Submission for OMB Review; Comment Request, 23388 [2014-09529]

Download as PDF 23388 Federal Register / Vol. 79, No. 81 / Monday, April 28, 2014 / Notices Schedule SB (Single Employer Defined Benefit Plan Actuarial Information) and related instructions. The modification to the Schedule MB requires plan administrators of multiemployer defined benefit plans in critical status to provide information about the plan year in which the plan is projected to emerge from critical status and, if the rehabilitation plan is based on forestalling possible insolvency, the plan year in which insolvency is expected. The modification to the Schedule SB requires plan adminstrators of singleemployer defined benefit plans to report the funding target (vested and total) for each type of participant (active, retired, terminated vested). On February 21, 2014 (79 FR 9927), PBGC published a notice informing the public that it intended to request OMB approval of the modifications and soliciting public comment. PBGC received one comment, which is posted on PBGC’s Web site at http:// www.pbgc.gov/prac/pg/other/guidance/ paperwork-notices.html. The collection of information has been approved by OMB under control number 1212–0057 through April 30, 2014. PBGC is requesting that OMB extend its approval for another three years, with modifications. 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 OMB control number. PBGC estimates that it will receive approximately 25,000 Form 5500 and Form 5500–SF filings per year under this collection of information. PBGC further estimates that the total annual burden of this collection of information will be 1,200 hours and $1.36 million. Issued in Washington, DC, this 23rd day of April, 2014. Judith Starr, General Counsel, Pension Benefit Guaranty Corporation. [FR Doc. 2014–09587 Filed 4–25–14; 8:45 am] BILLING CODE 7709–02–P SECURITIES AND EXCHANGE COMMISSION tkelley on DSK3SPTVN1PROD with NOTICES 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. Extension: Rule 17g–7, SEC File No. 270–600, OMB Control No. 3235–0656. VerDate Mar<15>2010 17:06 Apr 25, 2014 Jkt 232001 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (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–7, (17 CFR 240.17g–7), under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et seq.). Rule 17g–7 requires nationally recognized statistical rating organizations (‘‘NRSROs’’) to include in any report accompanying a credit rating with respect to an asset-backed security (‘‘ABS’’) (as that term is defined in Section 3(a)(77) of the Exchange Act) a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. Rule 17g–7 potentially applies to each of the 10 NRSROs currently registered with the Commission.1 Commission staff estimates that the 10 currently-registered NRSROs would each spend an average of approximately 100 hours per year reviewing and updating benchmarks for various types of securities for purposes of comparing representations, warranties, and enforcement mechanisms, resulting in an annual industry-wide reporting burden of 1,000 hours (10 respondents × 100 hours/respondent). On a deal-bydeal basis, Commission staff estimates that it would take each NRSRO an average of approximately: (i) One hour 1 When the Commission first adopted rules under the Credit Rating Agency Reform Act of 2006, it estimated that approximately 30 credit rating agencies ultimately would be registered as NRSROs. See Oversight of Credit Rating Agencies Registered as Nationally Recognized Statistical Rating Organizations, Release No. 34–55857 (Jun. 5, 2007), 72 FR 33564, 33607 (Jun. 18, 2007). Accordingly, the Commission used 30 respondents for purposes of calculating its PRA burden estimates when it adopted Rule 17g–7. See Disclosure for AssetBacked Securities Required by Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Release No. 33–9175; 34–63741 (Jan. 20, 2011), 76 FR 4489, 4506 (Jan. 26, 2011) (‘‘Rule 17g–7 Adopting Release’’). Since that time, 10 credit rating agencies have registered with the Commission as NRSROs. This number has remained constant for several years. Consequently, when the Commission last proposed rules regarding the oversight of NRSROs, it stated that it believed it to be more appropriate to use the actual number of NRSROs for purposes of the PRA. See Proposed Rules for Nationally Recognized Statistical Rating Organizations, Release No. 34–64514 (May 18, 2011), 76 FR 33420, 33499 (Jun. 8, 2011) (stating that ‘‘while the Commission expects several more credit rating agencies may become registered as NRSROs over the next few years, the Commission preliminarily believes that the actual number of NRSROs should be used for purposes of the PRA.’’). PO 00000 Frm 00072 Fmt 4703 Sfmt 9990 to review each ABS transaction to review the relevant disclosures prepared by an issuer, which an NRSRO would review as part of the rating process, and convert those disclosures into a format suitable for inclusion in any report to be issued by an NRSRO, and (ii) 10 hours per ABS transaction to compare the terms of the current deal to those of similar securities. When the Commission adopted Rule 17g–7, it estimated the average annual number of ABS offerings to be 2,067 and the average number of credit ratings per issuance of ABS to be four, resulting in 8,268 annual responses.2 Commission staff believes that these estimates continue to be valid and, accordingly, estimates that the total industry-wide annual reporting burden of complying with the disclosure requirements under Rule 17g–7 is 90,948 hours (8,268 responses × 11 hours/response). As a result, Commission staff estimates a total aggregate burden of 91,948 hours per year for complying with the rule (1,000 hours for reviewing and updating benchmarks + 90,948 hours for complying with disclosure requirements). Compliance with Rule 17g–7 is mandatory. Responses to the information collection will not be kept confidential and there is no mandatory retention period for the collection of information. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently 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, 100 F Street NE., Washington, DC 20549, or by sending an email to: PRA_ Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: April 22, 2014. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–09529 Filed 4–25–14; 8:45 am] BILLING CODE 8011–01–P 2 See E:\FR\FM\28APN1.SGM Rule 17g–7 Adopting Release, 76 FR at 4508. 28APN1

