[Federal Register Volume 68, Number 180 (Wednesday, September 17, 2003)]
[Notices]
[Page 54507]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-23740]


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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:
    Rule 17Ad-4(b) and (c), SEC File No. 270-264, OMB Control No. 3235-
0341.

    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-4(b) and (c): Notices Regarding Exempt Transfer Agent Status

    Rule 17Ad-4(b) and (c) is used to document when transfer agents are 
exempt, or no longer exempt, from the minimum performance standards and 
certain recordkeeping provisions of the Commission's transfer agent 
rules. Rule 17Ad-4(c) sets forth the conditions under which a 
registered transfer agent loses its exempt status. Once the conditions 
for exemption no longer exist, the transfer agent, to keep the 
appropriate regulatory authority (``ARA'') apprised of its current 
status, must prepare, and file if the ARA for the transfer agent is the 
Board of Governors of the Federal Reserve System (``BGFRS'') or the 
Federal Deposit Insurance Corporation (``FDIC''), a notice of loss of 
exempt status under paragraph (c). The transfer agent then cannot claim 
exempt status under Rule 17Ad-4(b) again until it remains subject to 
the minimum performance standards for non-exempt transfer agents for 
six consecutive months. The ARAs use the information contained in the 
notice to determine whether a registered transfer agent qualifies for 
the exemption, to determine when a registered transfer agent no longer 
qualifies for the exemption, and to determine the extent to which that 
transfer agent is subject to regulation.
    The BGFRS receives approximately twelve notices of exempt status 
and six notices of loss of exempt status annually. The FDIC receives 
approximately eighteen notices of exempt status and three notices of 
loss of exempt status annually. The Commission and the Office of the 
Comptroller of the Currency (``OCC'') do not require transfer agent to 
file notice of exempt status or loss of exempt status. Instead, 
transfer agents whose ARA is the Commission or OCC need only to prepare 
and maintain these notices. The Commission estimates that approximately 
sixteen notices of exempt status and loss of exempt status are prepared 
annually by transfer agents whose ARA is the Commission. Similarly, the 
OCC estimates that the transfer agents for which it is the ARA prepare 
and maintain approximately fifteen notices of exempt status and loss of 
exempt status annually. Thus, a total of approximately seventy notices 
of exempt status and loss of exempt status are prepared and maintained 
by transfer agents annually. Of these seventy notices, approximately 
forty are filed with an ARA. Any additional costs associated with 
filing such notices would be limited primarily to postage, which would 
be minimal. Since the Commission estimates that no more than one-half 
hour is required to prepare each notice, the total annual burden to 
transfer agents is approximately thirty-five hours. The average cost 
per hour is approximately $30. Therefore, the total cost of compliance 
to the transfer agent community is $1,050.
    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 estimates 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 Kenneth A. Fogash, Acting 
Associate Executive Director, Office of Information Technology/CIO, 
Securities and Exchange Commission, 450 5th Street, NW, Washington, DC 
20549.

    Dated: September 11, 2003.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-23740 Filed 9-16-03; 8:45 am]
BILLING CODE 8010-01-P