Notice2022-01547
Rule 17g-4 30 Day Notice 2021-Submission for OMB Review; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 27, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 18 (Thursday, January 27, 2022)</title>
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[Federal Register Volume 87, Number 18 (Thursday, January 27, 2022)]
[Notices]
[Page 4312]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-01547]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0627]
Rule 17g-4 30 Day Notice 2021--Submission for OMB Review; Comment
Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Extension:
Rule 17g-4
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), 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 of information provided for in Rule 17g-
4 (17 CFR 240.17g-4) under the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) (``Exchange Act'').
The Credit Rating Agency Reform Act of 2006 added a new section
15E, ``Registration of Nationally Recognized Statistical Rating
Organizations,'' \1\ to the Exchange Act. Pursuant to the authority
granted under section 15E of the Exchange Act, the Commission adopted
Rule 17g-4, which requires that a nationally recognized statistical
rating organization (``NRSRO'') establish, maintain, and enforce
written policies and procedures to prevent the misuse of material
nonpublic information, including policies and procedures reasonably
designed to prevent: (a) The inappropriate dissemination of material
nonpublic information obtained in connection with the performance of
credit rating services; (b) a person within the NRSRO from trading on
material nonpublic information; and (c) the inappropriate dissemination
of a pending credit rating action.\2\
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\1\ 15 U.S.C. 78o-7.
\2\ See 17 CFR 240.17g-4; Release No. 34-55231 (Feb. 2, 2007),
72 FR 6378 (Feb. 9, 2007); Release No. 34-55857 (June 5, 2007), 72
FR 33564 (June 18, 2007).
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There are 9 credit rating agencies registered with the Commission
as NRSROs under section 15E of the Exchange Act, which have already
established the policies and procedures required by Rule 17g-4. Based
on staff experience, an NRSRO is estimated to spend an average of
approximately 10 hours per year reviewing its policies and procedures
regarding material nonpublic information and updating them (if
necessary), resulting in an average industry-wide annual hour burden of
approximately 90 hours.\3\
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\3\ 9 currently registered NRSROs x 10 hours = 90 hours.
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An agency may not conduct or sponsor a collection of information
unless it displays a currently valid OMB 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.
The public may view background documentation for this information
collection at the following website: ><a href="http://www.reginfo.gov">www.reginfo.gov</a><. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
to (i) ><a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>< and (ii) David Bottom,
Director/Chief Information Officer, Securities and Exchange Commission,
c/o John R. Pezzullo, 100 F Street NE, Washington, DC 20549, or by
sending an email to: <a href="/cdn-cgi/l/email-protection#055557445a48646c69676a7d457660662b626a73"><span class="__cf_email__" data-cfemail="56060417091b373f3a34392e1625333578313920">[email protected]</span></a>.
Dated: January 21, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-01547 Filed 1-26-22; 8:45 am]
BILLING CODE 8011-01-P
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