[Federal Register Volume 75, Number 37 (Thursday, February 25, 2010)]
[Notices]
[Page 8759]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-3753]
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SECURITIES AND EXCHANGE COMMISSION
[Rule 17Ad-16; SEC File No. 270-363; OMB Control No. 3235-0413]
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.
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 existing
collection of information provided for Rule 17Ad-16 (17 CFR 240.17Ad-
16) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.)
(``Exchange Act'').
Rule 17Ad-16 requires a registered transfer agent to provide
written notice to the appropriate qualified registered securities
depository when assuming or terminating transfer agent services on
behalf of an issuer or when changing its name or address. In addition,
transfer agents that provide such notice shall maintain such notice for
a period of at least two years in an easily accessible place. This rule
addresses the problem of certificate transfer delays caused by transfer
requests that are directed to the wrong transfer agent or the wrong
address.
We estimate that the transfer agent industry submits approximately
3,000 Rule 17Ad-16 notices to appropriate qualified registered
securities depositories. The staff estimates that the average amount of
time necessary to create and submit each notice is approximately 15
minutes per notice. Accordingly, the estimated total industry burden is
750 hours per year (15 minutes multiplied by 3,000 notices filed
annually).
Because the information needed by transfer agents to properly
notify the appropriate registered securities depository is readily
available to them and the report is simple and straightforward, the
cost is relatively minimal. The average cost to prepare and send a
notice is approximately $7.50 (15 minutes at $30 per hour). This yields
an industry-wide cost estimate of $22,500 (3,000 notices multiplied by
$7.50 per notice).
Please 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: 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: (i) [email protected]; and (ii)
Charles Boucher, Director/Chief Information Officer, Securities and
Exchange Commission, c/o Shirley Martinson, 6432 General Green Way,
Alexandria, Virginia 22312 or send an e-mail to [email protected].
Comments must be submitted to OMB within 30 days of this notice.
Dated: January 25, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-3753 Filed 2-24-10; 8:45 am]
BILLING CODE 8011-01-P