[Federal Register Volume 78, Number 25 (Wednesday, February 6, 2013)]
[Notices]
[Page 8601]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-02567]
-----------------------------------------------------------------------
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 17Ad-16; SEC File No. 270-363, OMB Control No. 3235-0413.
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'') has submitted to the Office of Management
and Budget (``OMB'') a request for approval of extension of 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.).
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 approximately
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.
The public may view background documentation for this information
collection at the following Web site: www.reginfo.gov. Please direct
your written comments 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: [email protected]; and (ii) Thomas Bayer, Director/Chief Information
Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon,
6432 General Green Way, Alexandria, Virginia 22312, or send an email to
[email protected]. Comments must be submitted to OMB within 30 days
of this notice.
Dated: January 31, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-02567 Filed 2-5-13; 8:45 am]
BILLING CODE 8011-01-P