What is Item 404 A of Regulation SK?
Item 404(a) requires disclosure of nonaccrual, past due, restructured and potential problem loans from banks, savings and loan associations or broker-dealers extending credit under Federal Reserve Regulation T. Instruction 4.
What is the SEC definition of related party?
“Related Party Transaction” means any transaction, arrangement or relationship, or any series of similar transactions, arrangements or relationships, in which (i) the Company or any of its subsidiaries is or will be a participant, and (ii) any Related Party has or will have a direct or indirect interest.
What are related parties ASC 850?
A related party is essentially any party that controls or can significantly influence the management or operating policies of the company to the extent that the company may be prevented from fully pursuing its own interests.
Is an employee a related party?
Examples of related parties are affiliates, other subsidiaries under common control, owners of the business, its managers, and their families, the parent entity, and trusts for the benefit of employees.
What qualifies as a related party?
A related party is a person or an entity that is related to the reporting entity: A person or a close member of that person’s family is related to a reporting entity if that person has control, joint control, or significant influence over the entity or is a member of its key management personnel.
What is due to related parties?
The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date.
What is a related person for the purposes of item 404?
Instructions to Item 404 (a). 1. For the purposes of paragraph (a) of this Item, the term related person means: a. Any person who was in any of the following categories at any time during the specified period for which disclosure under paragraph (a) of this Item is required:
What information must a company disclose under item 404 (a)?
Under Item 404 (a), companies must disclose the following information about the transaction involving the Related Person: the Related Person’s name and relationship to the issuer;
What is the purpose of item 404 (b)?
Item 404 (b) — Review, approval or ratification of transactions with related persons Question: Must a company include disclosure regarding policies for the review, approval or ratification of related person transactions under Item 404 (b) (1) even when the company does not have to report any transactions under Item 404 (a)? Answer: Yes.
Who is an immediate family member under Section 404?
Section 1. Item 404 — General Guidance Section 2. Item 404 (a) — Transactions with related persons 2.01 The term “any immediate family member,” as used in Item 404, is defined to include, among others, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law, and stepchildren and stepparents.