[Federal Register Volume 79, Number 83 (Wednesday, April 30, 2014)]
[Notices]
[Page 24462]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-09810]
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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 17Ac3-1(a); SEC File No. 270-96; OMB Control No. 3235-0151.
Form TA-W (1669); SEC File No. 270-96; OMB Control No. 3235-
0151.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and
Exchange Commission (``Commission'') is soliciting comments on the
existing collection of information provided for in Rule 17Ac3-1(a) and
Form TA-W, under the Securities Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (``Exchange Act''). The Commission plans to submit this existing
collection of information to the Office of Management and Budget
(``OMB'') for extension and approval.
Section 17A(c)(4)(B) of the Exchange Act authorizes transfer agents
registered with an appropriate regulatory agency (``ARA'') to withdraw
from registration by filing a written notice of withdrawal with the ARA
and by agreeing to such terms and conditions as the ARA deems necessary
or appropriate in the public interest, for the protection of investors,
or in the furtherance of the purposes of Section 17A.
In order to implement Section 17A(c)(4)(B) of the Exchange Act, the
Commission promulgated Rule 17Ac3-1(a) (17 CFR 240.17Ac3-1(a)) and
accompanying Form TA-W (17 CFR 249b.101) on September 1, 1977. Rule
17Ac3-1(a) provides that notice of withdrawal from registration as a
transfer agent with the Commission shall be filed on Form TA-W. Form
TA-W requires the withdrawing transfer agent to provide the Commission
with certain information, including: (1) The locations where transfer
agent activities are or were performed; (2) the reasons for ceasing the
performance of such activities; (3) disclosure of unsatisfied judgments
or liens; and (4) information regarding successor transfer agents.
The Commission uses the information disclosed on Form TA-W to
determine whether the registered transfer agent applying for withdrawal
from registration as a transfer agent should be allowed to deregister
and, if so, whether the Commission should attach to the granting of the
application any terms or conditions necessary or appropriate in the
public interest, for the protection of investors, or in furtherance of
the purposes of Section 17A of the Exchange Act. Without Rule 17Ac3-
1(a) and Form TA-W, transfer agents registered with the Commission
would not have a means to voluntarily deregister when it is necessary
or appropriate to do so.
On average, respondents have filed approximately 22 TA-Ws with the
Commission annually from 2009 to 2013. A Form TA-W filing occurs only
once, when a transfer agent is seeking to deregister. Approximately 80
percent of Form TA-Ws are completed by the transfer agent or its
employees and approximately 20 percent of Form TA-Ws are completed by
an outside filing agent that is hired by the registrant to prepare the
form and file it electronically. In view of the readily-available
information requested by Form TA-W, its short and simple presentation,
and the Commission's experience with the filers, we estimate that
approximately 30 minutes is required to complete and file Form TA-W.
For transfer agents that complete Form TA-W themselves, we estimate the
internal labor cost of compliance per filing is $25 (0.5 hours x $50
average hourly rate for clerical staff time). We estimate that outside
filing agents charge $100 to complete and file at TA-W on behalf of a
registrant, reflecting an external labor cost to respondents. The total
annual time burden to the transfer agent industry is approximately 11
hours (22 filings x 0.5 hours). The total annual external labor cost to
respondents is $400 (22 annual forms x $100 x 20%).
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
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.
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.
Please direct your written comments to: Thomas Bayer, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or send an email
to: [email protected].
Dated: April 24, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-09810 Filed 4-29-14; 8:45 am]
BILLING CODE 8011-01-P