[Federal Register Volume 84, Number 88 (Tuesday, May 7, 2019)]
[Notices]
[Pages 19979-19980]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09287]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-412, OMB Control No. 3235-0469]
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-17
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-17, (17 CFR
240.17Ad-17), 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-17 requires certain transfer agents and broker-dealers to
make two searches for the correct address of lost securityholders using
an information database without charge to the lost securityholders. In
addition, paying agents are required to attempt to notify lost payees
at least once. In addition, the entities also are required to maintain
records relating to the searches and notifications. The Commission
staff estimates that the rule applies to approximately 507 broker
dealers and transfer agents, and 2,705 paying agent entities, including
carrying firms, transfer agents, indenture trustees, custodians, and
approximately 10% of issuers. The Commission staff estimates that the
total annual burden for searches is approximately 183,813 hours and the
total annual burden for paying agent notifications is approximately
33,850 hours. In addition, approximately 5,765 burden hours are
associated with recordkeeping, representing an annual burden of 4,411
hours for the broker-dealers and transfer agents, and 1,354 for paying
agents. The Commission staff estimates that the aggregate annual burden
is therefore approximately
[[Page 19980]]
223,428 hours (183,813 + 33,850 + 5,765).
In addition, the Commission staff estimates that covered entities
will incur costs of approximately $6,617,298 annually, primarily as
payment to third party data base providers that will search for the
missing securityholders.
The retention period for the recordkeeping requirement under Rule
17Ad-17 is not less than three years. The recordkeeping requirement
under this rule is mandatory to assist the Commission in monitoring
compliance with the rule. This rule does not involve the collection of
confidential information.
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
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.
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: Charles Riddle, Acting
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: May 2, 2019.
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-09287 Filed 5-6-19; 8:45 am]
BILLING CODE 8011-01-P