Notice Regarding the Requirement To Use eXtensible Business Reporting Language Format To Make Publicly Available the Information Required Pursuant to Rule 17g-2(d) of the Exchange Act, 53988-53989 [2010-21887]
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53988
Federal Register / Vol. 75, No. 170 / Thursday, September 2, 2010 / Notices
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
Extension:
Rule 15Bc3–1 and Form MSDW; SEC File
No. 270–93; OMB Control No. 3235–
0087.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), 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 provided for in Rule
15Bc3–1 (17 CFR 240.15Bc3–1) and
Form MSDW (17 CFR 249.1110) under
the Securities Exchange Act of 1934
(‘‘Exchange Act’’) (17 U.S.C. 78a et seq.).
Rule 15Bc3–1 provides that a notice
of withdrawal from registration with the
Commission as a bank municipal
securities dealer must be filed on Form
MSDW. The Commission uses the
information submitted on Form MSDW
in determining whether it is in the
public interest to permit a bank
municipal securities dealer to withdraw
its registration. This information is also
important to the municipal securities
dealer’s customers and to the public,
because it provides, among other things,
the name and address of a person to
contact regarding any of the municipal
securities dealer’s unfinished business.
The staff estimates that the average
number of hours necessary to comply
with the requirements of Rule 15Bc3–1
is 0.5 hours. Based upon submissions
for the last three years, the staff
estimates that approximately 12
respondents will utilize this notice
annually, with a total burden for all
respondents of 6 hours. The average cost
per hour is approximately $101.
Therefore, the total cost of compliance
for the respondents is $606 ($101 × 0.5
× 12 = $606).
Providing the information on the
application is mandatory in order to
register with the Commission as a bank
municipal securities dealer. The
information contained in the
application will not be kept
confidential. Persons should note that
an agency may not conduct or sponsor,
and a person is not required to respond
to, a collection of information unless it
displays a currently valid control
number.
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
send an e-mail to:
Sagufta_Ahmed@omb.eop.gov and (ii)
Charles Boucher, Director/Chief
Information Officer, Securities and
VerDate Mar<15>2010
15:22 Sep 01, 2010
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Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way,
Alexandria, VA 22312 or send an e-mail
to: PRA_Mailbox@sec.gov. Comments
must be submitted to OMB within 30
days of this notice.
Dated: August 27, 2010.
Florence E. Harmon
Deputy Secretary
[FR Doc. 2010–21936 Filed 9–1–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62784]
Notice Regarding the Requirement To
Use eXtensible Business Reporting
Language Format To Make Publicly
Available the Information Required
Pursuant to Rule 17g–2(d) of the
Exchange Act
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
AGENCY:
The Commission is providing
notice that the List of XBRL Tags for
NRSROs (‘‘List of XBRL Tags’’) to be
used for the ratings history disclosure
requirements in paragraph (d) of Rule
17g–2 has been published on the
Commission’s Internet Web site. An
NRSRO subject to the disclosure
provisions of paragraph (d) of Rule 17g–
2 shall make this information available
in an interactive data file on its
corporate Internet Web site in XBRL
format using the List of XBRL Tags
beginning no later than 60 days after the
publication of this Notice in the Federal
Register.
DATES: The date an NRSRO is required
to begin using an XBRL format and the
List of XBRL Tags for the purpose of
Rule 17g–2(d) is November 1, 2010.
FOR FURTHER INFORMATION CONTACT:
Michael A. Macchiaroli, Associate
Director, at (202) 551–5525; Thomas K.
McGowan, Deputy Associate Director, at
(202) 551–5521; Randall W. Roy,
Assistant Director, at (202) 551–5522;
Raymond A. Lombardo, Branch Chief, at
(202) 551–5755; or Rebekah E. Goshorn,
Attorney, at (202) 551–5514; Division of
Trading and Markets, Securities and
Exchange Commission; 100 F Street,
NE., Washington, DC 20549–7010.
