily calculate them on the basis of information otherwise presented. In addition, the requirement for details in this Item concerning foreign activities has been coordinated with comparable requirements in Article 9 of Regulation S-X (17 CFR Part 210) for the purpose of analytical consistency.

Item II. Investment Portfolio

In response to the suggestions of a number of commentators and in order to promote uniformity and consistency between the Guides and Article 9 of Regulation S-X, with the resultant decrease in reporting burdens on registrants, the investment categories listed under Item II have been revised to conform to the investment categories contained in Article 9. In addition, the previous requirement that the amount of any tax equivalent adjustment be disclosed has been deleted. It is believed that a statement containing the tax rate is sufficient disclosure in this regard.

Item III. Loan Portfolio

For the reasons stated in Item II above with respect to the investment categories, the categories of loans hereunder have been changed, along with the appropriate instructions, to coincide with the loan categories in Article 9. The request for the total of all loans now appearing in this Item was moved, for purposes of clarity of presentation, from the previous Item IV.

Under Part B, Maturities and Sensitivity to Changes in Interest Rates, a new instruction has been added to require disclosure of "rollover policy", which it is believed will give users a better insight into loan maturity policies.

With respect to Part C, Nonperforming Loans, a number of changes have been made. First, in order to expand the definition of nonperforming loans, a new category, non-accrual loans, has been added. Second, in response to the requests of a number of commentators and the bank regulatory agencies, the time period for loans contractually past due has been increased from 60 to 90 days. Third, paragraphs 2 and 3 of Part C of the original Guides, which required interest disclosures for nonperforming loans, have been deleted since they were confusing and appeared to be of marginal value.

Item IV. Summary of Loan Loss Experience

Part A of the original Item has been moved to Item III; the other parts have been rearranged; and Part H has been revised to reflect the new "reported period" and to indicate that disclosure as to managements policy for loan losses should cover the entire "reported period," not just the latest fiscal year and any interim period. Finally, Part J constitutes a codification of long existing staff policy concerning the substitution of a narrative discussion of risk elements for a breakdown of the allowance for loan losses by category of loan. In preparing such a discussion registrants should consider the following factors, among others: (1) the anticipated amount of chargeoffs by loan category during the next full year of operations; (2) specific risks associated with certain loan types, as well as a discussion of current and future economic trends that may affect the loan portfolio; (3) the significance of previous net loss experience, the overall significance of net losses with respect to the total loan portfolio, the anticipated effect, if any, of the current economic outlook on collectibility, and managements credit and loan review controls; (4) the risks by significant categories of loans, indicating whether any major concentrations exist in particular industries, and a description of any material deteriorating accounts; and (5) an analysis of the relevant nonperforming loans where one particular loan category or separate types of loans within the category are unusually significant as to possible losses when compared to the entire loan portfolio.

Item V. Deposits

The only change in this Item was to conform the deposit categories and the related instructions to those contained in Article 9 of Regulation S-X which, among other things, will aid users in analyzing two sets of data (the Guides and the financial statements).

Item VI. Return on Equity and Assets

Instruction (1) of the previous Guides requiring disclosure of trends in the ratios has been deleted inasmuch as this information generally is either apparent or appears elsewhere in filings, such as in Managements Discussion and Analysis or in financial statement footnotes. A new instruction (2) has been added to require dual data where mandatory redeemable preferred stock is outstanding. See Accounting Series Release No. 268 (July 27, 1979) (44 FR 45610). Finally, in response to a number of comments, an instruction (3) has been added to allow registrants to supply any other ratios they deem necessary to explain their operations.

Item VII of the Original Guides, Interest Rates and Interest Differential

The contents of this Item have now been combined into amended Item 1.

Item VIII of the Original Guides, Foreign Operations

This Item has been deleted since the disclosure formerly required hereunder is currently required in Article 9 of Regulation S-X.

Item IX of the Original Guides, Comments and Lines of Credit

This Item has been deleted because the disclosure formerly required should be included in notes to the financial statements, Item III of the Guides, or elsewhere.

