Submission for OMB Review; Comment Request, 44699-44700 [2012-18447]

Download as PDF Federal Register / Vol. 77, No. 146 / Monday, July 30, 2012 / Notices respondents for total of 60,000 burden hours. Written comments are invited on: (a) Whether this proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden imposed by the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collections of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. Please direct your written comments to Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, Virginia 22312; or send an email to: PRA_Mailbox@sec.gov. Dated: July 24, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–18395 Filed 7–27–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. mstockstill on DSK4VPTVN1PROD with NOTICES Extension: Rules 17h–1T and 17h–2T, SEC File No. 270–359, OMB Control No. 3235–0410. 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 extension of the previously approved collection of information provided for in Rules 17h– 1T and 17h–2T (17 CFR 240.17h–1T and 17 CFR 240.17h–2T), under the Securities and Exchange Act of 1934 (17 U.S.C. 78a et seq.) (‘‘Exchange Act’’). Rule 17h–1T requires a broker-dealer to maintain and preserve records and other information concerning certain entities that are associated with the broker-dealer. This requirement extends to the financial and securities activities of the holding company, affiliates and VerDate Mar<15>2010 17:34 Jul 27, 2012 Jkt 226001 subsidiaries of the broker-dealer that are reasonably likely to have a material impact on the financial or operational condition of the broker-dealer. Rule 17h–2T requires a broker-dealer to file with the Commission quarterly reports and a cumulative year-end report concerning the information required to be maintained and preserved under Rule 17h–1T. The collection of information required by Rules 17h–1T and 17h–2T, collectively referred to as the ‘‘risk assessment rules,’’ is necessary to enable the Commission to monitor the activities of a broker-dealer affiliate whose business activities are reasonably likely to have a material impact on the financial or operational condition of the broker-dealer. Without this information, the Commission would be unable to assess the potentially damaging impact of the affiliate’s activities on the brokerdealer. There are currently 275 respondents that must comply with Rules 17h–1T and 17h–2T. Each of these 275 respondents requires approximately 10 hours per year, or 2.5 hours per quarter, to maintain the records required under Rule 17h–1T, for an aggregate annual burden of 2,750 hours (275 respondents × 10 hours). In addition, each of these 275 respondents must make five annual responses under Rule 17h–2T. These five responses require approximately 14 hours per respondent per year, or 3.5 hours per quarter, for an aggregate annual burden of 3,850 hours (275 respondents × 14 hours). In addition, there are approximately twenty-five new respondents per year that must draft an organizational chart required under Rule 17h–1T and establish a system for complying with the risk assessment rules. The staff estimates that drafting the required organizational chart requires one hour and establishing a system for complying with the risk assessment rules requires three hours, thus requiring an aggregate of 100 hours (25 new respondents × 4 hours). Thus, the total compliance burden per year is approximately 6,700 burden hours (2,750 + 3,850 + 100). Rule 17h–1T specifies that the records required to be maintained under the Rule must be preserved for a period of not less than three years. There is no specific retention period or record keeping requirement for Rule 17h–2T. The collection of information is mandatory and the information required to be provided to the Commission pursuant to the risk assessment rules is deemed confidential, notwithstanding any other provision of law under Section 17(h)(5) of the Exchange Act (15 U.S.C. 78q(h)(5)) and Section PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 44699 552(b)(3)(B) of the Freedom of Information Act (5 U.S.C. 552(b)(3)(B)). 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 Web site: 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: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, VA 22312 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: July 24, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–18446 Filed 7–27–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 17g–5, SEC File No. 270–581, OMB Control No. 3235–0649. 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 of information provided for in Rule 17g–5 (17 CFR 240.17g–5) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). The Credit Rating Agency Reform Act of 2006 (Pub. L. 109–291) (‘‘Rating Agency Act’’), enacted on September 29, 2006, defines the term ‘‘nationally recognized statistical rating organization,’’ or ‘‘NRSRO’’ and E:\FR\FM\30JYN1.SGM 30JYN1 mstockstill on DSK4VPTVN1PROD with NOTICES 44700 Federal Register / Vol. 77, No. 146 / Monday, July 30, 2012 / Notices provides authority for the Commission to implement registration, recordkeeping, financial reporting, and oversight rules with respect to registered credit rating agencies. In 2009, the Commission adopted amendments to Rule 17g–5. Rule 17g–5, as amended, imposes additional requirements on NRSROs in order to address concerns about the integrity of their credit rating procedures and methodologies in light of the role they played in determining credit ratings for securities collateralized by or linked to subprime residential mortgages. Rule 17g–5, as amended, requires NRSROs to disclose and manage certain conflicts of interest. The collection of information obligation imposed by Rule 17g–5 is