SUPPLEMENTARY INFORMATION: The Credit
Rating Agency Reform Act of 2006
(‘‘Rating Agency Act’’) 1 defined the term
‘‘nationally recognized statistical rating
organization’’ (‘‘NRSRO’’) and provided
authority for the Securities and
SUMMARY:
1 Public
PO 00000
Law 109–291 (2006).
Frm 00042
Fmt 4703
Sfmt 4703
Exchange Commission (‘‘Commission’’)
to implement registration,
recordkeeping, financial reporting, and
oversight rules with respect to registered
credit rating agencies. The regulations
implemented by the Commission
pursuant to this mandate include
Securities Exchange Act of 1934
(‘‘Exchange Act’’) Rule 17g–2,2 which
requires an NRSRO to make and retain
certain records relating to its business
and to retain certain other business
records made in the normal course of
business operations. The Commission
adopted Rule 17g–2 and the
amendments thereto, in part, under
authority to require NRSROs to make
and keep for specified periods such
records as the Commission prescribes as
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Exchange Act.3
On February 2, 2009, the Commission
adopted amendments to its NRSRO
rules imposing additional requirements
on NRSROs in order to address concerns
about the integrity of their credit rating
procedures and methodologies.4 Among
other things, the rule amendments
added new paragraph (a)(8) and
paragraph (d) (now paragraph (d)(2)) to
Rule 17g–2. Paragraph (a)(8) of Rule
17g–2 requires an NRSRO to make and
retain a record for each outstanding
credit rating it maintains showing all
rating actions (initial rating, upgrades,
downgrades, placements on watch for
upgrade or downgrade, and
withdrawals) and the date of such
actions identified by the name of the
security or obligor rated and, if
applicable, the CUSIP for the rated
security or the Central Index Key (CIK)
number for the rated obligor.5 Paragraph
(d)(2) of Rule 17g–2 requires an NRSRO
to make publicly available, on a sixmonth delayed basis, the ratings
histories for a random sample of 10% of
the credit ratings paid for by the obligor
being rated or by the issuer,
underwriter, or sponsor of the security
being rated (‘‘issuer-paid credit ratings’’)
pursuant to paragraph (a)(8) of Rule
17g–2 for each class of credit rating for
which the NRSRO is registered and has
issued 500 or more issuer-paid credit
ratings.6
Paragraph (d)(2) of Rule 17g–2 further
requires that this information be made
2 17
CFR 240.17g–2.
Section 17(a)(1) of the Exchange Act (15
U.S.C. 78q(a)(1)).
4 See Amendments to Rules for Nationally
Recognized Statistical Rating Organizations,
Exchange Act Release No. 59342 (February 2, 2009),
74 FR 6456 (‘‘February 2009 Adopting Release’’).
5 17 CFR 240.17g–2(a)(8).
6 17 CFR 240.17g–2(d).
3 See
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Federal Register / Vol. 75, No. 170 / Thursday, September 2, 2010 / Notices
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
public on the NRSRO’s corporate
Internet Web site in eXtensible Business
Reporting Language (‘‘XBRL’’) format.7
The rule provides that in preparing the
XBRL disclosure, an NRSRO must use
the List of XBRL Tags as specified on
the Commission’s Internet Web site.8
The Commission established a
compliance date of August 10, 2009 for
this provision. On August 5, 2009, the
Commission provided notice that an
NRSRO subject to the disclosure
provisions of paragraph (d) (now
paragraph (d)(2)) of Rule 17g–2 could
satisfy the requirement to make publicly
available ratings history information in
an XBRL format by using an XBRL
format or any other machine-readable
format, until such time as the
Commission provides further notice.9
The Commission today is providing
notice that a List of XBRL Tags has been
published on the Commission’s Internet
Web site and that NRSROs shall
commence publishing the information
required by Rule 17g–2(d)(2) in XBRL
format using the List of the XBRL Tags
beginning no later than November 1,
2010.
