[Federal Register Volume 62, Number 151 (Wednesday, August 6, 1997)]
[Notices]
[Page 42273]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-20616]
[[Page 42273]]
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SECURITIES AND EXCHANGE COMMISSION
[Extension: Rule 17f-2(a), SEC File No. 270-34, OMB Control No. 3235-
0034, Rule 17Ad-4(b) & (c), SEC File No. 270-264, OMB Control No. 3235-
0341]
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and
Exchange Commission, Office of Filings and, Information Services,
Washington, DC 20549.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget request[s] for extension of the previously approved
collection[s] of information discussed below.
Rule 17f-2(a) Fingerprinting Requirements for Securities
Professionals, requires that securities professionals be fingerprinted.
This requirements serves to identify security risk personnel, to allow
an employer to make fully informed employment decisions, and to deter
possible wrongdoers from seeking employment in the securities industry.
Partners, directors, officers, and employees of exchanges, broker,
dealers, transfer agents, and clearing agencies are included.
It is estimated that approximately 10,500 respondents will submit
fingerprint cards. It is also estimated that each respondent will
submit 50 fingerprint cards. The staff estimates that the average
number of hours necessary to comply with the Rule 17f-2(a) is one-half
hour. The total burden is 262,500 hours for respondents, based upon
past submissions. The average cost per hour is approximately $30.
Therefore, the total cost of compliance for respondents is $7,875,000.
Rule 17Ad-4(b) & (c), Notices Regarding Exempt Transfer Agent
Status, is used to document when transfer agents are exempt, or no
longer exempt, from the minimum performance standards and certain
recordkeeping provisions of the Commission's transfer agent rules. Rule
17Ad-4(c) sets forth the conditions under which a registered transfer
agent loses its exempt status. Once the conditions for exemption no
longer exist, the transfer agent, to keep the appropriate regulatory
authority (``ARA'') apprised of its current status, must prepare, and
file if the ARA for the transfer agent is the Board of Governors of the
Federal Reserve System (``BGFRS'') or the Federal Deposit Insurance
Corporation (``FDIC''), a notice of loss of exempt status under
paragraph (c). The transfer agent then cannot claim exempt status under
Rule 17Ad-4(b) again until it remains subject to the minimum
performance standards for non-exempt transfer agents for six
consecutive months. The ARAs use the information contained in the
notice to determine whether a registered transfer agent qualifies for
the exemptions, to determine when a registered transfer agent no longer
qualifies for the exemption, and to determine the extent to which that
transfer agent is subject to regulation.
The BGFRS receives approximately twelve notices of exempt status
and six notices of loss of exempt status annually. The FDIC receives
approximately eighteen notices of exempt status and three notices of
loss of exempt status annually. The Commission and the Office of the
Comptroller of the Currency (``OCC'') do not require transfer agents to
file notice of exempt status or loss of exempt status. Instead,
transfer agents whose ARA is the Commission or OCC need only to prepare
and maintain these notices. The Commission estimates that approximately
sixteen notice of exempt status and loss of exempt status are prepared
annually by transfer agents whose ARA is the Commission. Similarly, the
OCC estimates that the transfer agents for which it is the ARA prepare
and maintain approximately fifteen notices of exempt status and loss of
exempt status annually. Thus, a total of approximately seventy notices
of exempt status and loss of exempt status are prepared and maintained
by transfer agents annually. Of these seventy notices, approximately
forty are filed with an ARA. Any additional costs associated with
filing such notices would be limited primarily to postage, which would
be minimal. Since the Commission estimates that no more than one-half
hour is required to prepare each notice, the total annual burden to
transfer agents is approximately thirty-five hours. The average cost
per hour is approximately $30. Therefore, the total cost of compliance
to the transfer agent community is $1050.
General comments regarding the above information should be directed
to the following persons: (i) Desk Officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 3208, New Executive Office
Building, Washington, D.C. 20503; and (ii) Michael E. Bartell,
Associate Executive Director, Office of Information Technology,
Securities and Exchange Commission, 450 Fifth Street, N.W., Washington,
D.C. 20549. Comments must be submitted to OMB within 30 days of this
notice.
Dated: July 29, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-20616 Filed 8-5-97; 8:45 am]
BILLING CODE 8010-01-M