Agencies

[Federal Register Volume 79, Number 81 (Monday, April 28, 2014)]
[Notices]
[Page 23388]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-09529]


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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.

Extension:
    Rule 17g-7, SEC File No. 270-600, OMB Control No. 3235-0656.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (``PRA'') (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-
7, (17 CFR 240.17g-7), under the Securities Exchange Act of 1934 
(``Exchange Act'') (15 U.S.C. 78a et seq.).
    Rule 17g-7 requires nationally recognized statistical rating 
organizations (``NRSROs'') to include in any report accompanying a 
credit rating with respect to an asset-backed security (``ABS'') (as 
that term is defined in Section 3(a)(77) of the Exchange Act) a 
description of the representations, warranties and enforcement 
mechanisms available to investors and a description of how they differ 
from the representations, warranties and enforcement mechanisms in 
issuances of similar securities. Rule 17g-7 potentially applies to each 
of the 10 NRSROs currently registered with the Commission.\1\
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    \1\ When the Commission first adopted rules under the Credit 
Rating Agency Reform Act of 2006, it estimated that approximately 30 
credit rating agencies ultimately would be registered as NRSROs. See 
Oversight of Credit Rating Agencies Registered as Nationally 
Recognized Statistical Rating Organizations, Release No. 34-55857 
(Jun. 5, 2007), 72 FR 33564, 33607 (Jun. 18, 2007). Accordingly, the 
Commission used 30 respondents for purposes of calculating its PRA 
burden estimates when it adopted Rule 17g-7. See Disclosure for 
Asset-Backed Securities Required by Section 943 of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act, Release No. 33-9175; 
34-63741 (Jan. 20, 2011), 76 FR 4489, 4506 (Jan. 26, 2011) (``Rule 
17g-7 Adopting Release''). Since that time, 10 credit rating 
agencies have registered with the Commission as NRSROs. This number 
has remained constant for several years. Consequently, when the 
Commission last proposed rules regarding the oversight of NRSROs, it 
stated that it believed it to be more appropriate to use the actual 
number of NRSROs for purposes of the PRA. See Proposed Rules for 
Nationally Recognized Statistical Rating Organizations, Release No. 
34-64514 (May 18, 2011), 76 FR 33420, 33499 (Jun. 8, 2011) (stating 
that ``while the Commission expects several more credit rating 
agencies may become registered as NRSROs over the next few years, 
the Commission preliminarily believes that the actual number of 
NRSROs should be used for purposes of the PRA.'').
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    Commission staff estimates that the 10 currently-registered NRSROs 
would each spend an average of approximately 100 hours per year 
reviewing and updating benchmarks for various types of securities for 
purposes of comparing representations, warranties, and enforcement 
mechanisms, resulting in an annual industry-wide reporting burden of 
1,000 hours (10 respondents x 100 hours/respondent). On a deal-by-deal 
basis, Commission staff estimates that it would take each NRSRO an 
average of approximately: (i) One hour to review each ABS transaction 
to review the relevant disclosures prepared by an issuer, which an 
NRSRO would review as part of the rating process, and convert those 
disclosures into a format suitable for inclusion in any report to be 
issued by an NRSRO, and (ii) 10 hours per ABS transaction to compare 
the terms of the current deal to those of similar securities. When the 
Commission adopted Rule 17g-7, it estimated the average annual number 
of ABS offerings to be 2,067 and the average number of credit ratings 
per issuance of ABS to be four, resulting in 8,268 annual responses.\2\ 
Commission staff believes that these estimates continue to be valid 
and, accordingly, estimates that the total industry-wide annual 
reporting burden of complying with the disclosure requirements under 
Rule 17g-7 is 90,948 hours (8,268 responses x 11 hours/response). As a 
result, Commission staff estimates a total aggregate burden of 91,948 
hours per year for complying with the rule (1,000 hours for reviewing 
and updating benchmarks + 90,948 hours for complying with disclosure 
requirements).
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    \2\ See Rule 17g-7 Adopting Release, 76 FR at 4508.
---------------------------------------------------------------------------

    Compliance with Rule 17g-7 is mandatory. Responses to the 
information collection will not be kept confidential and there is no 
mandatory retention period for the collection of information.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently 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, 100 
F Street NE., Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of 
this notice.

    Dated: April 22, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-09529 Filed 4-25-14; 8:45 am]
BILLING CODE 8011-01-P