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Technical Line - How to apply the SEC’s new requirements for registered debt issued or guaranteed by subsidiaries


The SEC’s new rules for registered debt securities make it easier for a registrant to qualify for an exception to the requirement that it file separate audited financial statements for subsidiary issuers and guarantors. The rules significantly streamline and, in some cases eliminate, the disclosures a registrant must provide in lieu of filing the audited financial statements of those subsidiaries. They also simplify the disclosure requirements when the securities of affiliates are pledged as collateral for registered debt. Our publication provides a comprehensive example that illustrates the key concepts.

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