Notice2024-18172
Submission for OMB Review; Comment Request; Extension: Rule 17g-5
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
August 14, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 157 (Wednesday, August 14, 2024)</title>
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[Federal Register Volume 89, Number 157 (Wednesday, August 14, 2024)]
[Notices]
[Page 66153]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-18172]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-563, OMB Control No. 3235-0649]
Submission for OMB Review; 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 collection of
information summarized below. The Commission plans to submit an
extension for this current collection of information to the Office of
Management and Budget for approval.
Rule 17g-5(a)(3) and (e) (17 CFR 240.17g-5(a)(3) and (e)) contain
collection of information requirements. 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.
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 Commission staff's
experience, it is estimated 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.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently 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
by September 13, 2024 to (i) <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a> and (ii)
Austin Gerig, Director/Chief Data Officer, Securities and Exchange
Commission, c/o Oluwaseun Ajayi, 100 F Street, NE, Washington, DC
20549, or by sending an email to: <a href="/cdn-cgi/l/email-protection#1d4d4f5c42507c74717f72655d6e787e337a726b"><span class="__cf_email__" data-cfemail="7f2f2d3e20321e16131d10073f0c1a1c51181009">[email protected]</span></a>.
Dated: August 9, 2024.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-18172 Filed 8-13-24; 8:45 am]
BILLING CODE 8011-01-P
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