[Federal Register Volume 70, Number 138 (Wednesday, July 20, 2005)]
[Notices]
[Pages 41801-41802]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-3864]


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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.

    Rule 17Ad-3(b), SEC File No. 270-424, OMB Control No. 3235-0473.

    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-3(b): Notice to Issuers of Non-Compliance With Transfer Agent 
Turnaround Standards

    Rule 17Ad-3(b) requires registered transfer agents that for each of 
two consecutive months have failed to turnaround at least 75% of all 
routine items in accordance with the requirements of Rule 17Ad-2(a) or 
to process at least 75% of all routine items in accordance with the 
requirements of Rule 17Ad-2(a) to send to the chief executive officer 
of each issuer for which such registered transfer agent acts a copy of 
the written notice required under Rule 17Ad-2(c), (d), and (h). The 
issuer may use the information contained in the notices in several 
ways: (1) To provide an early warning to the issuer of the transfer 
agent's non-compliance with the Commission's minimum performance 
standards regarding registered transfer agents, and (2) to assure that 
issuers are aware of certain problems and poor performances with 
respect to the transfer agents that are servicing the issuer's 
securities. If the issuer does not receive notice of a registered 
transfer agent's failure to comply with the Commission's minimum 
performance standards then the issuer will be unable to take remedial 
action to correct the problem or to find another registered transfer 
agent. Pursuant to Rule 17Ad-3(b), a transfer agent that has already 
filed a Notice of Non-Compliance with the Commission pursuant to Rule 
17Ad-2 will only be required to send a copy of that notice to issuers 
for which it acts when that transfer agent fails to turnaround 75% of 
all routine items or to process 75% of all items.
    The Commission estimates that only two transfer agents will meet 
the requirements of Rule 17Ad-3(b). If a transfer agent fails to meet 
the minimum requirements under 17Ad-3(b), such transfer agent is simply 
sending a copy of a form that had already been produced for the 
Commission. The Commission estimates a requirement will take each 
respondent approximately one hour to complete, for a total annual 
estimate burden of two hours at cost of approximately $60.00 for each 
hour.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
functions for the agency, including whether the information shall have 
practical utility; (b) the accuracy of the agency's estimate of the 
burden of

[[Page 41802]]

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.
    Direct your written comments to R. Corey Booth, Director/Chief 
Information Officer, Office of Information Technology, Securities and 
Exchange Commission, 100 F Street, NE., Washington, DC 20549.

    Dated: July 13, 2005.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-3864 Filed 7-19-05; 8:45 am]
BILLING CODE 8010-01-P