Rule 17g-2 Records to be made and retained by nationally recognized statistical rating organizations

Forms and Documents

Document Name	Status
Rule 17g-2 Supporting Statement Version A (with technical edits).pdf Supporting Statement A	2012-07-24

IC Document Collections

IC ID	Document Title	Status
203418	Retaining updated records	New
203417	Updating record retention policies and procedures	New
200936	Filing for use of a third-party record custodian	Modified
200935	Requirement to make sample of ratings action histories available	Modified
200934	Cost to new NRSRO's of setting up recordkeeping system (one-time averaged over 3 yrs)	Modified
179758	Rule 17g-2 Records to be made and retained by NRSROs (on-going)	Modified

ICR Details

OMB Control No: 3235-0628	ICR Reference No: 201207-3235-019
Status: Historical Inactive	Previous ICR Reference No: 201201-3235-008
Agency/Subagency: SEC	Agency Tracking No: TM-270-564
Title: Rule 17g-2 Records to be made and retained 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: Comment filed on proposed rule and continue	Conclusion Date: 10/12/2012
	Date Received in OIRA: 07/24/2012
Terms of Clearance: OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will describe in the preamble of the final rule how the agency has maximized the practical utility of the collection and minimized the burden. The next submission to OMB must include the draft final rule.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2015	36 Months From Approved	06/30/2015
Responses	23	0	23
Time Burden (Hours)	2,987	0	2,987
Cost Burden (Dollars)	5,933	0	5,933

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Abstract: Rule 17g-2 implements certain statutory provisions of the Credit Rating Agency Reform Act of 2006 by requiring a nationally recognized statistical rating organization or "NRSRO" to make and retain certain records relating to its business and to retain certain other business records, if such records are made. The rule also prescribes the time periods and manner in which all these records must be retained. The collections of information in Rule 17g-2 are designed to allow the Commission to determine whether an NRSRO continues to meet the requirements for registration and is complying with applicable laws and regulations. In particular, the collections of information in Rule 17g-2 will assist the Commission in effectively monitoring, through its examination function, whether an NRSRO is conducting its activities in accordance with Section 15E of the Exchange Act, and applicable Exchange Act rules under the Rating Agency Act.

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Authorizing Statute(s): US Code: 15 USC 78o-7 Name of Law: Credit Rating Agency Reform Act of 2006
   US Code: 15 USC 78c, 78d, 78i, 78j, 78l, 78m, Name of Law: The Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 939, 939D - 939F Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AL15	Proposed rulemaking	76 FR 33420	06/08/2011

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 6

IC Title	Form No.	Form Name
Cost to new NRSRO's of setting up recordkeeping system (one-time averaged over 3 yrs)
Requirement to make sample of ratings action histories available
Filing for use of a third-party record custodian
Rule 17g-2 Records to be made and retained by NRSROs (on-going)
Updating record retention policies and procedures
Retaining updated records

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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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: There are two reasons for the change in burden: (1) the Commission's adjustment of the estimated number of NRSROs from 30 to 10; and (2) the proposal to eliminate paragraph (d)(2) of Rule 17g-2 and move paragraph (d)(3) to Rule 17g-7 (with certain enhancements).

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Annual Cost to Federal Government: $0

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]? No

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

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: 07/24/2012

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