Rule 17g-5 implements certain
statutory provisions of the Credit Rating Agency Reform Act of 2006
("Rating Agency Act") by prohibiting, or requiring the managemnt
and disclosure of, any potential conflict of interest relating to
the issuance of credit ratings by a nationally recognized
statistical rating organization or "NRSRO". This collection of
information is necessary by addressing potential practices that
could impair the objectivity and the quality of a credit
rating.
When the amendments to
Rule 17g-5 rule were first proposed in 2011, the accompanying
Federal Register release indicated that the proposed amendments “do
not contain a collection of information requirement within the
meaning of the PRA.” Since that time, the Commission has carefully
re-considered the operation of these rules and has determined that
these amendments would in fact supplement and modify the existing
collection of information contained in Rule 17g-5. Accordingly, the
Commission included PRA estimates in the Federal Register release
in which it adopted the final amendments to the rule. Because of
this revised approach, the attached supporting statement includes
PRA burdens that have not previously been reviewed by OMB. Because
a PRA submission has not previously been made in connection with
these amendments, the Commission is requesting approval of the
revised collection of information for a six-month period under the
emergency review process. Approval of this request would be
consistent with the effective date of the amended rules while
providing sufficient time for the Commission to request approval of
an extension of this collection of information for a full
three-year period using the standard review process, including
publication in the Federal Register of all applicable requests for
public comment.
US Code:
15
USC 780-7 Name of Law: Credit Rating Agency Reform Act of
2006
US Code: 15 USC 780-7 Name of Law: Credit
rating Agency Reform Act
As detailed in the supporting
statement, the Commission has added provisions to Rule 17g-5 that
contain information collection requirements under the Paperwork
Reduction Act. The Commission has also revised previously approved
one-time burdens that have been incurred.
$0
No
No
No
Yes
No
Uncollected
Rose Wells 202 942-0143
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Rule 17g-5 Supporting Statement (Final).docx
NRSRO exemption request