[Federal Register Volume 72, Number 54 (Wednesday, March 21, 2007)]
[Notices]
[Page 13316]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-5136]



[[Page 13316]]

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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

    Rule 17Ad-16 (17 CFR 240.17Ad-16) under the Securities Exchange Act 
of 1934 (15 U.S.C. 78a et seq.), requires a registered transfer agent 
to provide written notice to the appropriate qualified registered 
securities depository when assuming or terminating transfer agent 
services on behalf of an issuer or when changing its name or address. 
In addition, transfer agents that provide such notice shall maintain 
such notice for a period of at least two years in an easily accessible 
place. This rule addresses the problem of certificate transfer delays 
caused by transfer requests that are directed to the wrong transfer 
agent or the wrong address.
    We estimate that the transfer agent industry submits 600 Rule 17Ad-
16 notices to appropriate qualified registered securities depositories. 
The staff estimates that the average amount of time necessary to create 
and submit each notice is approximately 15 minutes per notice. 
Accordingly, the estimated total industry burden is 150 hours per year 
(15 minutes multiplied by 600 notices filed annually).
    Because the information needed by transfer agents to properly 
notify the appropriate registered securities depository is 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). This yields an 
industry-wide cost estimate of $4,500 (600 notices multiplied by $7.50 
per notice).
    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 of securities transactions, 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.
    Comments should be directed to (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 or by sending an e-mail to: [email protected]; and (ii) R. Corey Booth, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Shirley 
Martinson, 6432 General Green Way, Alexandria, VA 22312 or send an e-
mail to: [email protected]. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: March 15, 2007.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-5136 Filed 3-20-07; 8:45 am]
BILLING CODE 8010-01-P