Rule 17g-8 Policies and procedures and Rule 17g-9 Standards of training, experience, and competence for credit analysts

ICR 201806-3235-011

OMB: 3235-0693

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2018-10-22
ICR Details
3235-0693 201806-3235-011
Active 201412-3235-009
SEC OCR-270-645
Rule 17g-8 Policies and procedures and Rule 17g-9 Standards of training, experience, and competence for credit analysts
Extension without change of a currently approved collection   No
Regular
Approved with change 10/24/2018
Retrieve Notice of Action (NOA) 06/08/2018
  Inventory as of this Action Requested Previously Approved
10/31/2021 36 Months From Approved 10/31/2018
80 0 130
26,454 0 34,394
521,600 0 1,357,866

Rule 17g-8 would require nationally recognized statistical rating organizations ("NRSROs") to establish, maintain and enforce certain policies and procedures relating to credit rating methodologies, the use of credit rating symbols, and look-back procedures for departing NRSRO employees. Rule 17g-9 implements Section 936 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires the Securities and Exchange Commission to issue rules reasonably designed to ensure that any person employed by a nationally recognized statistical rating organization to determine credit ratings meets standards of training, experience, and competence necessary to produce accurate ratings for the categories of issuers whose securities the person rates and is tested for knowledge of the credit rating process.

US Code: 15 USC 78o-8, 78o-7(s), 78o-7(r) Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78o-7, 78o-7(h)(4)(A)(ii), Name of Law: Securities Exchange Act of 1934
  
PL: Pub.L. 111 - 203 932(a)(4), 932(a)(8) 936, 938 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

Not associated with rulemaking

  83 FR 6908 02/15/2018
83 FR 22300 05/14/2018
No

  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 80 130 0 0 -50 0
Annual Time Burden (Hours) 26,454 34,394 0 0 -7,940 0
Annual Cost Burden (Dollars) 521,600 1,357,866 0 0 -836,266 0
No
No

$0
No
    No
    No
No
Yes
No
Uncollected
Leah Clague 202 551-3041 [email protected]

  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.
06/08/2018


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