TEXT OF THE GUIDES

17 CFR Chapter II is amended as follows:

1. Part 231 is amended by amending Guide 61, "Statistical Disclosure by Bank Holding Companies," of the Guides for Preparation and Filing of Registration Statements under the Securities Act of 1933 to read as follows:

GUIDE 61--GUIDES FOR THE PREPARATION AND FILING OF REGISTRATION STATEMENTS UNDER THE SECURITIES ACT OF 1933

STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES

General Instructions

1. This Guide applies to the description of business portion of those bank holding company registration statements for which financial statements are required.

2. Information furnished in accordance with this Guide should generally be presented in tabular form in the order appearing below. However, an alternative presentation, such as inclusion of the information in Managements Discussion and Analysis, may be used if in managements opinion such presentation would be more meaningful to investors.

3. When the term "reported period" is used in the Guide, it refers to each of the periods described below:

(a) each of the last three fiscal years of the registrant, except as is provided in paragraphs (b) and (c) of this Instruction;

(b) each of the last five fiscal years of the registrant with respect to Items III and IV, except as is provided in paragraph (c) of this Instruction;

(c) each of the last two fiscal years with respect to all items, if the bank holding company or the bank with respect to which the presentation is made as of the end of its latest full fiscal year had assets of less than $200,000,000 or net worth of $10,000,000 or less; and

(d) any additional interim period necessary to keep the information from being misleading.

The "reported period" shall not include an additional interim period under paragraph (d) of this Instruction merely because an income statement is presented for such additional interim period, but the "reported period" shall include such an additional period if a material change in the information presented or the trend evidenced thereby has occurred.

4. Some of the information called for by the Guide which is prospective in nature may not be available on a historical basis. The staff should be advised of such situations prior to filing and if the requested information is unavailable and cannot be compiled without unwarranted or undue burden or expense, the requirement that such information be furnished may be waived. If possible, reasonably comparable data should be furnished instead. If, for some special reason, certain requested information will not be available with respect to periods to be covered in future filings subject to the Guide, this should also be brought to the staffs attention.

5. Unless otherwise indicated, averages called for by the Guide are daily averages. Where the collection of data on a daily average basis would involve unwarranted or undue burden or expense, weekly or month-end averages may be used, provided such averages are representative of the operations of the registrant. The basis used for presenting averages need be stated only if not presented on a daily average basis.

6. The disclosure requirements of the Guide are also applicable to foreign registrants to the extent the requested information is available. If the information is unavailable and cannot be compiled without unwarranted or undue burden or expense, this should be brought to the staffs attention.

NOTE: In evaluating the reasonableness of assertions by registrants that the compilation of requested information, such as historical data or daily averages, would involve an unwarranted or undue burden or expense, the staff takes into consideration, among other factors, the size of the registrant, the estimated costs of compiling the data, the electronic data processing capacity of the registrant, and efforts in process to obtain the information in future periods.

I. Distribution of Assets, Liabilities and Stockholders Equity; Interest Rates and Interest Differential

A. For each "reported period," present average balance sheets. The format of the average balance sheets may be condensed from the detail required by the financial statements provided that the condensed average balance sheets indicate the significant sources and uses of funds. However, the average statements should show separately the major categories of interest-earning assets and interest-bearing liabilities for which further disclosure is required in paragraph B below. Major categories of interest-earning assets should include loans, taxable investment securities, non-taxable investment securities, federal funds sold and securities purchased with agreements to resell, and other (specify if significant). Major categories of interest-bearing liabilities should include savings deposits, other time deposits, deposits in foreign offices, short-term debt, long-term debt and other (specify if significant).

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. This analysis may, at the option of the registrant, be presented in connection with the average balance sheet in paragraph A.

C. For the latest two fiscal years, present (1) the dollar amount of change in interest income and (2) the dollar amount of change in interest expense. The changes should be segregated for each major category of interest-earning asset and interest-bearing liability into amounts attributable to (a) changes in volume (change in volume times old rate), (b) changes in rates (change in rate times old volume), and (c) changes in rate/volume (change in rate times the change in volume). The rate/volume variances should be allocated on a consistent basis between rate and volume variances and the basis of allocation disclosed in a note to the table.

