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

Forms and Documents

Document Name	Status
Rule 17g-1 Proposing Release.pdf Supporting Statement B	2010-01-15
2010 Rule 17g-3 Supporting Statement.doc Supporting Statement A	2010-01-15

IC Document Collections

IC ID	Document Title	Status
179754	Rule 17g-3 Annual audited financial statements to be furnished by nationally recognized statistical rating organizations	Modified

ICR Details

OMB Control No: 3235-0626	ICR Reference No: 201203-3235-012
Status: Historical Active	Previous ICR Reference No: 200902-3235-005
Agency/Subagency: SEC	Agency Tracking No: TM 270-565
Title: Rule 17g-3 Annual audited financial statements to be furnished by nationally recognized statistical rating organizations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/26/2012
	Date Received in OIRA: 03/26/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2013	36 Months From Approved	04/30/2012
Responses	30	0	30
Time Burden (Hours)	7,900	0	7,000
Cost Burden (Dollars)	450,000	0	450,000

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Abstract: Rule 17g-3 implements 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. 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.

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Authorizing Statute(s): 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
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AK14	Final or interim final rulemaking	74 FR 63832	12/04/2009

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Rule 17g-3 Annual audited financial statements to be furnished by nationally recognized statistical rating organizations

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ICR Summary of Burden

	Total Approved	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	30	0	0	0	0
Annual Time Burden (Hours)	7,900	7,000	0	900	0	0
Annual Cost Burden (Dollars)	450,000	450,000	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The changes in annual burden hours are a result of the proposed amendment to paragraph (a)(7) of Rule 17g-3

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 01/20/2010

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