[Federal Register Volume 63, Number 165 (Wednesday, August 26, 1998)]
[Notices]
[Pages 45535-45536]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-22838]


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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 17 Ad-6, SEC File No. 270-151, OMB Control No. 3235-0291
    Rule 17 Ad-7, SEC File No. 270-152, OMB Control No. 3235-0136

    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 requests for extension of previously approved collections of 
information discussed below:

 Rule 17Ad-6  Recordkeeping Requirements for Transfer 
Agents

    Rule 17 Ad-6 under the Securities Exchange Act of 1934 (15 U.S.C. 
Sec. 78b et seq.) requires every registered transfer agent to make and 
keep current records about a variety of information, such as: (1) 
specific operational data regarding the time taken to perform transfer 
agent activities (to ensure compliance with the minimum performance 
standards in Rule 17Ad-2 (17 CFR 240.17Ad-2)); (2) written inquiries 
and requests by shareholders and broker-dealers and response time 
thereto; (3) resolutions, contracts or other supporting documents 
concerning the appointment or termination of the transfer agent; (4) 
stop orders or notices of adverse claims to the securities; and (5) all 
canceled registered securities certificates.
    These recordkeeping requirements ensure that all registered 
transfer agents are maintaining the records necessary to monitor and 
keep adequate control over their own performance and to examine 
registered transfer agents on an historical basis for compliance with 
applicable rules.
    It is estimated that approximately 1,248 registered transfer agents 
will spend a total of 599,040 hours per year complying with Rule 17Ad-
6. Based on average cost per hour of $50, the total cost of compliance 
with Rule 17Ad-6 is $29,952,000.
    The retention period for the recordkeeping requirement under Rule 
17Ad-6 is six months to one year. In addition, such records must be 
retained for a total of two to six years or for one year after 
termination of the transfer agency, depending on the particular record 
or document. The recordkeeping requirement under Rule 17Ad-6 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.

 Rule 17Ad-7  Recordkeeping Requirements for Transfer 
Agents

    Rule 17Ad-7 under the Securities Exchange Act of 1934 (15 U.S.C. 
Sec. 78b et seq.) requires each registered transfer agent to retain, in 
an easily accessible place for a period of six months to one year, all 
the records required to be made and kept current under the Commission's 
rules regarding registered transfer agents. Rule 17Ad-7 also requires 
such records to be retained for a total of two to six years or for one 
year after termination of the transfer agency, depending on the 
particular record or document.

[[Page 45536]]

    These recordkeeping requirements ensure that all registered 
transfer agents are maintaining the records necessary to monitor and 
keep adequate control over their own performance and to examine 
registered transfer agents on an historical basis for compliance with 
applicable rules.
    It is estimated that approximately 1,248 registered transfer agents 
will spend a total of 142,272 hours per year complying with Rule 17Ad-
7. Based on average cost per hour or $50, the total cost of compliance 
with Rule 17Ad-7 is $7,113,600.
    The retention period for the recordkeeping requirement under Rule 
17Ad-7 is six months to one year. In addition, such records must be 
retained for a total of two to six years or for one year after 
termination of the transfer agency, depending on the particular record 
or document. The recordkeeping requirement under Rule 17Ad-7 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 10102, 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 5th Street, N.W. Washington, 
D.C. 20549. Comments must be submitted to OMB within 30 days of this 
notice.

    Dated: August 11, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-22838 Filed 8-25-98; 8:45 am]
BILLING CODE 8010-01-M