[Federal Register Volume 80, Number 154 (Tuesday, August 11, 2015)]
[Notices]
[Pages 48131-48132]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-19648]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC
20549-2736.
Extension:
Rule 17Ad-13; SEC File No. 270-263; OMB Control No. 3235-0275.
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 collection of
information provided for in Rule 17Ad-13 (17 CFR 240.17Ad-13). The
Commission plans to submit this existing collection of information to
the Office of Management and Budget (``OMB'') for extension and
approval.
Rule 17Ad-13 (17 CFR 240.17Ad-13) requires an annual study and
evaluation of internal accounting controls under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et seq.). It requires approximately
100 registered transfer agents to obtain an annual report on the
adequacy of their internal accounting controls from an independent
accountant. In addition, transfer agents must maintain copies of any
reports prepared pursuant to Rule 17Ad-13 plus any documents prepared
to notify the Commission and appropriate regulatory agencies in the
event that the transfer agent is required to take any corrective
action. These recordkeeping requirements assist the Commission and
other regulatory agencies with monitoring transfer agents and ensuring
compliance with the rule. Small transfer agents are exempt from Rule
17Ad-13 as are transfer agents that service only their own companies'
securities.
Approximately 100 independent, professional transfer agents must
file the independent accountant's report annually. We estimate that the
annual internal time burden for each transfer agent to comply with Rule
17Ad-13 by submitting the report prepared by the independent accountant
to the Commission is minimal. The time required for the independent
accountant to prepare the accountant's report varies with each transfer
agent depending on the size and nature of the transfer agent's
operations. The Commission estimates that, on average, each report can
be completed by the independent accountant in 120 hours, resulting in a
total of 12,000 external hours annually (120 hours x 100 reports). The
burden
[[Page 48132]]
was estimated using Commission review of filed Rule 17Ad-13 reports and
Commission conversations with transfer agents and accountants. The
Commission estimates that, on average, 120 hours are needed to perform
the study, prepare the report, and retain the required records on an
annual basis. Assuming an average hourly rate of an independent
accountant of $60, the average total annual cost of the report is
$7,200. The total annual cost for the approximate 100 respondents is
approximately $720,000.
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the performance of the
functions of the agency, including whether the information will have
any practical utility; (b) the accuracy of the agency's estimate of the
burden imposed by the 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 Pamela Dyson, 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: August 5, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-19648 Filed 8-10-15; 8:45 am]
BILLING CODE 8011-01-P