On November 23, 2009, the
Commission further amended Rule 17g–
2 to add paragraph (d)(3), which
requires that an NRSRO must make
publicly available on its corporate
Internet Web site ratings action histories
for all credit ratings initially determined
on or after June 26, 2007 in an
interactive data file that uses a machinereadable format.10 In the case of issuerpaid credit ratings, each new ratings
action is required to be reflected in such
publicly disclosed histories no later
than twelve months after it is taken; in
the case of ratings actions that are not
issuer-paid, each new ratings action is
required to be reflected no later than
twenty-four months after it is taken.11
Rule 17g–2(d)(3) provides that an
NRSRO may use any machine-readable
format to make this data publicly
available until 60 days after the date on
which the Commission publishes a List
of XBRL Tags for NRSROs on its
Internet Web site, at which point the
NRSRO is required to make the
information available in XBRL format
using the List of XBRL Tags for NRSROs
as published by the Commission on its
7 Id.
8 Id. The February 2009 Adopting Release
specified a compliance date of 180 days after
publication in the Federal Register.
9 See Securities Exchange Release No. 60451
(August 5, 2009) 74 FR 40246 (August 11, 2009)
(‘‘August 5, 2009 Notice’’).
10 See Securities Exchange Release No. 61050
(November 23, 2009) 74 FR 63831 (December 4,
2009) (‘‘November 2009 Adopting Release’’).
11 See November 2009 Adopting Release at 63834.
VerDate Mar<15>2010
15:22 Sep 01, 2010
Jkt 220001
Internet Web site.12 Today, the
Commission is providing notice that the
List of XBRL Tags has been published
on the Commission’s Internet Web
site.13
The publication of the List of XBRL
Tags on the Commission’s Internet Web
site automatically triggers the 60-day
time frame for compliance with Rule
17(g)(2)(d)(3) using an XBRL format.
However, for purposes of establishing a
uniform compliance date for Rule 17g–
2(d)(2) and Rule 17g–2(d)(3), the
Commission will require that NRSROs
make the information required under
Rule 17g–2(d)(3) available on its
corporate website in XBRL format using
the List of XBRL Tags beginning no later
than November 1, 2010.
The relief provided by the August 5,
2009 Notice is superseded by this
Notice.
Dated: August 27, 2010.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–21887 Filed 9–1–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62771; File No. SR–
NASDAQ–2010–102]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Rule
2260 To Reflect Changes to
Corresponding FINRA Rule
August 26, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 2 thereunder,
notice is hereby given that on August
16, 2010, The NASDAQ Stock Market
LLC (‘‘Nasdaq’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
12 See
13 See
November 2009 Adopting Release at 63834.
List of XBRL Tags available at [Web site
url].
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
PO 00000
Frm 00043
Fmt 4703
53989
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
NASDAQ Rule 2260 and IM–2260 to
reflect recent changes to a
corresponding rule of the Financial
Industry Regulatory Authority
(‘‘FINRA’’). The text of the proposed rule
change is available at https://
nasdaq.cchwallstreet.com, at the
Exchange’s principal office, at the
Commission’s Public Reference Room,
and on the Commission’s Web site at
https://www.sec.gov.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Many of NASDAQ’s rules are based
on rules of FINRA (formerly the
National Association of Securities
Dealers (‘‘NASD’’)). During 2008, FINRA
embarked on an extended process of
moving rules formerly designated as
‘‘NASD Rules’’ into a consolidated
FINRA rulebook. In many cases, FINRA
has renumbered these rules, and in
some cases has substantively amended
them. Accordingly, NASDAQ has
initiated a process of modifying its
rulebook to ensure that NASDAQ rules
corresponding to FINRA/NASD rules
continue to mirror them as closely as
practicable.
This filing addresses NASDAQ Rule
2260 and IM–2260, which incorporates
the guidance previously contained in
the corresponding NASD Rules relating
to the forwarding of proxy and other
materials by members and the rates of
reimbursement for such actions. In SR–
FINRA–2009–066,3 FINRA combined
NASD Rule 2260 and IM–2260 into
FINRA Rule 2251 without material
3 Securities Exchange Act Release No. 61052
(November 23, 2009), 74 FR 62857 (December 1,
2009) (SR–FINRA–2009–066).
