Rule 17g-10 Certification of providers of third-party due diligence services in connection with asset-backed securities & Form ABS Due Diligence-15E

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 15E Rule 17g-10 and Form ABS Due Diligence-15E annual disclosure burden	Form	Modified	Repair queued
Form SEC 2917(6-15) Rule 17g-10 and Form ABS Due Diligence-15E one-time disclosure burden and cost	Form and Instruction	Removed	Missing upstream
3235-0694 30 Day Notice.pdf	Supplementary Document	Uploaded 2021-06-16	Missing upstream
3235-0694 60 Day Notice.pdf	Supplementary Document	Uploaded 2021-06-16	Missing upstream
Rule 17g-10 and Form ABS Due Diligence-15E Supporting Statement_2021Renewal.docx	Supporting Statement A	Uploaded 2021-05-27	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
201505	Rule 17g-10 and Form ABS Due Diligence-15E annual disclosure burden	Form	Modified
201503	Rule 17g-10 and Form ABS Due Diligence-15E one-time disclosure burden and cost	Form and Instruction	Removed

ICR Details

OMB Control No: 3235-0694	ICR Reference No: 202011-3235-021
Status: Received in OIRA	Previous ICR Reference No: 201805-3235-002
Agency/Subagency: SEC	Agency Tracking No: OCR-270-597
Title: Rule 17g-10 Certification of providers of third-party due diligence services in connection with asset-backed securities & Form ABS Due Diligence-15E
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 06/16/2021

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	07/31/2021
Responses	990	30
Time Burden (Hours)	330	3,613
Cost Burden (Dollars)	93,387	150,000

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Abstract: Rule 17g-10 and proposed new Form ABS Due Diligence-15E is designed to achieve the objective stated in Section 15E(s)(4)(B) of the Exchange Act; namely, that a provider of third-party due diligence services conducts a thorough review of data, documentation, and other relevant information necessary for an NRSRO to provide an accurate credit rating. They also are designed – in combination with the disclosure requirement in proposed new paragraph (a)(2) of Rule 17g-7 – to achieve the objective stated in Section 15E(s)(4)(D) of the Exchange Act; namely, to allow the public to determine the adequacy and level of due diligence services provided by a third party.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 932(a)(8) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
   US Code: 15 USC 78o-7(s) Name of Law: U.S. Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: US Code: 15 USC 78o-7(s) Name of Law: U.S. Securities Exchange Act of 1934

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 16246	03/26/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 31001	05/10/2021
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Rule 17g-10 and Form ABS Due Diligence-15E annual disclosure burden	15E, 15E	FORM ABS DUE DILIGENCE-15E ,   Form ABS 15E
Rule 17g-10 and Form ABS Due Diligence-15E one-time disclosure burden and cost	SEC 2917(6-15)	Form ABS 15E

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ICR Summary of Burden

table that charts list of burden

	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	990	30	0	975	-15	0
Annual Time Burden (Hours)	330	3,613	0	92	-3,375	0
Annual Cost Burden (Dollars)	93,387	150,000	0	93,387	-150,000	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The annual burden increased based on an increase in average Exchange Act ABS offerings in a year. There was also a decrease in burden due to the expiration of one-time burdens from the rules initial implementation.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? No

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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: 06/16/2021

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