53988 Federal Register / Vol. 75, No. 170 / Thursday, September 2, 2010 / Notices 

1Public Law 109–291 (2006). 

2 17 CFR 240.17g–2. 

3See Section 17(a)(1) of the Exchange Act (15 

U.S.C. 78q(a)(1)). 

4See Amendments to Rules for Nationally 

Recognized Statistical Rating Organizations, 

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

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

5 17 CFR 240.17g–2(a)(8). 

6 17 CFR 240.17g–2(d). 

Extension: 

Rule 15Bc3–1 and Form MSDW; SEC File 

No. 270–93; OMB Control No. 3235– 

0087. 

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 previously approved 

collection provided for in Rule 

15Bc3–1 (17 CFR 240.15Bc3–1) and 

Form MSDW (17 CFR 249.1110) under 

the Securities Exchange Act of 1934 

(‘‘Exchange Act’’) (17 U.S.C. 78a et seq.). 

Rule 15Bc3–1 provides that a notice 

of withdrawal from registration with the 

Commission as a bank municipal 

securities dealer must be filed on Form 

MSDW. The Commission uses the 

information submitted on Form MSDW 

in determining whether it is in the 

public interest to permit a bank 

municipal securities dealer to withdraw 

its registration. This information is also 

important to the municipal securities 

dealer’s customers and to the public, 

because it provides, among other things, 

the name and address of a person to 

contact regarding any of the municipal 

securities dealer’s unfinished business. 

The staff estimates that the average 

number of hours necessary to comply 

with the requirements of Rule 15Bc3–1 

is 0.5 hours. Based upon submissions 

for the last three years, the staff 

estimates that approximately 12 

respondents will utilize this notice 

annually, with a total burden for all 

respondents of 6 hours. The average cost 

per hour is approximately $101. 

Therefore, the total cost of compliance 

for the respondents is $606 ($101 × 0.5 

× 12 = $606). 

Providing the information on the 

application is mandatory in order to 

register with the Commission as a bank 

municipal securities dealer. The 

information contained in the 

application will not be kept 

confidential. Persons should note that 

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: (i) 

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 

send an e-mail to: 

Sagufta_Ahmed@omb.eop.gov and (ii) 

Charles Boucher, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, 

Alexandria, VA 22312 or send an e-mail 

to: PRA_Mailbox@sec.gov. Comments 

must be submitted to OMB within 30 

days of this notice. 

Dated: August 27, 2010. 

Florence E. Harmon 

Deputy Secretary 

[FR Doc. 2010–21936 Filed 9–1–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62784] 

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 is providing 

notice that the List of XBRL Tags for 

NRSROs (‘‘List of XBRL Tags’’) to be 

used for the ratings history disclosure 

requirements in paragraph (d) of Rule 

17g–2 has been published on the 

Commission’s Internet Web site. An 

NRSRO subject to the disclosure 

provisions of paragraph (d) of Rule 17g– 

2 shall make this information available 

in an interactive data file on its 

corporate Internet Web site in XBRL 

format using the List of XBRL Tags 

beginning no later than 60 days after the 

publication of this Notice in the Federal 

Register. 

DATES: The date an NRSRO is required 

to begin using an XBRL format and the 

List of XBRL Tags for the purpose of 

Rule 17g–2(d) is November 1, 2010. 

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; 

Raymond A. Lombardo, Branch Chief, at 

(202) 551–5755; 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: 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. The Commission 

adopted Rule 17g–2 and the 

amendments thereto, in part, under 

authority to require NRSROs to make 

and keep for specified periods such 

records as the Commission prescribes as 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Exchange Act.3

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.4 Among 

other things, the rule amendments 

added new paragraph (a)(8) and 

paragraph (d) (now paragraph (d)(2)) to 

Rule 17g–2. 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.5 Paragraph 

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

to make publicly available, on a sixmonth 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.6

Paragraph (d)(2) of Rule 17g–2 further 

requires that this information be made 


wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
Federal Register / Vol. 75, No. 170 / Thursday, September 2, 2010 / Notices 53989 

7 Id. 

8 Id. The February 2009 Adopting Release 

specified a compliance date of 180 days after 

publication in the Federal Register. 

9See Securities Exchange Release No. 60451 

(August 5, 2009) 74 FR 40246 (August 11, 2009) 

(‘‘August 5, 2009 Notice’’). 

10See Securities Exchange Release No. 61050 

(November 23, 2009) 74 FR 63831 (December 4, 

2009) (‘‘November 2009 Adopting Release’’). 

11See November 2009 Adopting Release at 63834. 

12See November 2009 Adopting Release at 63834. 

13See List of XBRL Tags available at [Web site 

url]. 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 61052 

(November 23, 2009), 74 FR 62857 (December 1, 

2009) (SR–FINRA–2009–066). 

public on the NRSRO’s corporate 

Internet Web site in eXtensible Business 

Reporting Language (‘‘XBRL’’) format.7

The rule provides that in preparing the 

XBRL disclosure, an NRSRO must use 

the List of XBRL Tags as specified on 

the Commission’s Internet Web site.8

The Commission established a 

compliance date of August 10, 2009 for 

this provision. On August 5, 2009, the 

Commission provided notice that an 

NRSRO subject to the disclosure 

provisions of paragraph (d) (now 

paragraph (d)(2)) of Rule 17g–2 could 

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.9

The Commission today is providing 

notice that a List of XBRL Tags has been 

published on the Commission’s Internet 

Web site and that NRSROs shall 

commence publishing the information 

required by Rule 17g–2(d)(2) in XBRL 

format using the List of the XBRL Tags 

beginning no later than November 1, 

2010. 

On November 23, 2009, the 

Commission further amended Rule 17g– 

2 to add paragraph (d)(3), which 

requires that an NRSRO must make 

publicly available on its corporate 

Internet Web site ratings action histories 

for all credit ratings initially determined 

on or after June 26, 2007 in an 

interactive data file that uses a machinereadable format.10 In the case of issuerpaid credit ratings, each new ratings 

action is required to be reflected in such 

publicly disclosed histories no later 

than twelve months after it is taken; in 

the case of ratings actions that are not 

issuer-paid, each new ratings action is 

required to be reflected no later than 

twenty-four months after it is taken.11

Rule 17g–2(d)(3) provides that an 

NRSRO may use any machine-readable 

format to make this data publicly 

available until 60 days after the date on 

which the Commission publishes a List 

of XBRL Tags for NRSROs on its 

Internet Web site, at which point the 

NRSRO is required to make the 

information available in XBRL format 

using the List of XBRL Tags for NRSROs 

as published by the Commission on its 

Internet Web site.12 Today, the 

Commission is providing notice that the 

List of XBRL Tags has been published 

on the Commission’s Internet Web 

site.13

The publication of the List of XBRL 

Tags on the Commission’s Internet Web 

site automatically triggers the 60-day 

time frame for compliance with Rule 

17(g)(2)(d)(3) using an XBRL format. 

However, for purposes of establishing a 

uniform compliance date for Rule 17g– 

2(d)(2) and Rule 17g–2(d)(3), the 

Commission will require that NRSROs 

make the information required under 

Rule 17g–2(d)(3) available on its 

corporate website in XBRL format using 

the List of XBRL Tags beginning no later 

than November 1, 2010. 

The relief provided by the August 5, 

2009 Notice is superseded by this 

Notice. 

Dated: August 27, 2010. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–21887 Filed 9–1–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62771; File No. SR– 

NASDAQ–2010–102] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Rule 

2260 To Reflect Changes to 

Corresponding FINRA Rule 

August 26, 2010. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 2 thereunder, 

notice is hereby given that on August 

16, 2010, The NASDAQ Stock Market 

LLC (‘‘Nasdaq’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

NASDAQ Rule 2260 and IM–2260 to 

reflect recent changes to a 

corresponding rule of the Financial 

Industry Regulatory Authority 

(‘‘FINRA’’). The text of the proposed rule 

change is available at http:// 

nasdaq.cchwallstreet.com, at the 

Exchange’s principal office, at the 

Commission’s Public Reference Room, 

and on the Commission’s Web site at 

http://www.sec.gov. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in Sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Many of NASDAQ’s rules are based 

on rules of FINRA (formerly the 

National Association of Securities 

Dealers (‘‘NASD’’)). During 2008, FINRA 

embarked on an extended process of 

moving rules formerly designated as 

‘‘NASD Rules’’ into a consolidated 

FINRA rulebook. In many cases, FINRA 

has renumbered these rules, and in 

some cases has substantively amended 

them. Accordingly, NASDAQ has 

initiated a process of modifying its 

rulebook to ensure that NASDAQ rules 

corresponding to FINRA/NASD rules 

continue to mirror them as closely as 

practicable. 

This filing addresses NASDAQ Rule 

2260 and IM–2260, which incorporates 

the guidance previously contained in 

the corresponding NASD Rules relating 

to the forwarding of proxy and other 

materials by members and the rates of 

reimbursement for such actions. In SR– 

FINRA–2009–066,3 FINRA combined 

NASD Rule 2260 and IM–2260 into 

FINRA Rule 2251 without material 


wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1