Sfmt 4703
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]]>Agencies
[Federal Register Volume 75, Number 170 (Thursday, September 2, 2010)]
[Notices]
[Pages 53988-53989]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-21887]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62784]
Notice Regarding the Requirement To Use eXtensible Business
Reporting Language Format To Make Publicly Available the Information
Required Pursuant to Rule 17g-2(d) of the Exchange Act
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Commission is providing notice that the List of XBRL Tags
for NRSROs (``List of XBRL Tags'') to be used for the ratings history
disclosure requirements in paragraph (d) of Rule 17g-2 has been
published on the Commission's Internet Web site. An NRSRO subject to
the disclosure provisions of paragraph (d) of Rule 17g-2 shall make
this information available in an interactive data file on its corporate
Internet Web site in XBRL format using the List of XBRL Tags beginning
no later than 60 days after the publication of this Notice in the
Federal Register.
DATES: The date an NRSRO is required to begin using an XBRL format and
the List of XBRL Tags for the purpose of Rule 17g-2(d) is November 1,
2010.
FOR FURTHER INFORMATION CONTACT: Michael A. Macchiaroli, Associate
Director, at (202) 551-5525; Thomas K. McGowan, Deputy Associate
Director, at (202) 551-5521; Randall W. Roy, Assistant Director, at
(202) 551-5522; Raymond A. Lombardo, Branch Chief, at (202) 551-5755;
or Rebekah E. Goshorn, Attorney, at (202) 551-5514; Division of Trading
and Markets, Securities and Exchange Commission; 100 F Street, NE.,
Washington, DC 20549-7010.
SUPPLEMENTARY INFORMATION: The Credit Rating Agency Reform Act of 2006
(``Rating Agency Act'') \1\ defined the term ``nationally recognized
statistical rating organization'' (``NRSRO'') and provided authority
for the Securities and Exchange Commission (``Commission'') to
implement registration, recordkeeping, financial reporting, and
oversight rules with respect to registered credit rating agencies. The
regulations implemented by the Commission pursuant to this mandate
include Securities Exchange Act of 1934 (``Exchange Act'') Rule 17g-
2,\2\ which requires an NRSRO to make and retain certain records
relating to its business and to retain certain other business records
made in the normal course of business operations. The Commission
adopted Rule 17g-2 and the amendments thereto, in part, under authority
to require NRSROs to make and keep for specified periods such records
as the Commission prescribes as necessary or appropriate in the public
interest, for the protection of investors, or otherwise in furtherance
of the purposes of the Exchange Act.\3\
---------------------------------------------------------------------------
\1\ Public Law 109-291 (2006).
\2\ 17 CFR 240.17g-2.
\3\ See Section 17(a)(1) of the Exchange Act (15 U.S.C.
78q(a)(1)).
---------------------------------------------------------------------------
On February 2, 2009, the Commission adopted amendments to its NRSRO
rules imposing additional requirements on NRSROs in order to address
concerns about the integrity of their credit rating procedures and
methodologies.\4\ Among other things, the rule amendments added new
paragraph (a)(8) and paragraph (d) (now paragraph (d)(2)) to Rule 17g-
2. Paragraph (a)(8) of Rule 17g-2 requires an NRSRO to make and retain
a record for each outstanding credit rating it maintains showing all
rating actions (initial rating, upgrades, downgrades, placements on
watch for upgrade or downgrade, and withdrawals) and the date of such
actions identified by the name of the security or obligor rated and, if
applicable, the CUSIP for the rated security or the Central Index Key
(CIK) number for the rated obligor.\5\ Paragraph (d)(2) of Rule 17g-2
requires an NRSRO to make publicly available, on a six-month delayed
basis, the ratings histories for a random sample of 10% of the credit
ratings paid for by the obligor being rated or by the issuer,
underwriter, or sponsor of the security being rated (``issuer-paid
credit ratings'') pursuant to paragraph (a)(8) of Rule 17g-2 for each
class of credit rating for which the NRSRO is registered and has issued
500 or more issuer-paid credit ratings.\6\
---------------------------------------------------------------------------
\4\ See Amendments to Rules for Nationally Recognized
Statistical Rating Organizations, Exchange Act Release No. 59342
(February 2, 2009), 74 FR 6456 (``February 2009 Adopting Release'').