Instructions. (1) Explain how non-accruing loans have been treated for purposes of the analysis in paragraph B;

(2) In the calculation of the changes in the interest Income and interest expense, any out-of-period items and adjustments should be excluded and the types and amounts of items excluded disclosed in a note to the table;

(3) If loan fees are included in the interest income computation, the amount of such fees should be disclosed, if material;

(4) The interest income on tax exempt securities may be calculated on a tax equivalent basis. A brief note should describe the extent of recognition of exemption from Federal, state and local taxation and the combined marginal or incremental rate used.

(5) If disclosure regarding foreign activities is required pursuant to the Instruction under paragraph I-D of this Guide, the information required by Item I-A, B, and C should be further segregated between domestic and foreign activities.

D. For each "reported period," present separately, on the basis of averages, the percentage of total assets and total liabilities attributable to foreign activities.

Instruction. Separate disclosure concerning foreign activities (banking, bank related and nonbanking) is required only if (1) assets, or (2) revenues, or (3) income (loss) before income tax expense, or (4) net income (loss), each as associated with foreign activities, exceeded ten percent of the corresponding amount in the related financial statements. In order to arrive at the foreign component of revenue or income, the registrant may be required to make internal allocations between foreign and domestic activities. The registrant should generally indicate the nature of significant estimates and assumptions used in such allocations. Any significant changes in assumptions or methods of allocations during the reported periods should also be indicated along with the effect of such changes on reported results.

II. Investment Portfolio

A. As of the end of each "reported period," present the book value of investments in obligations of (1) the U.S. Treasury and other U.S. Government agencies and corporations; (2) States of the U.S. and political subdivisions; and (3) other securities including bonds, notes, debentures and stock of business corporations, foreign governments and political subdivisions, intergovernmental agencies and a Federal Reserve Bank.

B. As of the end of the latest "reported period," present the amount of each investment category listed above which 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. In addition, state the weighted average yield for each range of maturities.

Instruction. State whether yields on tax exempt obligations have been computed on a tax equivalent basis. (See Instruction (4) to Item I-C.) Any major changes in the tax-free portfolio should be discussed hereunder.

III. Loan Portfolio

A. Types of Loans

As of the end of each "reported period," present separately the amount of loans in each category listed below. Categories 1 through 4 are for loans attributable to domestic operations only. Also show the total amount of all loans for each "reported period," which amounts should be the same as those shown on the balance sheets.

1. Commercial, financial and agricultural;

2. Real estate-construction;

3. Real estate-mortgage;

4. Installment;

5. Foreign.

Instructions. (1) Additional detail of loans by category may be appropriate in some circumstances, such as when a substantial portion of total commercial loans is concentrated in one or a few industries or to show country risks associated with foreign loans.

(2) Separate disclosure of category 5 is required only if disclosure regarding foreign activities is required pursuant to the Instruction under paragraph I-D of this Guide.

(3) Include, under the real estate-construction category, loans secured by real estate which are made for the purpose of financing construction of real estate and land development projects.

(4) Include, under the real estate-mortgage category, loans payable in monthly, quarterly or other periodic installments and secured by developed income property and personal residences.

(5) Include, under the installment category, loans to individuals generally repayable in monthly installments. This category shall include but not be limited to credit card and related activities, individual automobile loans, other installment loans, mobile home loans and residential repair and modernization loans.

(6) Include, under the commercial, financial and agricultural category, all loans not included in another category. This category shall include but not be limited to loans to real estate investment trusts, mortgage companies, banks and other financial institutions, loans for carrying securities, and loans for agricultural purposes. Do not include loans secured primarily by real estate.

(7) State separately any other loan category regardless of relative size if necessary to reflect a concentration of any unusual risk or uncertainty.

(8) A series of categories other than those specified above may be used to present details of loans if considered a more appropriate presentation.

