Submission for OMB Review; Comment Request; Extension: Rule 17g-5, 66153 [2024-18172]

Download as PDF Federal Register / Vol. 89, No. 157 / Wednesday, August 14, 2024 / Notices SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–662, OMB Control No. 3235–0720] ddrumheller on DSK120RN23PROD with NOTICES1 Proposed Collection; Comment Request; Extension: Form 1–K Upon Written Request Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 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’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. Form 1–K (17 CFR 239.91) is used to file annual reports by Tier 2 issuers under Regulation A, an exemption from registration under the Securities Act of 1933 (15 U.S.C. 77a et seq.). Tier 2 issuers under Regulation A conducting offerings of up to $50 million within a 12-month period are required to file Form 1–K. Form 1–K provides audited year-end financial statements and information about the issuer’s business operation, ownership, management, liquidity, capital resources and operations on an annual basis. In addition, Part I of the Form 1–K collects information on any offerings under Regulation A that have been terminated or completed unless it has been previous reported on Form 1–Z. The purpose of the Form 1–K is to better inform the public about companies that have conducted Tier 2 offerings under Regulation A. We estimate that approximately 353 issuers file Form 1– K annually. We estimate that Form 1– K takes approximately 600 hours to prepare. We estimate that 75% of the 600 hours per response (450 hours) is prepared by the company for a total annual burden of 158,850 hours (450 hours per response × 353 responses). 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 collection of information on respondents, including VerDate Sep<11>2014 18:22 Aug 13, 2024 Jkt 262001 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 by October 15, 2024. 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. Please direct your written comment to Austin Gerig, Director/Chief Data Officer, Securities and Exchange Commission, c/o Oluwaseun Ajayi, 100 F Street NE, Washington, DC 20549 or send an email to: PRA_Mailbox@ sec.gov. Dated: August 9, 2024. Vanessa A. Countryman, Secretary. [FR Doc. 2024–18165 Filed 8–13–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–563, OMB Control No. 3235–0649] Submission for OMB Review; Comment Request; Extension: Rule 17g–5 Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 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’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit an extension for this current collection of information to the Office of Management and Budget for approval. Rule 17g–5(a)(3) and (e) (17 CFR 240.17g–5(a)(3) and (e)) contain collection of information requirements. Specifically, Rule 17g–5(a)(3) prohibits a person within a nationally recognized statistical rating organization (‘‘NRSRO’’) from having a conflict of interest relating to the issuance or maintenance of a credit rating for a security or money market instrument issued by an asset pool or as part of any asset-backed securities transaction that was paid for by the issuer, sponsor, or underwriter of the security or money market instrument unless certain information and representations relating to the security are disclosed or furnished. PO 00000 Frm 00124 Fmt 4703 Sfmt 9990 66153 Currently, there are 6 credit rating agencies registered as NRSROs in the issuer of asset-backed securities category of credit ratings, and it is estimated based on recent issuance data that there are approximately 1,480 new asset-backed securities transactions per year that implicate Rule 17g–5(a)(3). Based on Commission staff’s experience, it is estimated that the total annual hour burden to comply with Rule 17g–5(a)(3) will be 61,899 hours. The Commission further estimates that this annual hour burden will result in a total annual cost of $14,126,168. This cost is attributable to costs that may be incurred by NRSROs and arrangers of asset-backed securities posting information on a password-protected website, as required by Rule 17g–5, and preparing and procuring representations to determine whether an exemption under the rule applies, as well as costs incurred by NRSROs preparing certifications required under the rule to gain access to websites maintained by other NRSROs or arrangers of asset-backed securities. 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 website: www.reginfo.gov. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice by September 13, 2024 to (i) www.reginfo.gov/public/do/PRAMain and (ii) Austin Gerig, Director/Chief Data Officer, Securities and Exchange Commission, c/o Oluwaseun Ajayi, 100 F Street, NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@ sec.gov. Dated: August 9, 2024. Vanessa A. Countryman, Secretary. [FR Doc. 2024–18172 Filed 8–13–24; 8:45 am] BILLING CODE 8011–01–P E:\FR\FM\14AUN1.SGM 14AUN1

Agencies

[Federal Register Volume 89, Number 157 (Wednesday, August 14, 2024)]
[Notices]
[Page 66153]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-18172]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-563, OMB Control No. 3235-0649]


Submission for OMB Review; Comment Request; Extension: Rule 17g-5

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    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'') is soliciting comments on the collection of 
information summarized below. The Commission plans to submit an 
extension for this current collection of information to the Office of 
Management and Budget for approval.
    Rule 17g-5(a)(3) and (e) (17 CFR 240.17g-5(a)(3) and (e)) contain 
collection of information requirements. Specifically, Rule 17g-5(a)(3) 
prohibits a person within a nationally recognized statistical rating 
organization (``NRSRO'') from having a conflict of interest relating to 
the issuance or maintenance of a credit rating for a security or money 
market instrument issued by an asset pool or as part of any asset-
backed securities transaction that was paid for by the issuer, sponsor, 
or underwriter of the security or money market instrument unless 
certain information and representations relating to the security are 
disclosed or furnished.
    Currently, there are 6 credit rating agencies registered as NRSROs 
in the issuer of asset-backed securities category of credit ratings, 
and it is estimated based on recent issuance data that there are 
approximately 1,480 new asset-backed securities transactions per year 
that implicate Rule 17g-5(a)(3). Based on Commission staff's 
experience, it is estimated that the total annual hour burden to comply 
with Rule 17g-5(a)(3) will be 61,899 hours. The Commission further 
estimates that this annual hour burden will result in a total annual 
cost of $14,126,168. This cost is attributable to costs that may be 
incurred by NRSROs and arrangers of asset-backed securities posting 
information on a password-protected website, as required by Rule 17g-5, 
and preparing and procuring representations to determine whether an 
exemption under the rule applies, as well as costs incurred by NRSROs 
preparing certifications required under the rule to gain access to 
websites maintained by other NRSROs or arrangers of asset-backed 
securities.
    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 website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
by September 13, 2024 to (i) www.reginfo.gov/public/do/PRAMain and (ii) 
Austin Gerig, Director/Chief Data Officer, Securities and Exchange 
Commission, c/o Oluwaseun Ajayi, 100 F Street, NE, Washington, DC 
20549, or by sending an email to: [email protected].

    Dated: August 9, 2024.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-18172 Filed 8-13-24; 8:45 am]
BILLING CODE 8011-01-P
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