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

Forms and Documents

Document Name	Status
3235-0626 60 Day Notice.pdf Supplementary Document	2021-04-21
3235-0626 30 Day Notice.pdf Supplementary Document	2021-04-21
PRA_17g-3_Supporting_Statement_2021Renewal.docx Supporting Statement A	2021-03-02

IC Document Collections

IC ID	Document Title	Status
213083	Preparation of Rule 17g-3(a)(7) Internal Controls Report	Modified
179754	Annual audited financial statements to be furnished by nationally recognized statistical rating organizations	Modified

ICR Details

OMB Control No: 3235-0626	ICR Reference No: 202103-3235-002
Status: Received in OIRA	Previous ICR Reference No: 201805-3235-001
Agency/Subagency: SEC	Agency Tracking No: OCR-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	Date Submitted to OIRA: 04/21/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	06/30/2021
Responses	18	20
Time Burden (Hours)	3,285	3,650
Cost Burden (Dollars)	315,000	483,333

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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 78o-7(k). Name of Law: Credit Rating Agency Reform Act of 2006
   US Code: 15 USC 78c, 78d, 78i, 78j, 78l, 78m, Name of Law: 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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 7436	01/28/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 20778	04/21/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Annual audited financial statements to be furnished by nationally recognized statistical rating organizations
Preparation of Rule 17g-3(a)(7) Internal Controls Report

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ICR Summary 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	18	20	0	-2	0	0
Annual Time Burden (Hours)	3,285	3,650	0	-365	0	0
Annual Cost Burden (Dollars)	315,000	483,333	0	-168,333	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The burden and cost decreased due to a decrease in registered entities from 10 NRSROs to 9 NRSROs.

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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.     Yes

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.     Yes

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: 04/21/2021

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