{"abstract":"The Securities and Exchange Commission (\"Commission\") is adopting amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered, and issuers' affiliates whose securities collateralize securities registered or being registered in Regulation S-X to improve those requirements for both investors and registrants. The changes are intended to provide investors with material information given the specific facts and circumstances, make the disclosures easier to understand, and reduce the costs and burdens to registrants. In addition, by reducing the costs and burdens of compliance, issuers may be encouraged to offer guaranteed or collateralized securities on a registered basis, thereby affording investors protection they may not be provided in offerings conducted on an unregistered basis. Finally, by making it less burdensome and less costly for issuers to include guarantees or pledges of affiliate securities as collateral when they structure debt offerings, the revisions may increase the number of registered offerings that include these credit enhancements, which could result in a lower cost of capital and an increased level of investor protection.","action":"Final rule.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2020/04/20/2020-04776.html","cfr_references":[{"chapter":null,"citation_url":null,"part":"210","title":17},{"chapter":null,"citation_url":null,"part":"229","title":17},{"chapter":null,"citation_url":null,"part":"230","title":17},{"chapter":null,"citation_url":null,"part":"239","title":17},{"chapter":null,"citation_url":null,"part":"240","title":17},{"chapter":null,"citation_url":null,"part":"249","title":17}],"citation":"85 FR 21940","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"Effective date: The final rules are effective on January 4, 2021.","disposition_notes":null,"docket_ids":["Release No. 33-10762","34-88307","File No. S7-19-18"],"dockets":[],"document_number":"2020-04776","effective_on":"2021-01-04","end_page":22007,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2020/04/20/2020-04776.xml","html_url":"https://www.federalregister.gov/documents/2020/04/20/2020-04776/financial-disclosures-about-guarantors-and-issuers-of-guaranteed-securities-and-affiliates-whose","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2020-04776?publication_date=2020-04-20","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2020-04-20/2020-04776/mods.xml","not_received_for_publication":null,"page_length":68,"page_views":{"count":2224,"last_updated":"2026-07-28 12:15:07 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2020-04-20/pdf/2020-04776.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2020-04776.pdf?1587127531","publication_date":"2020-04-20","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2020/04/20/2020-04776.txt","regulation_id_number_info":{"3235-AM12":{"issue":"201910","html_url":"https://www.federalregister.gov/regulations/3235-AM12/amendments-to-the-financial-disclosures-for-registered-debt-security-offerings","title":"Amendments to the Financial Disclosures for Registered Debt Security Offerings","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201910&RIN=3235-AM12&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3235-AM12"],"regulations_dot_gov_info":{"checked_regulationsdotgov_at":"2020-04-22T03:30:17Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":21940,"subtype":null,"title":"Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant's Securities","toc_doc":null,"toc_subject":null,"topics":["Reporting and recordkeeping requirements","Securities"],"type":"Rule","volume":85}