[Federal Register Volume 80, Number 195 (Thursday, October 8, 2015)]
[Notices]
[Pages 60940-60941]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-25600]
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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-11
[SEC File No. 270-261, OMB Control No. 3235-0274]
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the
[[Page 60941]]
Securities and Exchange Commission (``Commission'') is soliciting
comments on the existing collection of information provided for in Rule
17Ad-11 (17 CFR 240.17Ad-11) 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-11 requires every registered recordkeeping transfer agent
to report to issuers and its appropriate regulatory agency in the event
that the aggregate market value of an aged record difference exceeds
certain thresholds. A record difference occurs when an issuer's records
do not agree with those of securityholders as indicated, for instance,
on certificates presented to the transfer agent for purchase,
redemption or transfer. An aged record difference is a record
difference that has existed for more than 30 calendar days. In
addition, the rule requires every recordkeeping transfer agent to
report to its appropriate regulatory agency in the event of a failure
to post certificate detail to the master securityholder file within
five business days of the time required by Rule 17Ad-10 (17 CFR
240.10). Also, a transfer agent must maintain a copy of any report
required under Rule 17Ad-11 for a period of not less than three years
following the date of the report, the first year in an easily
accessible place. These recordkeeping requirements assist the
Commission and other regulatory agencies with monitoring transfer
agents and ensuring compliance with the rule.
Because the information required by Rule 17Ad-11 is already
available to transfer agents, any collection burden for small transfer
agents is minimal. Based on a review of the number of Rule 17Ad-11
reports the Commission, the Comptroller of the Currency, the Board of
Governors of the Federal Reserve System, and the Federal Deposit
Insurance Corporation received since 2012, the Commission estimates
that 10 respondents will file a total of approximately 12 reports
annually. The Commission staff estimates that, on average, each report
requires approximately 30 minutes to prepare. Therefore, the Commission
staff estimates that the total annual hourly burden to the entire
transfer agent industry is approximately six hours (30 minutes x 12
reports). Assuming an average hourly rate of $25 for a transfer agent
staff employee, the average total internal cost of the report is
$12.50. The total annual internal cost of compliance for the
approximated 10 respondents is approximately $150.00 (12 reports x
$12.50).
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.
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 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: October 2, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-25600 Filed 10-7-15; 8:45 am]
BILLING CODE 8011-01-P