\5\ 17 CFR 240.17g-2(a)(8).
\6\ 17 CFR 240.17g-2(d).
---------------------------------------------------------------------------
Paragraph (d)(2) of Rule 17g-2 further requires that this
information be made
[[Page 53989]]
public on the NRSRO's corporate Internet Web site in eXtensible
Business Reporting Language (``XBRL'') format.\7\ The rule provides
that in preparing the XBRL disclosure, an NRSRO must use the List of
XBRL Tags as specified on the Commission's Internet Web site.\8\ The
Commission established a compliance date of August 10, 2009 for this
provision. On August 5, 2009, the Commission provided notice that an
NRSRO subject to the disclosure provisions of paragraph (d) (now
paragraph (d)(2)) of Rule 17g-2 could satisfy the requirement to make
publicly available ratings history information in an XBRL format by
using an XBRL format or any other machine-readable format, until such
time as the Commission provides further notice.\9\ The Commission today
is providing notice that a List of XBRL Tags has been published on the
Commission's Internet Web site and that NRSROs shall commence
publishing the information required by Rule 17g-2(d)(2) in XBRL format
using the List of the XBRL Tags beginning no later than November 1,
2010.
---------------------------------------------------------------------------
\7\ Id.
\8\ Id. The February 2009 Adopting Release specified a
compliance date of 180 days after publication in the Federal
Register.
\9\ See Securities Exchange Release No. 60451 (August 5, 2009)
74 FR 40246 (August 11, 2009) (``August 5, 2009 Notice'').
---------------------------------------------------------------------------
On November 23, 2009, the Commission further amended Rule 17g-2 to
add paragraph (d)(3), which requires that an NRSRO must make publicly
available on its corporate Internet Web site ratings action histories
for all credit ratings initially determined on or after June 26, 2007
in an interactive data file that uses a machine-readable format.\10\ In
the case of issuer-paid credit ratings, each new ratings action is
required to be reflected in such publicly disclosed histories no later
than twelve months after it is taken; in the case of ratings actions
that are not issuer-paid, each new ratings action is required to be
reflected no later than twenty-four months after it is taken.\11\ Rule
17g-2(d)(3) provides that an NRSRO may use any machine-readable format
to make this data publicly available until 60 days after the date on
which the Commission publishes a List of XBRL Tags for NRSROs on its
Internet Web site, at which point the NRSRO is required to make the
information available in XBRL format using the List of XBRL Tags for
NRSROs as published by the Commission on its Internet Web site.\12\
Today, the Commission is providing notice that the List of XBRL Tags
has been published on the Commission's Internet Web site.\13\
---------------------------------------------------------------------------
\10\ See Securities Exchange Release No. 61050 (November 23,
2009) 74 FR 63831 (December 4, 2009) (``November 2009 Adopting
Release'').
\11\ See November 2009 Adopting Release at 63834.
\12\ See November 2009 Adopting Release at 63834.
\13\ See List of XBRL Tags available at [Web site url].
---------------------------------------------------------------------------
The publication of the List of XBRL Tags on the Commission's
Internet Web site automatically triggers the 60-day time frame for
compliance with Rule 17(g)(2)(d)(3) using an XBRL format. However, for
purposes of establishing a uniform compliance date for Rule 17g-2(d)(2)
and Rule 17g-2(d)(3), the Commission will require that NRSROs make the
information required under Rule 17g-2(d)(3) available on its corporate
website in XBRL format using the List of XBRL Tags beginning no later
than November 1, 2010.
The relief provided by the August 5, 2009 Notice is superseded by
this Notice.
Dated: August 27, 2010.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-21887 Filed 9-1-10; 8:45 am]
BILLING CODE 8010-01-P
