SEC Revisits Industry Guide 3 Disclosure Requirements

At an open meeting today, the SEC voted to issue a request for comment (RFC) on the disclosures required by Industry Guide 3, which applies to the description of business portions of bank holding company registration statements.

As the SEC noted, the financial industry has changed since Guide 3 was last updated in the 1980s. The RFC will solicit comments with a view toward modernizing Guide 3's requirements for today's banking industry. Quantitative and qualitative disclosures, and the current tabular disclosure format, will all be open to comment.

The RFC will address the disclosures required by Guide 3 and other disclosures to which bank holding companies are subject. Some of the areas to be covered by the RFC are: