Document ID: SEC-2012-0186-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals: Rule 17g-3
Posted Date: 2012-02-02T05:00Z

[Federal Register Volume 77, Number 22 (Thursday, February 2, 2012)]
[Notices]
[Page 5282]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-2238]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.
Extension:

    Rule 17g-3; SEC File No. 270-565; OMB Control No. 3235-0626.

    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'') is soliciting comments on the existing 
collection of information provided for in Rule 17g-3 (17 CFR 240.17g-3) 
under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). The 
Commission plans to submit this existing collection of information to 
the Office of Management and Budget (``OMB'') for extension and 
approval.
    Rule 17g-3 contains reporting requirements. The collection of 
information obligations imposed by the rule is mandatory. The 
requirements of Rule 17g-3, however, apply only to credit rating 
agencies that are registered with the Commission as a nationally 
recognized statistical rating organization (``NRSRO)'', and 
registration is voluntary. Under Rule 17g-3 each NRSRO must submit 
annual audited financial statements. The Commission previously 
estimated that approximately 30 credit rating agencies would register 
with the Commission as NRSROs under section 15E of the Exchange Act.\1\ 
Currently, there are nine credit rating agencies that have registered 
with the Commission as NRSROs. Consequently, while the Commission 
expects more credit rating agencies may become registered as NRSROs 
over the next few years, the Commission believes that the estimated 
number of ten NRSROs should be used for purposes of the Paperwork 
Reduction Act. Thus, the Commission estimates that the adjusted current 
industry-wide annual burden for Rule 17g-3 would be 2,033 hours, which 
includes a one-time reporting burden for processing reports.
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    \1\ See Oversight of Credit Rating Agencies Registered as 
Nationally Recognized Statistical Rating Organizations, 34-55857 
(June 5, 2007), 72 FR 33564 at 33607 (June 18, 2007).
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    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates of the burden of the proposed collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information on 
respondents; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology. 
Consideration will be given to comments and suggestions submitted in 
writing within 60 days of this publication.
    The Commission may not conduct or sponsor a collection of 
information unless it displays a currently valid control number. No 
person shall be subject to any penalty for failing to comply with a 
collection of information subject to the PRA that does not display a 
valid OMB control number.
    Please direct your written comments to: Thomas Bayer, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, Virginia 22312 or 
send an email to: PRA_Mailbox@sec.gov.

     Dated: January 27, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-2238 Filed 2-1-12; 8:45 am]
BILLING CODE 8011-01-P