[Federal Register Volume 78, Number 38 (Tuesday, February 26, 2013)]
[Notices]
[Pages 13102-13103]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-04366]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; 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-4; SEC File No. 270-566, OMB Control No. 3235-0627.
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\
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
[[Page 13103]]
There are 10 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 100 hours.\3\
---------------------------------------------------------------------------
\3\ 10 currently registered NRSROs x 10 hours = 100 hours.
---------------------------------------------------------------------------
The Commission 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.
Background documentation for this information collection may be
viewed at the following Web site: www.reginfo.gov. 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 by sending an email to: Shagufta_Ahmed@omb.eop.gov; and (ii) 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. Comments must be submitted to OMB within 30 days
of this notice.
Dated: February 20, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-04366 Filed 2-25-13; 8:45 am]
BILLING CODE 8011-01-P