Federal Register / Vol. 74, No. 153 / Tuesday, August 11, 2009 / Notices 40245 

under the Paperwork Reduction Act. 

The purpose of the information 

collection, which will be conducted 

through focus groups and surveys over 

a three-year period, is to help PBGC 

assess the efficiency and effectiveness 

with which it serves its customers and 

to design actions to address identified 

problems. This notice informs the 

public of PBGC’s intent and solicits 

public comment on the collection of 

information. 

DATES: Comments should be submitted 

by October 13, 2009. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the Web 

site instructions for submitting 

comments. 

E-mail: 

paperwork.comments@pbgc.gov. 

Fax: 202–326–4224. 

Mail or Hand Delivery: Legislative and 

Regulatory Department, Pension Benefit 

Guaranty Corporation, 1200 K Street, 

NW., Washington, DC 20005–4026. 

PBGC will make all comments available 

on its Web site at http://www.pbgc.gov. 

Copies of the collections of 

information may be obtained without 

charge by writing to the Disclosure 

Division of the Office of the General 

Counsel of PBGC at the above address 

or by visiting that office or calling 202– 

326–4040 during normal business 

hours. (TTY and TDD users may call the 

Federal relay service toll-free at 1–800– 

877–8339 and ask to be connected to 

202–326–4040.) 

FOR FURTHER INFORMATION CONTACT: 

Thomas H. Gabriel, Attorney, 

Legislative & Regulatory Department, 

Pension Benefit Guaranty Corporation, 

1200 K Street, NW., Washington, DC 

20005–4026, 202–326–4024. TTY and 

TDD users may call the Federal relay 

service toll-free at 1–800–877–8339 and 

request connection to 202–326–4024. 

SUPPLEMENTARY INFORMATION: PBGC 

intends to request that OMB extend its 

approval, for a three-year period, of a 

generic collection of information 

consisting of customer satisfaction focus 

groups and surveys (OMB control 

number 1212–0053; expires 12/31/ 

2009). The information collection will 

further the goals of Executive Order 

12862, Setting Customer Service 

Standards, which states the Federal 

Government must seek to provide ‘‘the 

highest quality of service delivered to 

customers by private organizations 

providing a comparable or analogous 

service.’’ 

PBGC uses customer satisfaction focus 

groups and surveys to find out about the 

needs and expectations of its customers 

and assess how well it is meeting those 

needs and expectations. By keeping 

these avenues of communication open, 

PBGC can continually improve service 

to its customers, including plan 

participants and beneficiaries, plan 

sponsors and their affiliates, plan 

administrators, pension practitioners, 

and others involved in the 

establishment, operation and 

termination of plans covered by PBGC’s 

insurance program. Because the areas of 

concern to PBGC and its customers vary 

and may quickly change, it is important 

that PBGC have the ability to evaluate 

customer concerns quickly by 

developing new vehicles for gathering 

information under this generic approval. 

Participation in the focus groups and 

surveys will be voluntary. PBGC will 

consult with OMB regarding each 

specific information collection during 

the approval period. An agency may not 

conduct or sponsor, and a person is not 

required to respond to, a collection of 

information unless it displays a 

currently valid OMB control number. 

PBGC estimates that the annual 

burden for this collection of information 

will total 710 hours for 2,000 

respondents. PBGC further estimates 

that the cost to respondents per burden 

hour will average $72, resulting in a 

total cost of $51,120 ($72 × 710). 

PBGC is specifically seeking public 

comments to: 

(1) Evaluate whether the proposed 

collection of information is necessary 

for the proper performance of PBGC’s 

functions, including whether the 

information will have practical utility; 

(2) evaluate the accuracy of the 

estimate of the burden of the proposed 

collection of information, including the 

validity of the methodology and 

assumptions used; 

(3) enhance the quality, utility, and 

clarity of the information to be 

collected; and 

(4) minimize the burden of the 

collection of information on those who 

are to respond, including through the 

use of appropriate automated, 

electronic, mechanical, or other 

technological collection techniques or 

other forms of information technology 

e.g., permitting electronic submission of 

responses. 

Issued at Washington, DC, this 5th day of 

August 2009. 

John H. Hanley, 

Director, Legislative and Regulatory 

Department, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E9–19173 Filed 8–10–09; 8:45 am] 

BILLING CODE 7709–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: Regulation S–P; OMB Control No. 

