[Federal Register Volume 75, Number 52 (Thursday, March 18, 2010)]
[Notices]
[Page 13146]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-5947]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; 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'') is soliciting comments on the existing
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.). The Commission plans to submit this existing collection of
information to the Office of Management and Budget for extension and
approval.
Rule 17Ad-10 requires registered transfer agents 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 retain a record of all certificate detail that has been deleted from
those records for a minimum of six years from the date of deletion and
to maintain and keep current an accurate record of the number of shares
or principle 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 over issuance.
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.
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.
Please direct your written comments to: Charles Boucher, Director/
Chief Information Officer, Securities and Exchange Commission, Shirley
Martinson, 6432 General Green Way, Alexandria, Virginia 22312 or send
an e-mail to: [email protected].
Dated: March 11, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-5947 Filed 3-17-10; 8:45 am]
BILLING CODE 8011-01-P