Rule 17g-10 Certification of providers of third-party due diligence services in connection with asset-backed securities & Form ABS Due Diligence-15E

Forms and Documents

Document Name	Status
Form 15E Rule 17g-10 and Form ABS Due Diligence-15E annual disclosure burden Form	Modified
3235-0694.pdf Supplementary Document	2024-06-28
3235-0694.pdf Supplementary Document	2024-06-28
17g-10 and Form ABS Due Diligence - 15E Supporting Statement.docx Supporting Statement A	2024-06-25

IC Document Collections

IC ID	Document Title	Status
201505	Rule 17g-10 and Form ABS Due Diligence-15E annual disclosure burden Form	Modified

ICR Details

OMB Control No: 3235-0694	ICR Reference No: 202406-3235-006
Status: Received in OIRA	Previous ICR Reference No: 202011-3235-021
Agency/Subagency: SEC	Agency Tracking No: OCR-270-597
Title: Rule 17g-10 Certification of providers of third-party due diligence services in connection with asset-backed securities & Form ABS Due Diligence-15E
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 06/28/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	08/31/2024
Responses	1,410	990
Time Burden (Hours)	470	330
Cost Burden (Dollars)	174,840	93,387

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Abstract: Rule 17g-10 and Form ABS Due Diligence-15E are designed to achieve the objective stated in Section 15E(s)(4)(B) of the Exchange Act; namely, that a provider of third-party due diligence services conducts a thorough review of data, documentation, and other relevant information necessary for an NRSRO to provide an accurate credit rating. They also are designed, in combination with the disclosure requirement in paragraph (a)(2) of Rule 17g-7, to achieve the objective stated in Section 15E(s)(4)(D) of the Exchange Act; namely, to allow the public to determine the adequacy and level of due diligence services provided by a third party.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 932(a)(8) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
   US Code: 15 USC 78o-7(s) Name of Law: U.S. Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: US Code: 15 USC 78o-7(s) Name of Law: U.S. Securities Exchange Act of 1934

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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:
	89 FR 18981	03/15/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 54108	06/28/2024
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Rule 17g-10 and Form ABS Due Diligence-15E annual disclosure burden	15E, 15E	FORM ABS DUE DILIGENCE-15E ,   Form ABS 15E

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ICR Summary of Burden

	Total Request	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	1,410	990	0	420	0	0
Annual Time Burden (Hours)	470	330	0	140	0	0
Annual Cost Burden (Dollars)	174,840	93,387	0	81,453	0	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: No

Burden Reduction Due to:

Short Statement: The cost and hour burden for Rule 17g-10 and Form ABS Due Diligence-15E has increased due to the increase in the number of asset-backed security offerings per year and to account for inflation.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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]? Yes

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

Is this ICR related to the Pandemic Response? No

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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: 06/28/2024

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