3235–0537; SEC File No. 270–480. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of 

extension of the existing collection of 

information provided for in the 

following rule: Regulation S–P (17 CFR 

part 248) under the Securities Exchange 

Act of 1934 (15 U.S.C. 78a et seq.) 

(‘‘Exchange Act’’). 

The Commission adopted Regulation 

S–P (17 CFR part 248) under the 

authority set forth in section 504 of the 

Gramm-Leach-Bliley Act (15 U.S.C. 

6804), sections 17 and 23 of the 

Securities Exchange Act of 1934 (15 

U.S.C. 78q, 78w), sections 31 and 38 of 

the Investment Company Act of 1940 

(15 U.S.C. 80a–30(a), 80a–37), and 

sections 204 and 211 of the Investment 

Advisers Act of 1940 (15 U.S.C. 80b–4, 

80b–11). Regulation S–P implements the 

requirements of Title V of the GrammLeach-Bliley Act (‘‘GLBA’’), which 

include the requirement that at the time 

of establishing a customer relationship 

with a consumer and not less than 

annually during the continuation of 

such relationship, a financial institution 

shall provide a clear and conspicuous 

disclosure to such consumer of such 

financial institution’s policies and 

practices with respect to disclosing 

nonpublic personal information to 

affiliates and nonaffiliated third parties 

(‘‘privacy notice’’). Title V of the GLBA 

also provides that, unless an exception 

applies, a financial institution may not 

disclose nonpublic personal information 

of a consumer to a nonaffiliated third 

party unless the financial institution 

clearly and conspicuously discloses to 

the consumer that such information may 

be disclosed to such third party; the 

consumer is given the opportunity, 

before the time that such information is 

initially disclosed, to direct that such 

information not be disclosed to such 

third party; and the consumer is given 

an explanation of how the consumer can 

exercise that nondisclosure option (‘‘opt 

out notice’’). The privacy notices 

required by the GLBA are mandatory. 


sroberts on DSKD5P82C1PROD with NOTICES
40246 Federal Register / Vol. 74, No. 153 / Tuesday, August 11, 2009 / Notices 

1Public Law 109–291 (2006). 

2 17 CFR 240.17g–2. 

3See Amendments to Rules for Nationally 

Recognized Statistical Rating Organizations, 

Exchange Act Release No. 59342 (February 2, 2009), 

74 FR 6456 (‘‘February 2009 Adopting Release’’). 

4 17 CFR 240.17g–2(a)(8). 

5 17 CFR 240.17g–2(d). 

6 Id. 

7 Id. The February 2009 Adopting Release 

specified a compliance date of 180 days after 

publication in the Federal Register. 

The opt out notices are not mandatory 

for financial institutions that do not 

share nonpublic personal information 

with nonaffiliated third parties except 

as permitted under an exception to the 

statute’s opt out provisions. Regulation 

S–P implements the statute’s privacy 

notice requirements with respect to 

broker-dealers, investment companies, 

and registered investment advisers 

(‘‘covered entities’’). The Act and 

Regulation S–P also contain consumer 

reporting requirements. In order for 

consumers to opt out, they must 

respond to opt out notices. At any time 

during their continued relationship, 

consumers have the right to change or 

update their opt out status. Most 

covered entities do not share nonpublic 

personal information with nonaffiliated 

third parties and therefore are not 

required to provide opt out notices to 

consumers under Regulation S–P. 

Therefore, few consumers are required 

to respond to opt out notices under the 

rule. 

Compliance with Regulation S–P is 

necessary for covered entities to achieve 

compliance with the consumer financial 

privacy notice requirements of Title V of 

the GLBA. The required consumer 

notices are not submitted to the 

Commission. Because the notices do not 

involve a collection of information by 

the Commission, Regulation S–P does 

not involve the collection of 

confidential information. Regulation S– 

P does not have a record retention 

requirement per se, although the notices 

to consumers it requires are subject to 

the recordkeeping requirements of Rules 

17a–3 and 17a–4 (17 CFR 240.17a–3 and 

17a–4). 

