SEC Seeks Comment on Industry Guide 3, Statistical Disclosure by Bank Holding Companies | Practical Law

SEC Seeks Comment on Industry Guide 3, Statistical Disclosure by Bank Holding Companies | Practical Law

The SEC requested public comment on the disclosures required by Industry Guide 3, Statistical Disclosure by Bank Holding Companies.

SEC Seeks Comment on Industry Guide 3, Statistical Disclosure by Bank Holding Companies

by Practical Law Corporate & Securities
Published on 01 Mar 2017 • USA (National/Federal)
The SEC requested public comment on the disclosures required by Industry Guide 3, Statistical Disclosure by Bank Holding Companies.
On March 1, 2017, the SEC issued a request for public comment on the disclosures required by Industry Guide 3, Statistical Disclosure by Bank Holding Companies (Guide 3). Because the financial services industry has changed dramatically since Guide 3 was first published in 1976, the SEC is seeking public comment on whether:
  • Guide 3 continues to elicit the information that investors need for informed investment and voting decisions.
  • There are new types of disclosures about the activities of bank holding companies that investors would find important.
The request for comment covers:
  • Existing disclosure guidance for bank holding companies called for by Guide 3, as well as other sources of disclosure for bank holding companies and other registrants in the financial services industry.
  • Potential improvements to the disclosure regime, which could include new disclosures, the elimination of duplicative or overlapping disclosures, or revisions to current disclosures.
  • The scope and applicability of Guide 3.
  • The effects of regulation on bank holding companies, including with regard to their operations, capital structures, dividend policies, and treatment in bankruptcy.
The SEC is accepting comments until May 8, 2017.
Update: On April 18, 2017, the SEC extended the comment period until July 7, 2017.