[Federal Register Volume 66, Number 127 (Monday, July 2, 2001)]
[Notices]
[Pages 34965-34966]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-16555]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request; Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, DC 
20549.

[Extension:
    Rules 17Ad-6 and 17Ad-7; SEC File No. 270-151; OMB Control No. 
3235-0291]

    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.
     Rules 17Ad-6 and 17Ad-7: Recordkeeping requirements for 
transfer agents Rule 17Ad-6 under the Securities Exchange Act of 1934 
(15 U.S.C. 78b et seq.) requires every registered transfer agent to 
make and keep current records about a variety of

[[Page 34966]]

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.
    Rule 17Ad-7 under the Securities Exchange Act of 1934 (15 U.S.C. 
78b et seq.) requires each registered transfer agent to retain the 
records specified in Rule 17Ad-6 in an easily accessible place for a 
period of six months to six years, depending on the type of record or 
document. Rule 17Ad-7 also specifies the manner in which records may be 
maintained using electronic, microfilm, and microfiche storage methods.
    These recordkeeping requirements ensure that all registered 
transfer agents are maintaining the records necessary to monitor and 
keep control over their own performance and for the Commission to 
adequately examine registered transfer agents on an historical basis 
for compliance with applicable rules.
    We estimate that approximately 1,000 registered transfer agents 
will spend a total of 500,000 hours per year complying with Rules 17Ad-
6 and 17Ad-7. Based on average cost per hour of $50, the total cost of 
compliance with Rule 17Ad-6 is $25,000,000.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of 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.
    Please direct your written comments to Michael E. Bartell, 
Associate Executive Director, Office of Information Technology, 
Securities and Exchange Commission, 450 5th Street, NW., Washington, DC 
20549.

    Dated: June 22, 2001.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-16555 Filed 6-29-01; 8:45 am]
BILLING CODE 8010-01-M