mandatory for credit rating agencies that are applying to register or are registered with the Commission as NRSROs. Registration with the Commission as an NRSRO is voluntary. The Rating Agency Act added a new Section 15E, ‘‘Registration of Nationally Recognized Statistical Rating Organizations’’ (15 U.S.C. 78o–7) to the Exchange Act. Exchange Act Section 15E(h)(2) provides the Commission with authority to prohibit, or require the management and disclosure of, any potential conflict of interest relating to the issuance of credit ratings by an NRSRO (15 U.S.C. 78o–7(h)(2)). Rule 17g–5, as amended, requires the disclosure and establishment of procedures to manage an additional conflict of interest and prohibits an NRSRO from issuing a rating for a structured finance product unless information about the transaction and the assets underlying the rated security are disclosed to certain persons. The Commission estimates that it will take 10 NRSROs approximately 300 hours to develop a system, as well as the policies and procedures, for the disclosures required by Rule 17g–5, resulting in a total one-time hour burden of 3,000. Rule 17g–5, as amended, also requires disclosures on a transaction by transaction basis. The Commission estimates that the total number of structured finance ratings issued by all NRSROs in a given year would be 14,880 and that it would take 1 hour per transaction to make the information publicly available resulting in a total aggregate annual burden to the industry of 14,880 hours. Rule 17g–5, as amended, also requires arrangers to disclose certain information. The Commission estimates that it would take 200 arrangers subject to the rule approximately 300 hours to develop a system, as well as the policies and procedures, for the disclosures VerDate Mar<15>2010 17:34 Jul 27, 2012 Jkt 226001 required by Rule 17g–5, resulting in a total one-time hour burden of 60,000. Rule 17g–5, as amended, also requires disclosures by arrangers on a transaction by transaction basis. The Commission estimates that 200 arrangers would arrange approximately 20 new transactions per year and that it would take 1 hour per transaction to make the information publicly available, resulting in a total aggregate annual burden of 4,000 hours. Rule 17g–5, as amended, also requires disclosure of information by arrangers on an ongoing basis that is used by an NRSRO to undertake credit rating surveillance on the structured finance product. The Commission estimates this disclosure would be required for approximately 125 transactions a month, and it would take each respondent approximately 0.5 hours per transaction to disclose the information. Therefore, the Commission estimates that it would take each respondent approximately 750 hours on an annual basis to disclose such information, for a total aggregate annual burden of 150,000 hours. Finally, Rule 17g–5, as amended, requires NRSROs to submit an annual certification to the Commission. The Commission estimates that it would take each NRSRO approximately 2 hours to complete the certification, resulting in a total aggregate annual burden of 20 hours. Accordingly, the total estimated burden associated with Rule 17g–5 is 63,000 hours on a one-time basis (3,000 + 60,000 = 63,000) and 168,900 on an annual basis (14,880 + 150,000 + 4,000 + 20 = 168,900). 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. The public may view background documentation for this information collection at the following Web site, 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: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, VA 22312 or send an email to PRA_Mailbox@sec.gov. Comments PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 must be submitted within 30 days of this notice. Dated: July 24, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–18447 Filed 7–27–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30145; 812–14022] Saratoga Investment Corp., et al.; Notice of Application July 23, 2012. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of an application for an order under section 6(c) of the Investment Company Act of 1940 (the ‘‘Act’’) for an exemption from sections 18(a) and 61(a) of the Act. AGENCY: Saratoga Investment Corp. (the ‘‘Company’’), Saratoga Investment Advisors, LLC (the ‘‘Investment Adviser’’), Saratoga Investment Corp. SBIC GP, LLC (the ‘‘General Partner’’), and Saratoga Investment Corp. SBIC LP (‘‘Saratoga SBIC’’). SUMMARY OF THE APPLICATION: The Company requests an order to permit it to adhere to a modified asset coverage requirement. FILING DATES: The application was filed April 2, 2012. Applicants have agreed to file an amendment during the notice period, the substance of which is reflected in this notice. HEARING OR NOTIFICATION OF HEARING: An order granting the application will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission’s Secretary and serving applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on August 17, 2012, and should be accompanied by proof of service on the Applicants, in the form of an affidavit or, for lawyers, a certificate of service. Hearing requests should state the nature of the writer’s interest, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Commission’s Secretary. ADDRESSES: Elizabeth M. Murphy, Secretary, U.S. Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. Applicants: 535 Madison Avenue, NY, NY 10022. APPLICANTS: E:\FR\FM\30JYN1.SGM 30JYN1

Agencies

[Federal Register Volume 77, Number 146 (Monday, July 30, 2012)]
[Notices]
[Pages 44699-44700]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-18447]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: U.S. Securities and 
Exchange Commission, Office of Investor Education and Advocacy, 
Washington, DC 20549-0213.

