The Securities and Exchange Commission (SEC) is asking for public comments on its existing information collection concerning Credit Risk Retention, also known as Regulation RR. This rule involves recordkeeping and disclosure requirements, which relate to the Securities Exchange Act and the Sarbanes-Oxley Act. The SEC estimates that about 1,647 companies report under this rule, with each response taking about 14.389 hours to prepare. Feedback is requested on the necessity, accuracy, and ways to improve this information collection process within 60 days of the notice's publication.
Simple Explanation
The SEC wants people's thoughts on some rules about how businesses should keep track of financial risks. Right now, many companies have to spend time figuring this out, and the SEC wants to know if they can make it easier.