SEC Votes to Seek Public Input on Possible Change to Industry Guide 3

FOR IMMEDIATE RELEASE
2017-54
Washington D.C., March 1, 2017

The Securities and Exchange Commission today voted to publish a request for public comment on disclosures called for by Industry Guide 3 - Statistical Disclosure by Bank Holding Companies.

Specifically, the Commission is soliciting public input on whether Guide 3 continues to elicit the information that investors need for informed investment and voting decisions.  The Commission also seeks comment on whether there are new types of disclosures about the activities of bank holding companies that investors would find important.

"As an agency designed to serve the American people, it is imperative to constantly look back on the SEC's rules and engage the public on ways to improve," said SEC Acting Chairman Michael Piwowar. "Today, we are asking for public comment on whether Industry Guide 3 continues to elicit the information that investors need for informed investment and voting decisions."

The request for comment will be published on the SEC website and in the Federal Register.  The comment period will remain open for 60 days.

*  *  *

FACT SHEET

SEC Open Meeting

March 1, 2017

Highlights

The request for comment seeks public input on statistical and other disclosures provided by bank holding company registrants.  Among other things, the request for comment covers:

For each of these topics, the request for comment presents specific questions for public comment.

Background

Industry Guide 3 was first published in 1976 as a convenient reference to the statistical disclosures sought by the staff of the Division of Corporation Finance in registration statement and other disclosure documents filed by bank holding companies.  The financial services industry is dynamic and has changed dramatically since Guide 3 was first published.  Consequently, our disclosure guidance may not in all cases reflect recent industry developments or changes in accounting standards related to financial and other reporting requirements.