Extension:
    Rule 17g-5, SEC File No. 270-581, OMB Control No. 3235-0649.

    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 of information provided for in Rule 17g-5 (17 CFR 
240.17g-5) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.) (``Exchange Act'').
    The Credit Rating Agency Reform Act of 2006 (Pub. L. 109-291) 
(``Rating Agency Act''), enacted on September 29, 2006, defines the 
term ``nationally recognized statistical rating organization,'' or 
``NRSRO'' and

[[Page 44700]]

provides authority for the Commission to implement registration, 
recordkeeping, financial reporting, and oversight rules with respect to 
registered credit rating agencies.
    In 2009, the Commission adopted amendments to Rule 17g-5. Rule 17g-
5, as amended, imposes additional requirements on NRSROs in order to 
address concerns about the integrity of their credit rating procedures 
and methodologies in light of the role they played in determining 
credit ratings for securities collateralized by or linked to subprime 
residential mortgages.
    Rule 17g-5, as amended, requires NRSROs to disclose and manage 
certain conflicts of interest. The collection of information obligation 
imposed by Rule 17g-5 is mandatory for credit rating agencies that are 
applying to register or are registered with the Commission as NRSROs. 
Registration with the Commission as an NRSRO is voluntary.
    The Rating Agency Act added a new Section 15E, ``Registration of 
Nationally Recognized Statistical Rating Organizations'' (15 U.S.C. 
78o-7) to the Exchange Act. Exchange Act Section 15E(h)(2) provides the 
Commission with authority to prohibit, or require the management and 
disclosure of, any potential conflict of interest relating to the 
issuance of credit ratings by an NRSRO (15 U.S.C. 78o-7(h)(2)).
    Rule 17g-5, as amended, requires the disclosure and establishment 
of procedures to manage an additional conflict of interest and 
prohibits an NRSRO from issuing a rating for a structured finance 
product unless information about the transaction and the assets 
underlying the rated security are disclosed to certain persons. The 
Commission estimates that it will take 10 NRSROs approximately 300 
hours to develop a system, as well as the policies and procedures, for 
the disclosures required by Rule 17g-5, resulting in a total one-time 
hour burden of 3,000.
    Rule 17g-5, as amended, also requires disclosures on a transaction 
by transaction basis. The Commission estimates that the total number of 
structured finance ratings issued by all NRSROs in a given year would 
be 14,880 and that it would take 1 hour per transaction to make the 
information publicly available resulting in a total aggregate annual 
burden to the industry of 14,880 hours.
    Rule 17g-5, as amended, also requires arrangers to disclose certain 
information. The Commission estimates that it would take 200 arrangers 
subject to the rule approximately 300 hours to develop a system, as 
well as the policies and procedures, for the disclosures required by 
Rule 17g-5, resulting in a total one-time hour burden of 60,000.
    Rule 17g-5, as amended, also requires disclosures by arrangers on a 
transaction by transaction basis. The Commission estimates that 200 
arrangers would arrange approximately 20 new transactions per year and 
that it would take 1 hour per transaction to make the information 
publicly available, resulting in a total aggregate annual burden of 
4,000 hours.
    Rule 17g-5, as amended, also requires disclosure of information by 
arrangers on an ongoing basis that is used by an NRSRO to undertake 
credit rating surveillance on the structured finance product. The 
Commission estimates this disclosure would be required for 
approximately 125 transactions a month, and it would take each 
respondent approximately 0.5 hours per transaction to disclose the 
information. Therefore, the Commission estimates that it would take 
each respondent approximately 750 hours on an annual basis to disclose 
such information, for a total aggregate annual burden of 150,000 hours.
    Finally, Rule 17g-5, as amended, requires NRSROs to submit an 
annual certification to the Commission. The Commission estimates that 
it would take each NRSRO approximately 2 hours to complete the 
certification, resulting in a total aggregate annual burden of 20 
hours.
    Accordingly, the total estimated burden associated with Rule 17g-5 
is 63,000 hours on a one-time basis (3,000 + 60,000 = 63,000) and 
168,900 on an annual basis (14,880 + 150,000 + 4,000 + 20 = 168,900).
    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.
    The public may view background documentation for this information 
collection at the following Web site, 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: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information 
Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 
6432 General Green Way, Alexandria, VA 22312 or send an email to PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this 
notice.

    Dated: July 24, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-18447 Filed 7-27-12; 8:45 am]
BILLING CODE 8011-01-P
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