[Federal Register Volume 69, Number 46 (Tuesday, March 9, 2004)]
[Notices]
[Page 11046]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-5204]


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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 Filing and Information Services, Washington, DC 
20549.

Extension:
Rule 17Ad-10; SEC File No. 270-265; OMB Control No. 3235-0273.

    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, communications between co-transfer agents and 
recordkeeping transfer agents, maintenance of current control book, 
retention of certificate detail and ``buy-in'' of physical over-
issuance.
    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 securityholders' 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, and ensure the transfer agent is ware of 
the number of securities that are properly authorized by the issuer, 
thereby avoiding overissuance.
    There are approximately 950 transfer agents currently registered 
with the Commission. 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 19,000 hours industry-wide. 
The average cost per hour is approximately $20 per hour, with the 
industry-wide cost estimated at approximately $380,000. However, the 
information required by Rule 17Ad-10 generally already is 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 dollar amount of debt securities that the issuer has 
authorized to be outstanding. The recordkeeping 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.
    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) R. Corey Booth, Director/Chief 
Information Officer, 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: March 1, 2004.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 04-5204 Filed 3-8-04; 8:45 am]
BILLING CODE 8010-01-P