B. Maturities and Sensitivity to Changes in Interest-Rates

As of the end of the latest fiscal year reported on, present separately the amount of loans in each category listed in paragraph A (except categories 3 and 4) (1) due in one year or less, (2) due after one year through five years and (3) due after five years. In addition, present separately the total amount of all such loans due after one year which (a) have predetermined interest rates and (b) have floating or adjustable interest rates.

Instructions. (1) Scheduled repayments should be reported in the maturity category in which the payment is due.

(2) Demand loans, loans having no stated schedule of repayments and no stated maturity, and overdrafts should be reported as due in one year or less.

(3) Determinations of maturities should be based upon contract terms. However, such terms may vary due to the registrants "rollover policy," in which case the maturity should be revised as appropriate and the "rollover policy" should be briefly discussed.

C. Nonperforming Loans

As of the end of each "reported period," state the aggregate amount of loans in each of the following categories for: (a) loans accounted for on a non-accrual basis; (b) loans which are contractually past due 90 days or more as to interest or principal payments (but not included in the non-accrual loans in (a) above); (c) loans, the terms of which have been renegotiated to provide a reduction or deferral of interest or principal because of a deterioration in the financial position of the borrower (exclusive of loans in (a) or (b) above); and (d), loans now current where there are serious doubts as to the ability of the borrower to comply with present loan repayment terms. In connection with (d), a separate discussion of the risk elements associated with such loans, including the relative magnitude of such risks, shall be given.

Instructions. (1) Loans in category 4 under paragraph A need not be considered for disclosure pursuant to paragraph C unless the total amount of installment loans exceeds 10 percent of total loans.

(2) A renewal on current market terms of a loan at maturity will not be considered a renegotiation for purposes of clause (c) of paragraph C.

(3) A loan remains in the category described in clause (c) until such time as the terms are substantially equivalent to terms on which loans with comparable risks are being made.

(4) If a substantial portion of the loans stated pursuant to paragraph C are concentrated in one or a few industries, separate disclosure of the information required by this paragraph should be provided for such loans.

(5) The registrant may use different criteria and may present quantitative information in a different manner than described above if such presentation more effectively identifies and communicates the present risk elements in the loan portfolio.

IV. Summary of Loan Loss Experience

An analysis of loan loss experience shall be furnished in the following format for each "reported period:"

A. Average amount of loans outstanding.

B. Amount of allowance for loan losses at beginning of period.

C. Amount of losses charged off during period broken down by the five major categories of loans specified in paragraph III-A.

D. Amount of recoveries during period of losses previously charged off broken down by the five major categories of loans specified in paragraph III-A.

E. Net loans charged off during period.

F. Amount of allowance for loan losses at end of period.

G. Ratio of net charge-offs during period to average loans outstanding for the period.

H. Additions to allowance for loan losses charged to operating expense during period. For each period reported on, also describe briefly the factors which influenced managements judgment in determining the amount charged to operating expense. A statement that the amount is based on managements judgment will not be sufficient.

I. A breakdown of the allowance for loan losses by the five major categories of loans specified in paragraph III-A, including as a separate category any unallocated portions of the allowance. State (a) the dollar amount of the allowance applicable to each category and (b) the percentage of loans in each category to total loans.

J. In lieu of the disclosure required by paragraph I above, the registrant may furnish a narrative discussion of the risk elements in the loan portfolio and the factors considered in determining the amount of the allowance for loan losses. The discussion may be extended to risk elements associated with particular loan categories or subcategories. Information should also be furnished as to the approximate anticipated amount of chargeoffs by loan category during the next full year of operation.

Instruction. If, in accordance with Instruction 8 of paragraph III-A, information concerning loans has been presented in categories other than those specified in that paragraph, those other categories should be used to present the disclosures called for under this paragraph.

V. Deposits

A. For each "reported period," present separately the average amount of:

(1) Demand deposits in domestic bank offices.

(2) Savings deposits in domestic bank offices.

(3) Time deposits in domestic bank offices.

(4) Deposits in foreign banking offices.

Instructions. (1) Include, under the demand deposits--domestic category, all domestic deposits other than savings and time deposits.

