Deputy Seminar, Denver, CO

PBE Criteria

 A bank is a PBE if it meets any one of the below criteria: a) An entity required by the SEC to file financial statements with the SEC or does file financial statements with the SEC b) An entity required by the Securities Exchange Act of 1934 to file financial statements with a regulatory agency other than the SEC c) An entity required to file financial statements with a foreign or domestic regulatory agency in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer d) An entity has issued, or is a conduit bond obligor for, securities that are traded, listed or quoted on an exchange or an OTC market e) An entity has one or more securities that are not subject to contractual restrictions on transfer and is required by law, contract or regulation to prepare U.S. GAAP financial statements (including footnotes) and make them publicly available on a periodic basis. An entity must meet both of these criteria

Key AICPA TQA Clarifications on PBE

Clarification on what is OTC: • Accessible by the public to execute trade and • Make various data points, including bid/ask pricing, publicly available Entity by entity determination • This should decrease the impact on FDICIA banks with holding companies Call reports are not considered US GAAP financial statements Brokered CD’s only need to be analyzed for criteria “d”