The Securities and Exchange Commission (SEC) is requesting public comments on its Rule 17g-3 under the Securities Exchange Act of 1934, as part of the Paperwork Reduction Act of 1995. This rule involves reporting requirements for credit rating agencies, specifically those registered as Nationally Recognized Statistical Rating Organizations (NRSROs). The SEC aims to evaluate if the information collected is necessary, assess the burden on respondents, and seek ways to improve the quality and reduce the effort required. Comments are to be submitted within 60 days of this notice, and they can be sent via mail or email as specified.
Simple Explanation
The SEC wants to hear people's thoughts on a rule about how some companies report their information, like their scores, to help others know if they can be trusted. They want to see if the rule is helpful and if it can be made easier to follow.