(2) Include, under the savings deposits--domestic category, interest bearing deposits without specified maturity or contractual provisions requiring advance notice of intention to withdraw funds. Include deposits for which a bank, optionally, may require written notice of intended withdrawal not less than 30 days in advance.

(3) Include, under the time deposits--domestic category, deposits subject to provisions specifying maturity or other withdrawal conditions such as time certificates of deposits, open account time deposits and deposits accumulated for the payment of personal loans.

(4) Categories (A)(2) and (A)(3) above may be combined if either one is less than ten percent of total deposits.

(5) If material, the registrant should disclose separately the aggregate amount of deposits by foreign depositors in domestic offices. Identification of the nationality of depositors is not requested.

B. As of the end of the latest fiscal year reported on, present separately the amount outstanding of time certificates of deposit issued by domestic offices in amounts of $100,000 or more by time remaining until maturity 3 months or less; over 3 through 6 months; over 6 through 12 months; and over 12 months.

IV. Return on Equity and Assets

For each "reported period," present the following:

(1) Return on assets (net income divided by average total assets).

(2) Return on equity (net income divided by average equity).

(3) Dividend payout ratio (dividends declared per share divided by net income per share).

(4) Equity to assets ratio (average equity divided by average total assets).

Instructions. (1) The ratios required under (1), (2), and (3) above may also be calculated using income before securities gains (losses).

(2) If mandatory redeemable preferred stock is outstanding, furnish the ratios required under (2) and (4) above in a dual presentation including and excluding such stock in the calculations.

(3) Registrants should supply any other ratios which they deem necessary to explain their operations.

2. Part 241 is amended by amending Guide 3, "Statistical Disclosure by Bank Holding Companies," of the Guides for the Preparation and Filing of Reports and Proxy and Registration Statements Under the Securities Exchange Act of 1934 to read as follows:

GUIDE 3--GUIDES FOR THE PREPARATION AND FILING OF REPORTS AND PROXY AND REGISTRATION STATEMENTS UNDER THE SECURITIES EXCHANGE ACT OF 1934

STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES

This Guide applies to the description of business portion of bank holding company registration statements filed on Form 10 (Item 1) 17 CFR 249.210, in proxy and information statements relating to mergers, consolidations, acquisitions and similar matters (Item 14 of Schedule 14A and Item 1 of Schedule 14C) 17 CFR 240.14a-101 and 240.14c-101, and in reports filed on Form 10-K (Item 7) 17 CFR 249.310.

The rest of Guide 3 is identical to Guide 61 set forth above.

(Secs. 7, 10, 19(a), 48 Stat. 78, 81, 85; secs. 205, 209, 48 Stat. 906, 908; sec. 8, 68 Stat. 685; sec. 308(a)(2), 90 Stat. 57; secs. 12, 13, 15(d), 23(a), 48 Stat. 892, 894, 895, 901; sec. 203(a), 49 Stat. 704; secs. 1, 3, 8, 49 Stat. 1375, 1377, 1379; sec. 202, 68 Stat. 686; secs. 3, 4, 6, 78 Stat. 565-568, 569, 570-574; secs. 1, 2, 82 Stat. 454; secs. 1, 228(c), 84 Stat. 1435, 1497; sec. 105(b), 88 Stat. 1503; secs. 8, 9, 10, 18, 89 Stat. 117, 118, 119, 155; sec. 308(b), 90 Stat. 57; secs. 202, 203, 204, 91 Stat. 1494, 1498, 1499, 1500; 15 U.S.C. 77g, 77j, 77s(a), 78l, 78m, 78o(d), 78w(a).)

STATUTORY AUTHORITY

The Commission hereby adopts amended Guides 61 and 3, "Statistical Disclosure by Bank Holding Companies" pursuant to the Securities Act of 1933, particularly sections 7, 10 and 19(a) thereof, and the Securities Exchange Act of 1934, particularly sections 12, 13, 15(d) and 23(a).

By the Commission.

George A. Fitzsimmons

Secretary

¹ Securities Act of 1933 Release No. 5735 (August 31, 1976) 41 FR 39007.

² Securities Act of 1933 Release No. 6115 (August 30, 1979) 44 FR 52820.