[Federal Register Volume 76, Number 81 (Wednesday, April 27, 2011)]
[Notices]
[Pages 23631-23632]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-10193]
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SECURITIES AND EXCHANGE COMMISSION
[Rule 17Ad-3(b); SEC File No. 270-424; OMB Control No. 3235-0473]
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, 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'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval: Rule 17Ad-3(b) (17 CFR 240.17Ad-
3(b)).
Rule 17Ad-3(b) requires registered transfer agents that for each of
two consecutive months have failed to turnaround at least 75% of all
routine items in accordance with the requirements of Rule 17Ad-2(a) or
to process at least 75% of all routine items in accordance with the
requirements of Rule 17Ad-2(a) to send to the chief executive officer
of each issuer for which such registered transfer agent acts a copy of
the written notice required under Rule 17Ad-2(c), (d), and (h). The
issuer may use the information contained in the notices in several
ways: (1) To provide an early warning to the issuer of the transfer
agent's non-compliance with the Commission's minimum performance
standards regarding registered transfer agents, and (2) to assure that
issuers are aware of certain problems and poor performances with
respect to the transfer agents that are servicing the issuer's
securities. If the issuer does not receive notice of a registered
transfer agent's failure to comply with the Commission's minimum
performance standards then the issuer will be unable to take remedial
action to correct the problem or to find another registered transfer
agent. Pursuant to Rule 17Ad-3(b), a transfer agent that has already
filed a Notice of Non-Compliance with the Commission pursuant to Rule
17Ad-2 will only be required to send a copy of that notice to issuers
for which it acts when that transfer agent fails to turnaround 75% of
all routine items or to process 75% of all items.
The Commission estimates that only two transfer agents will meet
the requirements of Rule 17Ad-3(b). If a transfer agent fails to meet
the minimum requirements under 17Ad-3(b), such transfer agent is simply
sending a copy of a form that had already been produced for the
Commission. The Commission estimates a requirement will take each
respondent approximately one hour to complete, for a total annual
estimate burden of two hours at cost of approximately $60.00
[[Page 23632]]
for each hour, which consists only of internal labor costs. There are
no external labor costs associated with sending the notice to issuers.
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
functions for the agency, including whether the information shall have
practical utility; (b) the accuracy of the agency's estimate 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.
The Commission may not conduct or sponsor a collection of
information unless it displays a currently valid control number. No
person shall be subject to any penalty for failing to comply with a
collection of information subject to the PRA that does not display a
valid Office of Management and Budget (OMB) control number.
Please direct your written comments to Thomas Bayer, Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, Virginia 22312; or
send an e-mail to: [email protected].
Dated: April 22, 2011.
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-10193 Filed 4-26-11; 8:45 am]
BILLING CODE 8011-01-P