Rule 17g-3 Annual audited financial statements to be furnished by nationally recognized statistical rating organizations

ICR 200704-3235-012

OMB: 3235-0626

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2007-04-23
IC Document Collections
ICR Details
3235-0626 200704-3235-012
Historical Inactive
SEC 270-565
Rule 17g-3 Annual audited financial statements to be furnished by nationally recognized statistical rating organizations
New collection (Request for a new OMB Control Number)   No
Regular
Preapproved 05/23/2007
Retrieve Notice of Action (NOA) 04/23/2007
  Inventory as of this Action Requested Previously Approved
05/31/2010 36 Months From Approved
30 0 0
6,000 0 0
450,000 0 0

Proposed Rule 17g-3 would implement certain statutory provisions of the Credit Rating Agency Reform Act of 2006 ("Rating Agency Act") by requiring a nationally recognized statistical rating organization or "NRSRO" to furnish audited financial statements to the Securities and Exchange Commission that must be certified by an independent public accountant. This collection of information is necessary to allow the Commission to oversee NRSROs registered with the Commission with respect to their financial condition and to monitor compliance with the Rating Agency Act and its implementing regulations.

US Code: 15 USC 78c, 78d, 78i, 78j, 78l, 78m, Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78o-7(k). Name of Law: Credit Rating Agency Reform Act of 2006
  
None

3235-AJ78 Proposed rulemaking 72 FR 6378 02/09/2007

No

1
IC Title Form No. Form Name
Rule 17g-3 Annual audited financial statements to be furnished by

  Total Request Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 30 0 0 30 0 0
Annual Time Burden (Hours) 6,000 0 0 6,000 0 0
Annual Cost Burden (Dollars) 450,000 0 0 450,000 0 0
Yes
Changing Regulations
No
The Rating Agency Act added a new Section 15E, “Registration of Nationally Recognized Statistical Rating Organizations,” to the Securities Exchange Act of 1934 (“Exchange Act”). Section 15E(a)(1) of the Exchange Act requires a credit rating agency applying for registration with the Commission as an NRSRO under Section 15E to furnish an application in a form prescribed by Commission rule containing certain specified information and such other information as the Commission prescribes as necessary or appropriate in the public interest or for the protection of investors.

No
No
Uncollected
Uncollected
Uncollected
Uncollected
Sheila Swartz 202 551-5545

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
04/23/2007


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