Rule 17g-1 and Form NRSRO -Application for registration as a nationally recognized statistical rating organization

Forms and Documents

Document Name	Status
17g-1 2012 Supporting Statement - Version C.pdf Supporting Statement A	2012-04-09

IC Document Collections

IC ID	Document Title	Status
200915	Withdrawal of registration	New
200914	Withdrawal of application before final Commission approval	New
200913	Registration for addition category of credit ratings	New
200912	Annual certification and discosure of updated information	New
200911	Amending Form NRSRO application for registration if information becomes inaccurate	New
179199	Rule 17g-1 and Form NRSRO Initial reporting burden	Modified

ICR Details

OMB Control No: 3235-0625	ICR Reference No: 201201-3235-004
Status: Historical Active	Previous ICR Reference No: 200902-3235-003
Agency/Subagency: SEC	Agency Tracking No: TM-270-563
Title: Rule 17g-1 and Form NRSRO -Application for registration as a nationally recognized statistical rating organization
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 06/11/2012
	Date Received in OIRA: 04/09/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2015	36 Months From Approved	06/30/2012
Responses	34	0	30
Time Burden (Hours)	839	0	6,400
Cost Burden (Dollars)	0	0	160,000

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Abstract: Rule 17g-1 implements certain statutory provisions of the Credit Rating Agency Reform Act of 2006 by requiring a credit rating agency to furnish an application to the Securities and Exchange Commission ("Commission") for registration as a nationally recognized statistical rating organization or "NRSRO" on Form NRSRO, by requiring an NRSRO to furnish amendments to the application on Form NRSRO, and by requiring an NRSRO to make certain of the information furnished with its application publicly available. The collection of information included in Rule 17g-1 is necessary to allow the Commission to determine whether a credit rating agency meets the requirements for registration as an NRSRO.

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Authorizing Statute(s): US Code: 15 USC 78a Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78o-7 Name of Law: Credit Rating Agency Reform Act of 2006
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 5583	02/03/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 21113	04/09/2012
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 6

IC Title	Form No.	Form Name
Rule 17g-1 and Form NRSRO Initial reporting burden
Withdrawal of registration
Registration for addition category of credit ratings
Withdrawal of application before final Commission approval
Annual certification and discosure of updated information
Amending Form NRSRO application for registration if information becomes inaccurate

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	34	30	0	0	4	0
Annual Time Burden (Hours)	839	6,400	0	0	-5,561	0
Annual Cost Burden (Dollars)	0	160,000	0	0	-160,000	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The reduction of 5,561 hours in the annual time burden is attributable from the decreased estimate of the number of respondents from 30 to 10 NRSROs and the expectation of significantly fewer new NRSRO applicants during this collection period, as compared to the initial collection period, following the initial adoption of Rule 17g-1, Form NRSRO, and Instructions to Form NRSRO.

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Annual Cost to Federal Government: $20,250

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 04/09/2012

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