The Office of the Comptroller of the Currency (OCC) is
amending its securities offering disclosure rules to eliminate the
general requirement that a national bank in organization include
audited financial statements as part of a public offering of its
securities. The OCC has determined that, due to the very limited nature
of the activities of a bank in the organizational phase, this
requirement typically adds little information that is of benefit to
potential investors or of significance in our review of an application
for a national bank charter. However, the final rule enables the OCC to
request audited financial statements in circumstances where doing so
would be in the best interest of investors or would further the safe
and sound operation of the national bank.
Securities Offering Disclosure Rules
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