2650.1 Collateral Release Provisions – Prior to the March 2020 Amendments, registrants often structured debt agreements to release affiliate securities pledged as collateral if the separate financial statement requirements of S-X 3‑16 would be triggered. As a transitional matter, so as not to change the amount of collateral available to investors in previously issued debt securities that include collateral release provisions, the March 2020 Amendments did not eliminate existing S-X 3‑16, which continues to apply to collateralized securities offered and sold on a registered basis with collateral release provisions issued and outstanding as of January 4, 2021, the effective date of the amendments.

Accordingly, S-X 13-02 applies to collateralized debt securities issued on or after January 4, 2021, and to each security offered and sold on a registered basis issued and outstanding before January 4, 2021 for which the registrant has previously been required to provide the financial statements required by prior S-X 3‑16. S-X 3‑16, and not S-X 13-02, applies to each security offered and sold on a registered basis issued and outstanding before January 4, 2021 for which the registrant has not previously been required to provide financial statements pursuant to S-X 3‑16.