[Federal Register Volume 68, Number 231 (Tuesday, December 2, 2003)]
[Notices]
[Pages 67492-67493]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-29933]


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

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-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'') has submitted to the Office of Management 
and Budget a request for extension of the previously approved 
collection of information discussed below.

Rule 17Ad-4(b) and (c) Notices Regarding Exempt Transfer Agent Status

    Rule 17Ad-4(b) and (c) are 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

[[Page 67493]]

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.
    Transfer agents should prepare and maintain in its possession or 
file with its ARA notice of exempt status or loss of exempt status for 
the period of the exemption or loss of exemption. When the transfer 
agent's status changes, the transfer agent should file a notice of 
exempt status or loss of exempt status reflecting that change. The 
notice requirement is mandatory 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. Notices 
submitted according to Rule 17Ad-4(b) & (c) will not be kept 
confidential. 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, DC 20503; and (ii) Kenneth A. Fogash, Acting 
Associate Executive Director/CIO, 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: November 25, 2003.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-29933 Filed 12-1-03; 8:45 am]
BILLING CODE 8010-01-P