[Federal Register Volume 84, Number 26 (Thursday, February 7, 2019)]
[Notices]
[Pages 2605-2606]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-01374]
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SECURITIES AND EXCHANGE COMMISSION
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, 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\
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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 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
[[Page 2606]]
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\
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\3\ 10 currently registered NRSROs x 10 hours = 100 hours.
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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 website: 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:
[email protected]; and (ii) Charles Riddle, Acting Chief
Information Officer, Securities and Exchange Commission, c/o Candace
Kenner, 100 F St NE, Washington, DC 20549 or send an email to:
[email protected]. Comments must be submitted to OMB within 30 days
of this notice.
February 1, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-01374 Filed 2-6-19; 8:45 am]
BILLING CODE 8011-01-P