[Federal Register Volume 69, Number 46 (Tuesday, March 9, 2004)]
[Notices]
[Page 11047]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-5206]


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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-16; SEC File No. 270-363; OMB Control No. 3235-0413.

    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-16--Notice of Assumption or 
Termination of Transfer Agent Services. Certificate Detail
    Rule 17Ad-16, 17 CFR 240.17Ad-16, under the Securities Exchange Act 
of 1934, requires a registered transfer agent to provide written notice 
to a qualified registered securities depository when assuming or 
terminating transfer agent services on behalf of an issuer or when 
changing its name or address. These recordkeeping requirements address 
the problem of certificate transfer delays caused by transfer requests 
that are directed to the wrong transfer agent or the wrong address.
    Given that there are approximately 450 transfer agents that submit 
approximately 14 Rule 17Ad-16 notices each, the staff estimates that 
the average number of hours necessary for each transfer agent to comply 
with Rule 17Ad-16 is approximately 15 minutes per notice or 3.5 hours 
per year (15 minutes multiplied by 14 notices filed annually), totaling 
1,575 hours industry-wide.
    Since the Commission estimates that approximately 450 transfer 
agents each file approximately 14 notices per year, and because the 
information needed by transfer agents is already readily available to 
them and the report is simple and straightforward, the cost is minimal. 
The average cost to prepare and send a notice is approximately $7.50 
(15 minutes at $30 per hour), generating an annual cost of $105 per 
transfer agent, and an industry-wide cost estimate of $47,250. However, 
the information required by Rule 17Ad-16 generally already is 
maintained by registered transfer agents. The amount of time devoted to 
compliance with Rule 17Ad-16 varies according to differences in 
business activity.
    The retention period for the recordkeeping requirements under Rule 
17Ad-16 is two years for both the clearing agencies and transfer 
agents. The recordkeeping requirement under Rule 17Ad-16 is mandatory 
to ensure accurate securityholder records, prompt and efficient 
clearance and settlement, 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. 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) R. Corey Booth, Director/Chief 
Information Officer, Office of Information Technology, Securities and 
Exchange Commission, 450 5 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. 04-5206 Filed 3-8-04; 8:45 am]
BILLING CODE 8010-01-P