Notice2024-09850
Proposed Collection; Comment Request; Extension: Rule 17g-5
Primary source
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Published
May 7, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 89 (Tuesday, May 7, 2024)</title>
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[Federal Register Volume 89, Number 89 (Tuesday, May 7, 2024)]
[Notices]
[Pages 38202-38203]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-09850]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-563, OMB Control No. 3235-0649]
Proposed Collection; Comment Request; Extension: Rule 17g-5
Upon Written Request, Copies Available From: Securities and
Exchange Commission, Office of FOIA Services, 100 F Street NE,
Washington, DC 20549-2736
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-5 (17 CFR 240.17g-5)
under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.)
(``Exchange Act''). The Commission plans to submit this existing
collection of information to the Office of Management and Budget for
extension and approval.
Rule 17g-5(a)(3) and (e) contain collection of information
requirements.\1\ Specifically, Rule 17g-5(a)(3) prohibits a person
within a nationally recognized statistical rating organization
(``NRSRO'') from having a conflict of interest relating to the issuance
or maintenance of a credit rating for a security or money market
instrument issued by an asset pool or as part of any asset-backed
securities transaction that was paid for by the issuer, sponsor, or
underwriter of the security or money market instrument unless certain
information and representations relating to the security are disclosed
or furnished.
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\1\ See 17 CFR 240.17g-5(a)(3) and (e).
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Currently, there are 6 credit rating agencies registered as NRSROs
in the issuer of asset-backed securities category of credit ratings,
and it is estimated based on recent issuance data that there are
approximately 1,480 new asset-backed securities transactions per year
that implicate Rule 17g-5(a)(3). Based on staff experience, the
[[Page 38203]]
Commission estimates that the total annual hour burden to comply with
Rule 17g-5(a)(3) will be 61,899 hours. The Commission further estimates
that this annual hour burden will result in a total annual cost of
$14,126,168. This cost is attributable to costs that may be incurred by
NRSROs and arrangers of asset-backed securities posting information on
a password-protected website, as required by Rule 17g-5, and preparing
and procuring representations to determine whether an exemption under
the rule applies, as well as costs incurred by NRSROs preparing
certifications required under the rule to gain access to websites
maintained by other NRSROs or arrangers of asset-backed securities.
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 by
July 8, 2024.
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.
Please direct your written comments to: Dave Bottom, Director/Chief
Information Officer, Securities and Exchange Commission, c/o John
Pezzullo, 100 F St NE, Washington, DC 20549 or send an email to:
<a href="/cdn-cgi/l/email-protection#90c0c2d1cfddf1f9fcf2ffe8d0e3f5f3bef7ffe6"><span class="__cf_email__" data-cfemail="4a1a180b15072b23262825320a392f29642d253c">[email protected]</span></a>.
Dated: May 1, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-09850 Filed 5-6-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on May 7, 2024.
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