(Last updated: 12/31/2022)
9820.1 S-X 3-10 (a)permits the omission of separate financial statements of subsidiary issuers and guarantors of guaranteed debt or debt-like securities when certain conditions are met, including that the parent company provides supplemental financial and non-financial disclosures about the subsidiary issuers and/or guarantors and the guarantees (see Section 2500). There is no requirement for the results of operations as presented in these supplemental financial disclosures to be discussed. However, S-X 13-01 requires certain information about the issuers, guarantors, and guarantees to be disclosed. If, for example, there are factors that may affect payments to holders of the guaranteed security, such as contractual or statutory restrictions on dividends, or if the information presented in the supplemental financial disclosures indicates that trends for the issuers and guarantors are materially different than that of the consolidated entity, this should be discussed in the liquidity section of MD&A.
9820.2 If separate financial statements of an issuer or guarantor are filed because it does not qualify for relief under S-X 3-10, then MD&A is required.
9820.3 [Reserved].
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