How to Respond to the SEC Request for Public Comment on Industry Guide 3

“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. 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.”

- SEC Acting Chairman Michael Piwowar

On March 1, 2017, the SEC voted to publish a request for public comment on disclosures mandated by Industry Guide 3—Statistical Disclosure by Bank Holding Companies. The agency is seeking input from investors, registrants and others on ways to improve disclosures for bank holding companies, inquiring whether Guide 3 remains capable of gathering the information needed for investors to make informed funding and voting decisions. Additionally, the SEC is examining what new types of disclosures about bank holding company activities might be necessary.

About Industry Guide 3

Industry Guide 3 requires disclosures for SEC registrants that are Bank Holding Companies and encourages the disclosures for registrants with material lending and deposit operations. It was published in 1976 and last revised in 1986. The financial services industry is dynamic and has changed dramatically since that time, yet many of the disclosure requirements have remained intact.

With this request for comment, the SEC is working to determine how and to what extent Industry Guide 3 could be improved. The comments gathered through this process will inform the development of possible updates to the disclosure regime. Request for comment details include:

  • The relevancy, scope, applicability and use of Guide 3 and its value to investors
  • Possible improvements to disclosures through new requirements, eliminating redundant disclosures, and removing dated or irrelevant disclosures
  • The effects of regulation on bank holding companies, focusing on their operations, capital structures, dividend policies, and treatment in bankruptcy
  • The usefulness of Guide 3 as scaled disclosure for smaller banks

Along with many others in the industry, the HORNE Banking team encourages you to voice your opinion. In addition to giving you a chance to shape SEC policy, this request is an excellent opportunity to be proactive about gathering information that other analysts and investors may seek.

Instructions for Contributing Comments to Industry Guide 3

If your institution plans to respond, take into account your most recent credit cycles, product innovations, regulatory requirements, technological improvements, and the disclosures that your stakeholders need most. The SEC requests that all comments are received by April 30, 2017 (60 days after the date of publication in the Federal Register).

You have four options for submitting comments:

  1. Online: Use the Commission’s Internet comment form
  2. Online: Use the Federal eRulemaking Portal and follow instructions for submitting comments
  3. Email: Send an email to - include File Number S7-02-17 on the subject line
  4. Mail: Send paper comments to: Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090

Use only one method of submission. Regardless of method, every submission must refer to File Number S7-02-17. Be aware that the Commission will post all comments on its web site as without change. Be sure to double-check your submitted information and share only information that you wish to make available publicly.

If you need assistance or clarity, please contact a member of our team. We are happy to assist your bank leadership in identifying the appropriate information to include and to identify structures that will enable you to gather and use data effectively for these and other opportunities in the future.


Join the conversation and receive updates of new posts:

Subscribe to the Banking Blog

Topics: Regulations, SEC, Industry Guide 3

Leave A Comment