What is a SEC Form U-3A-2

SEC Form U-3A-2 is a now obsolete form that was required to be filed with the Securities and Exchange Commission (SEC), made by any holding company wishing to claim exemption from the Public Utilities Company Holding Act (PUCHA) of 1935. The PUCHA of 1935 was repealed with the passage of the Energy Policy Act of 2005.

BREAKING DOWN SEC Form U-3A-2

SEC Form U-3A-2 is one of a series of forms the SEC required companies to file under the PUHCA of 1935. Others included SEC Form U-3A3-1, which was a 12-month statement filed by firms claiming exemption from the PUCHA of 1935.

SEC Form U-3A-2 contained the organization's name, state of organization, current location, and nature of the business. A basic description of all of the properties and equipment, as well as the distribution of energy, is also required. This form was filed annually before March 1. The exemption fell under rule U-3A-2 of the PUCHA of 1935.

SEC Form U-3A-2 and the Public Utilities Company Holding Act of 1935

SEC Form U-3A-2 was part of the Public Utilities Company Holding Act of 1935, which regulated utilities. As part of the act, it allowed states to regulate utilities and prevented unregulated businesses from operating in regulated businesses. Thus, non-utilities could no longer own utility companies. As well, utilities couldn't operate across multiple parts of the country.

The PUCHA of 1935 came about after the Wall Street Crash of 1929 and following Great Depression, which led to the collapse of various utilities. The PUCHA of 1935 made utility regulation possible. Companies owning 10% or more of a utility had to register with the SEC, providing detailed financials and other documents. 

The SEC was also in charge of approving non-utility holding companies that would be separate from regulated utility businesses. These holding companies registered with the SEC and could only own a single integrated system, or file for an exemption. 

The Energy Policy Act of 2005 created the Public Utility Holding Company Act of 2005, repealing the PUHCA of 1935.

Energy Policy Act of 2005

The Energy Policy Act of 2005 was passed in Aug. 2005, going into effect in Feb. 2006. The act repealed the PUCHA of 1935, moving primary oversight authority for utilities from the SEC to the Federal Energy Regulatory Commission. This includes approving non-utility company investments in utilities and mergers and acquisitions. The threshold for required consent for selling or leasing jurisdictional utility facilities or the purchase or lease of a utility generation facility was moved from $50,000 to $10 million.