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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3235-0649
ICR Reference No:
201409-3235-019
Status:
Historical Active
Previous ICR Reference No:
201205-3235-001
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-581
Title:
Rule 17g-5 Conflicts of Interest
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
11/10/2014
OIRA Conclusion Action:
Approved without change
Conclusion Date:
11/19/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/17/2014
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2015
6 Months From Approved
11/30/2015
Responses
3,620
0
15,290
Time Burden (Hours)
278,052
0
168,900
Cost Burden (Dollars)
67,000
0
0
Abstract:
Rule 17g-5 implements certain statutory provisions of the Credit Rating Agency Reform Act of 2006 ("Rating Agency Act") by prohibiting, or requiring the managemnt and disclosure of, any potential conflict of interest relating to the issuance of credit ratings by a nationally recognized statistical rating organization or "NRSRO". This collection of information is necessary by addressing potential practices that could impair the objectivity and the quality of a credit rating.
Emergency Justfication:
When the amendments to Rule 17g-5 rule were first proposed in 2011, the accompanying Federal Register release indicated that the proposed amendments “do not contain a collection of information requirement within the meaning of the PRA.” Since that time, the Commission has carefully re-considered the operation of these rules and has determined that these amendments would in fact supplement and modify the existing collection of information contained in Rule 17g-5. Accordingly, the Commission included PRA estimates in the Federal Register release in which it adopted the final amendments to the rule. Because of this revised approach, the attached supporting statement includes PRA burdens that have not previously been reviewed by OMB. Because a PRA submission has not previously been made in connection with these amendments, the Commission is requesting approval of the revised collection of information for a six-month period under the emergency review process. Approval of this request would be consistent with the effective date of the amended rules while providing sufficient time for the Commission to request approval of an extension of this collection of information for a full three-year period using the standard review process, including publication in the Federal Register of all applicable requests for public comment.
Authorizing Statute(s):
US Code:
15 USC 780-7
Name of Law: Credit Rating Agency Reform Act of 2006
Citations for New Statutory Requirements:
US Code: 15 USC 780-7 Name of Law: Credit rating Agency Reform Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AL15
Final or interim final rulemaking
79 FR 55077
09/15/2014
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
9
IC Title
Form No.
Form Name
Annual Certification
Arranger disclosure systems
Arranger form upload
Arranger ongoing disclosure
Arranger transaction disclosures
NRSRO conflict policies update
NRSRO exemption request
NRSRO structured finance ratings disclosure
NRSRO template redrafting
ICR Summary of Burden
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
3,620
15,290
0
498
-12,168
0
Annual Time Burden (Hours)
278,052
168,900
0
235,272
-126,120
0
Annual Cost Burden (Dollars)
67,000
0
0
67,000
0
0
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:
Changing Regulations
Short Statement:
As detailed in the supporting statement, the Commission has added provisions to Rule 17g-5 that contain information collection requirements under the Paperwork Reduction Act. The Commission has also revised previously approved one-time burdens that have been incurred.
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
Agency Contact:
Rose Wells 202 942-0143
Common Form ICR:
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:
(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:
09/17/2014
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