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

ICR 202102-3235-005

OMB: 3235-0693

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2021-07-15
Supplementary Document
2021-07-15
Supporting Statement A
2021-06-21
ICR Details
3235-0693 202102-3235-005
Received in OIRA 201806-3235-011
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 07/15/2021
  Requested Previously Approved
36 Months From Approved 10/31/2021
72 80
33,640 26,454
640,400 521,600

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

  86 FR 22286 04/27/2021
86 FR 36172 07/08/2021
No

  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 72 80 0 -8 0 0
Annual Time Burden (Hours) 33,640 26,454 0 7,186 0 0
Annual Cost Burden (Dollars) 640,400 521,600 0 118,800 0 0
Yes
Miscellaneous Actions
Yes
Miscellaneous Actions
Some of the change is due to a decrease in the number of registered NRSROs (from ten to nine), which is offset by a significant increase in the total number of analysts employed by the registered NRSROs.

$0
No
    No
    No
No
Yes
No
No
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.
07/15/2021


© 2021 OMB.report | Privacy Policy