[Federal Register Volume 75, Number 98 (Friday, May 21, 2010)]
[Notices]
[Page 28665]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-12261]
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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-10; SEC File No. 270-265; OMB Control No. 3235-0273.
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 a request for approval of extension of the previously
approved collection of information provided for in Rule 17Ad-10 (17 CFR
240.17Ad-10), under the Securities Exchange Act of 1934 (15 U.S.C. 78a
et seq.).
Rule 17Ad-10 requires a registered transfer agent to create and
maintain minimum information on securityholders' ownership of an issue
of securities for which it performs transfer agent functions, including
the purchase, transfer and redemptions of securities. In addition, the
rule also requires transfer agents that maintain securityholder records
to keep certificate detail that has been deleted from those records for
a minimum of six years and to maintain and keep current an accurate
record of the number of shares or principal dollar amount of debt
securities that the issuer has authorized to be outstanding (a
``control book''). These recordkeeping requirements assist in the
creation and maintenance of accurate securityholder records, the
ability to research errors, and ensure the transfer agent is aware of
the number of securities that are properly authorized by the issuer,
thereby avoiding overissuance.
There are approximately 565 registered transfer agents. The staff
estimates that the average number of hours necessary for each transfer
agent to comply with Rule 17Ad-10 is approximately 20 hours per year,
totaling 11,300 hours industry-wide. The average cost per hour is
approximately $50 per hour, with the industry-wide cost estimated at
approximately $565,000. However, the information required by Rule 17Ad-
10 generally already is maintained by registered transfer agents. The
amount of time devoted to compliance with Rule 17Ad-10 varies according
to differences in business activity.
The retention period for the recordkeeping requirements under Rule
17Ad-10 is six years for certificate detail that has been deleted and
to maintain and keep current an accurate record of the number of shares
or principal dollar amount of debt securities that the issuer has
authorized to be outstanding. The recordkeeping requirement under Rule
17Ad-10 is mandatory to ensure accurate securityholder records and to
assist the Commission and other regulatory agencies with monitoring
transfer agents and ensuring compliance with the rule. This rule does
not involve the collection of confidential information. Persons should
note that an agency may not conduct or sponsor, and a person is not
required to respond to, a collection of information unless it displays
a currently valid control number.
Comments should be directed 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 e-mail to: [email protected]; and (ii) Charles Boucher Director/Chief Information
Officer, Securities and Exchange Commission, Shirley Martinson, 6432
General Green Way, Alexandria, VA 22312 or send an e-mail to: [email protected]. Comments must be submitted to OMB within 30 days of
this notice.
Dated: May 17, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-12261 Filed 5-20-10; 8:45 am]
BILLING CODE 8011-01-P