Regulatory Alerts2013-09-28
Added
Bringing Forward the Dates for Publishing Reports to the Public
The Supervision of Banks, its Business and Insurance directs banking institutions to accelerate the publication deadlines for annual and quarterly financial reports to align with US Securities and Exchange Commission standards. Annual reports must now be published within two months of the balance sheet date, replacing the previous three-month deadline, while quarterly reports for credit card companies must be published within 45 days. The directive also updates the requirement for keeping reports available at branch offices to the head office and establishes a phased implementation schedule starting in 2014.
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