[Federal Register Volume 83, Number 184 (Friday, September 21, 2018)]
[Notices]
[Pages 47949-47950]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-20592]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Extension:
Rule 17Ad-15; SEC File No. 270-360, OMB Control No. 3235-0409
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the existing
collection of information provided for in Rule 17Ad-15 (17 CFR
240.17Ad-15) under the Securities Exchange Act of 1934 (15 U.S.C. 78a
et seq.). The Commission plans to submit this existing collection of
information to the Office of Management and Budget (``OMB'') for
extension and approval.
Rule 17Ad-15 (17 CFR 240.17Ad-15) under the Securities Exchange Act
of 1934 (15 U.S.C. 78a et seq.) (the ``Act'')
[[Page 47950]]
requires the approximately 373 registered transfer agents to establish
written standards for the acceptance or rejection of guarantees of
securities transfers from eligible guarantor institutions. Transfer
agents are required to establish procedures to ensure that those
standards are used by the transfer agent to determine whether to accept
or reject guarantees from eligible guarantor institutions. Transfer
agents must maintain, for a period of three years following the date of
a rejection of transfer, a record of all transfers rejected, along with
the reason for the rejection, identification of the guarantor, and
whether the guarantor failed to meet the transfer agent's guarantee
standard. These recordkeeping requirements assist the Commission and
other regulatory agencies with monitoring transfer agents and ensuring
compliance with the rule.
There are approximately 373 registered transfer agents. The staff
estimates that each transfer agent will spend about 40 hours annually
to comply with Rule 17Ad-15, or a total of 14,920 hours for all
transfer agents (373 x 40 hours = 14,920 hours). The Commission staff
estimates that compliance staff work at each registered transfer agent
will result in an internal cost of compliance (at an estimated hourly
wage of $283) of $11,320 per year per transfer agent (40 hours x $283
per hour = $11,320 per year). Therefore, the aggregate annual internal
cost of compliance for the approximately 373 registered transfer agents
is approximately $4,222,360 ($11,320 x 373 = $4,222,360).
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed collection of information; (c)
ways to enhance the quality, utility, and clarity of the information on
respondents; 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.
An Agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
Please direct your written comments to: Pamela Dyson, Director/
Chief Information Officer, Securities and Exchange Commission, c/o
Candace Kenner, 100 F Street NE, Washington, DC 20549, or send an email
to: [email protected].
Dated. September 18, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-20592 Filed 9-20-18; 8:45 am]
BILLING CODE 8011-01-P