Practical tip: Stand-Alone Financial Statements of Subsidiaries Whose Securities Serve as Collateral for Debt That Is Registered or Being Registered May Be Required in Registration Statements and Form 10-K (No. 2010-08)

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This PwC Practical Tip serves as a reminder that Rule 3-16 of Regulation S-X requires certain filings to contain separate financial statements for each of a registrant's affiliates (e.g., consolidated subsidiaries) whose securities serve as a substantial portionof the collateral for any class of securities registered or being registered. These requirements are applicable to registration statements and Form 10-K but not Form 10-Q.