SEC Form U-5S Explained: Key Details and Historical Context (Obsolete Since 2005)

What Was SEC Form U-5S?

SEC Form U-5S was an annual filing mandated by the U.S. Securities and Exchange Commission (SEC) for every registered public utility holding company. This comprehensive report included detailed data about the parent holding company and its statutory subsidiaries, such as the number of common shares owned, voting power percentages, book value of shares, and summaries of acquisitions, sales, officers, directors, contracts, contributions, and financial statements.

The SEC utilized this information to closely monitor the financial health, ownership structure, and operational activities of public utility holding companies.

Key Highlights

• Mandatory annual filing for registered public utility holding companies under the SEC.
• Required detailed disclosures about ownership, subsidiaries, and financial transactions.
• Included information on officers, directors, contracts, acquisitions, and financial statements.
• Form U-5S became obsolete after the repeal of the Public Utility Holding Company Act of 1935 by the Energy Policy Act of 2005.
• Not to be confused with FINRA Form U-5, which is related to securities industry registration termination.

Understanding the Historical Context of SEC Form U-5S

Form U-5S was established under Section Five, Rule One of the Public Utility Holding Company Act of 1935, which regulated electric and natural gas utility holding companies. The form served as an additional reporting requirement alongside the standard SEC filings such as 10-Q and 10-K reports.

In 2005, the Energy Policy Act repealed the 1935 Act, focusing instead on tax incentives and loans for the utility sector without requiring Form U-5S submissions. Consequently, the form became obsolete and is no longer in use.

Distinguishing SEC Form U-5S from FINRA Form U-5

While SEC Form U-5S related to public utility holding companies, FINRA Form U-5 serves a different purpose. It is the Uniform Termination Notice for Securities Industry Registration, filed when a registered representative leaves a broker-dealer, investment adviser, or securities issuer.

Employers must file FINRA Form U-5 within 30 days of an employee's termination, providing comprehensive details about the separation. This form is critical for regulatory oversight and background checks by FINRA, the SEC, and other entities.

Types of FINRA Form U-5 Filings

1. Full Termination: Complete termination of registration, requiring detailed reasons.
2. Partial Termination: Termination limited to specific jurisdictions or self-regulatory organizations (SROs).
3. Amendment: Updates or corrections to previously filed Form U-5 information.

Sections Included in FINRA Form U-5

1. General Information
2. Current Residential Address
3. Full Termination Details
4. Date of Termination
5. Partial Termination Details
6. Affiliated Firm Termination
7. Disclosure Questions
8. Signature
9. Disclosure Reporting Pages

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