July 24, 2018 / 11:34 PM / 5 months ago

SEC votes to propose changes on disclosures for some debt offerings

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, DC, U.S., June 24, 2011. REUTERS/Jonathan Ernst/File Photo

(Reuters) - The U.S. Securities and Exchange Commission said it voted on Tuesday to propose amendments to simplify financial disclosures required for some registered debt offerings.

The offerings include those for guarantors, guaranteed securities issuers and affiliates whose securities collateralize a registrant's securities, the SEC said bit.ly/2Aht3e3.

The proposed changes include, among others, substituting the condition of a subsidiary issuer or guarantor needing to be 100 percent owned by the parent company with the condition of its consolidation in the parent company’s consolidated financial statements.

The amendments, which will now be subject to a period of 60 days for public comment, have been proposed for Rules 3-10 and 3-16 of Regulation S-X with the aim to reduce the costs of the registration process as well as to cut down compliance burdens.

SEC Chairman Jay Clayton said the changes “encourage these offerings to be conducted on a SEC-registered basis.”

Reporting by Ishita Chigilli Palli and Kanishka Singh in Bengaluru

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