[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR210.3-09]

[Page 238]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 210--FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL STATEMENTS,
 
Sec. 210.3-09  Separate financial statements of subsidiaries not consolidated and 50 percent or less owned persons.

    (a) If any of the conditions set forth in Sec. 210.1-02(v), 
substituting 20 percent for 10 percent in the tests used therein to 
determine a significant subsidiary, are met for a majority-owned 
subsidiary not consolidated by the registrant or by a subsidiary of the 
registrant, separate financial statements of such subsidiary shall be 
filed. Similarly, if either the first or third condition set forth in 
Sec. 210.1-02(w), substituting 20 percent for 10 percent, is met by a 50 
percent or less owned person accounted for by the equity method either 
by the registrant or a subsidiary of the registrant, separate financial 
statements of such 50 percent or less owned person shall be filed.
    (b) Insofar as practicable, the separate financial statements 
required by this section shall be as of the same dates and for the same 
periods as the audited consolidated financial statements required by 
Secs. 210.3-01 and 3-02. However, these separate financial statements 
are required to be audited only for those fiscal years in which either 
the first or third condition set forth in Sec. 210.1-02(w), substituting 
20 percent for 10 percent, is met. For purposes of a filing on Form 10-K 
(Sec. 249.310 of this chapter), if the fiscal year of any 50 percent or 
less owned person ends within 90 days before the date of the filing, or 
if the fiscal year ends after the date of the filing, the required 
financial statements may be filed as an amendment to the report within 
90 days, or within six months if the 50 percent or less owned person is 
a foreign business, after the end of such subsidiary's or person's 
fiscal year.
    (c) Notwithstanding the requirements for separate financial 
statements in paragraph (a) of this section, where financial statements 
of two or more majority-owned subsidiaries not consolidated are 
required, combined or consolidated statements of such subsidiaries may 
be filed subject to principles of inclusion and exclusion which clearly 
exhibit the financial position, cash flows and results of operations of 
the combined or consolidated group. Similarly, where financial 
statements of two or more 50 percent or less owned persons are required, 
combined or consolidated statements of such persons may be filed subject 
to the same principles of inclusion or exclusion referred to above.
    (d) If the 50 percent or less owned person is a foreign business, 
financial statements of the business meeting the requirements of Item 17 
of Form 20-F (Sec. 249.220f of this chapter) will satisfy this section.

(Secs. 7 and 19a of the Securities Act, 15 U.S.C. 77g, 77s(a), 
77aa(25)(26); secs. 12, 13, 14, 15(d), and 23(a) of the Securities 
Exchange Act of 1934, 15 U.S.C. 78l, 78m, 78n, 78o(d), 78w(a), secs. 
5(b), 10(a), 14, 20(a) of the Public Utility Holding Company Act, 15 
U.S.C. 79e(a), 79n, 79t(a); secs. 8, 20, 30, 31(c), 38(a) of the 
Investment Company Act of 1940, 15 U.S.C. 80a-8, 80a-20, 80a-29, 80a-
30(c), 80a-37(a))

[46 FR 56179, Nov. 16, 1981, as amended at 47 FR 29837, July 9, 1982; 57 
FR 45292, Oct. 1, 1992; 59 FR 65636, Dec. 20, 1994]