[Federal Register Volume 65, Number 240 (Wednesday, December 13, 2000)]
[Notices]
[Page 77939]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-31678]


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SECURITIES AND EXCHANGE COMMISSION

Submission for OMB Review; Comment Request

[SEC File No. 270-265; OMB Control No. 3235-0273]


Submission for OMB Review; Comment Request

    Upon Written Request Copies Available From: Securities and Exchange 
Commission, Office of Filing and Information Services, 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'') has submitted to the Office of Management 
and Budget a request for extension of the previously approved 
collection of information discussed below.

     Rule 17Ad-10 Prompt Posting of Certificate Detail to 
Master Securityholder Files; Maintenance of Accurate Securityholder 
Files and Control Book; and Retention of Certificate Detail

    Rule 17Ad-10, 17 CFR 240.17Ad-10, under the Securities Exchange Act 
of 1934, requires a registered transfer agent to create and maintain 
minimum information on securityholder's 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 keep certificate detail that has been cancelled from those records 
for a minimum of six years 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, an ensure the transfer agent is aware of 
the number of securities that are properly authorized by the issuer, 
thereby avoiding over issuance.
    Given that there are 1,093 transfer agents currently registered, 
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 21,860 hours industry-wide. The average cost is 
approximately $20 per hour, with the industry-wide cost estimated at 
approximately $437,200. However, the information required by Rule 17Ad-
10 generally is already maintained by registered transfer agents. The 
amount of time devoted to compliance with Rule 17Ad-10 varies according 
to differences in business activity.
    The retention period for the recordkeeping requirements under Rule 
17Ad-10 is six years for certificate detail that has been cancelled and 
to maintain and keep current an accurate record of the number of shares 
or principle amount of debt securities that the issuer has authorized 
to be outstanding. The recordkeeing requirement under Rule 17Ad-10 is 
mandatory to ensure accurate securityholder records and 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. Persons should 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.
    Written comments regarding the above information 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, DC 20503; and (ii) Michael E. Bartell, Associate Executive 
Directive, Office of Information Technology, Securities and Exchange 
Commission, 450 Fifth Street, NW., Washington, DC 20549. Comments must 
be submitted to OMB within 30 days of this notice.

    Dated: December 5, 2000.
Margaret H. McFarland,
Secretary.
[FR Doc. 00-31678 Filed 12-12-00; 8:45 am]
BILLING CODE 8010-01-M