The Commission estimates that 

approximately 20,065 covered entities 

(approximately 5,326 registered brokerdealers, 4,571 investment companies, 

and, out of a total of 11,266 registered 

investment advisers, 10,168 registered 

investment advisers that are not also 

registered broker-dealers) that must 

prepare or revise their annual and initial 

privacy notices will spend an average of 

approximately 12 hours per year 

complying with Regulation S–P. Thus, 

the total compliance burden is 

estimated to be approximately 240,780 

burden-hours per year. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

Comments should be directed to (1) 

the Desk Officer for the SEC, Desk 

Officer for the Securities and Exchange 

Commission, Office of Information and 

Regulatory Affairs, Office of 

Management and Budget, Room 10102, 

New Executive Office Building, 

Washington, DC 20503 or by sending an 

e-mail to: 

shagufta_ahmed@omb.eop.gov; and (ii) 

Charles Boucher, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Shirley 

Martinson, 6432 General Green Way, 

Alexandria, VA 22312 or send an e-mail 

to PRA_Mailbox@sec.gov. Comments 

must be submitted within 30 days of 

this notice. 

Dated: August 5, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–19121 Filed 8–10–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60451; August 5, 2009] 

Notice Regarding the Requirement To 

Use eXtensible Business Reporting 

Language Format To Make Publicly 

Available the Information Required 

Pursuant to Rule 17g–2(d) of the 

Exchange Act 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

SUMMARY: The Commission today is 

providing notice that an NRSRO subject 

to the disclosure provisions of 

paragraph (d) of Rule 17g–2 can satisfy 

the requirement to make publicly 

available ratings history information in 

an XBRL format by using an XBRL 

format or any other machine-readable 

format, until such time as the 

Commission provides further notice. 

DATES: The compliance date for Rule 

17g–2(d) is August 10, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Michael A. Macchiaroli, Associate 

Director, at (202) 551–5525; Thomas K. 

McGowan, Deputy Associate Director, at 

(202) 551–5521; Randall W. Roy, 

Assistant Director, at (202) 551–5522; 

Joseph I. Levinson, Special Counsel, at 

(202) 551–5598; or Rebekah E. Goshorn, 

Attorney, at (202), 551–5514; Division of 

Trading and Markets, Securities and 

Exchange Commission; 100 F Street, 

NE., Washington, DC 20549–7010. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Credit Rating Agency Reform Act 

of 2006 (‘‘Rating Agency Act’’) 1 defined 

the term ‘‘nationally recognized 

statistical rating organization’’ 

(‘‘NRSRO’’) and provided authority for 

the Securities and Exchange 

Commission (‘‘Commission’’) to 

implement registration, recordkeeping, 

financial reporting, and oversight rules 

with respect to registered credit rating 

agencies. The regulations implemented 

by the Commission pursuant to this 

mandate include Securities Exchange 

Act of 1934 (‘‘Exchange Act’’) Rule 17g– 

2,2 which requires an NRSRO to make 

and retain certain records relating to its 

business and to retain certain other 

business records made in the normal 

course of business operations. 

On February 2, 2009, the Commission 

adopted amendments to its NRSRO 

rules imposing additional requirements 

on NRSROs in order to address concerns 

about the integrity of their credit rating 

procedures and methodologies.3 Among 

other things, the rule amendments 

added new paragraphs (a)(8) and (d) to 

Rule 17g–2. New paragraph (a)(8) of 

Rule 17g–2 requires an NRSRO to make 

and retain a record for each outstanding 

credit rating it maintains showing all 

rating actions (initial rating, upgrades, 

downgrades, placements on watch for 

upgrade or downgrade, and 

withdrawals) and the date of such 

actions identified by the name of the 

security or obligor rated and, if 

applicable, the CUSIP for the rated 

security or the Central Index Key (CIK) 

number for the rated obligor.4 New 

paragraph (d) of Rule 17g–2 requires an 

NRSRO to make publicly available, on 

a six-month delayed basis, the ratings 

histories for a random sample of 10% of 

the credit ratings paid for by the obligor 

being rated or by the issuer, 

underwriter, or sponsor of the security 

being rated (‘‘issuer-paid credit ratings’’) 

pursuant to paragraph (a)(8) of Rule 

17g–2 for each class of credit rating for 

which the NRSRO is registered and has 

issued 500 or more issuer-paid credit 

ratings.5

Paragraph (d) of Rule 17g–2 further 

requires that this information be made 

public on the NRSRO’s corporate 

Internet Web site in eXtensible Business 

Reporting Language (‘‘XBRL’’) format.6

The rule provides that in preparing the 

XBRL disclosure, an NRSRO must use 

the List of XBRL Tags for NRSROs as 

specified on the Commission’s Web 

site.7 The Commission established a 


sroberts on DSKD5P82C1PROD with NOTICES