[Federal Register Volume 62, Number 164 (Monday, August 25, 1997)]
[Notices]
[Page 44995]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-22426]


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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 Filings and Information Services Washington, DC 
20549

Extension:
    Rule 17Ad-15, SEC File No. 270-360, OMB Control No. 3235-0409

    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 extension of the previously approved 
collection of information discussed below.
    Rule 17Ad-15, Signature Guarantees, requires transfer agents to 
establish written standards for the acceptance or rejection of 
guarantees of securities transfers from eligible guarantor 
institutions. Transfer agents are also required to establish procedures 
to ensure that those standards are used by the transfer agent to 
determine whether to accept or reject guarantees from eligible 
guarantor institutions. Also transfer agents must maintain, for a 
period of three years following the date of a rejection of transfer, a 
record of all transfers rejected, along with the reason for the 
rejection, identification of the guarantor, and whether the guarantor 
failed to meet the transfer agent's guarantee standard. These 
recordkeeping requirements assist the Commission and other regulatory 
agencies with monitoring transfer agents and ensuring compliance with 
the rule.
    It is estimated that there are 1,431 registered transfer agents. Of 
the 1,431 registered transfer agents, approximately 795 will receive 
fewer than 100 items for transfer. It is expected that most small 
transfer agents will have few, if any, rejections. The estimated number 
of hours necessary for each transfer agent to comply with the Rule 
17Ad-15 is forty hours annually. The total annual burden is 31,800 
hours for transfer agents, based upon past submissions. The average 
cost per hour is approximately $30. Therefore, the total cost of 
compliance for transfer agents is $954,000.
    The retention period for the recordkeeping requirement under Rule 
17Ad-15 is three years following the date of a rejection of transfer. 
The recordkeeping requirement under Rule 17Ad-15 is mandatory 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. 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.
    General comments regarding the estimated burden hours 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, 
DC 20549. Comments must be submitted to OMB within 30 days of this 
notice.

    Dated: August 18, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-22426 Filed 8-22-97; 8:45 am]
BILLING CODE 8010-01-M