[Federal Register Volume 77, Number 231 (Friday, November 30, 2012)]
[Notices]
[Page 71460]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-28947]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension: Rule 17Ad-16; OMB Control No. 3235-0413, SEC File No.
270-363.
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'') is soliciting comments on the
existing collection of information provided for in Rule 17Ad-16 (17 CFR
240.17Ad-16) under the Securities Exchange Act of 1934 (15 U.S.C. 78a
et seq.). The Commission plans to submit this existing collection of
information to the Office of Management and Budget (``OMB'') for
extension and approval.
Rule 17Ad-16 requires a registered transfer agent to provide
written notice to the appropriate qualified registered securities
depository when assuming or terminating transfer agent services on
behalf of an issuer or when changing its name or address. In addition,
transfer agents that provide such notice shall maintain such notice for
a period of at least two years in an easily accessible place. This rule
addresses the problem of certificate transfer delays caused by transfer
requests that are directed to the wrong transfer agent or the wrong
address.
We estimate that the transfer agent industry submits 3,700 Rule
17Ad-16 notices to appropriate qualified registered securities
depositories. The staff estimates that the average amount of time
necessary to create and submit each notice is approximately 15 minutes
per notice. Accordingly, the estimated total industry burden is 925
hours per year (15 minutes multiplied by 3,700 notices filed annually).
Because the information needed by transfer agents to properly
notify the appropriate registered securities depository is readily
available to them and the report is simple and straightforward, the
cost is relatively minimal. The average internal compliance cost to
prepare and send a notice is approximately $7.50 (15 minutes at $30 per
hour). This yields an industry-wide internal compliance cost estimate
of $27,750 (3,700 notices multiplied by $7.50 per notice).
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.
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (d) ways to minimize the burden of the collection 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 comments to 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: [email protected].
Dated: November 26, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-28947 Filed 11-29-12; 8:45 am]
BILLING CODE 8011-01-P