[Federal Register Volume 88, Number 176 (Wednesday, September 13, 2023)]
[Notices]
[Page 62832]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-19789]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-096, OMB Control No. 3235-0151]
Proposed Collection; Comment Request; Extension: Rule 17Ac3-1(a)
and Form TA-W
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
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'') has submitted to the Office of Management
and Budget (``OMB'') a request for approval of extension of the
previously approved collection of information provided for in Rule
17Ac3-1(a) (17 CFR 240.17Ac3-1(a)) and Form TA-W (17 CFR 249b.101),
under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
Section 17A(c)(4)(B) of the Securities Exchange Act of 1934 (15
U.S.C. 78c(a)(34)(B) authorizes transfer agents registered with an
appropriate regulatory agency (``ARA'') to withdraw from registration
by filing with the ARA a written notice of withdrawal and by agreeing
to such terms and conditions as the ARA deems necessary or appropriate
in the public interest, for the protection of investors, or in the
furtherance of the purposes of Section 17A.
In order to implement Section 17A(c)(4)(B) of the Exchange Act, the
Commission promulgated Rule 17Ac3-1(a) and accompanying Form TA-W on
September 1, 1977. Rule 17Ac3-1(a) provides that notice of withdrawal
of registration as a transfer agent with the Commission shall be filed
on Form TA-W. Form TA-W requires the withdrawing transfer agent to
provide the Commission with certain information, including: (1) the
locations where transfer agent activities are or were performed; (2)
the reasons for ceasing the performance of such activities; (3)
disclosure of unsatisfied judgments or liens; and (4) information
regarding successor transfer agents.
The Commission uses the information disclosed on Form TA-W to
determine whether the registered transfer agent applying for withdrawal
from registration as a transfer agent should be allowed to deregister
and, if so, whether the Commission should attach to the granting of the
application any terms or conditions necessary or appropriate in the
public interest, for the protection of investors, or in furtherance of
the purposes of Section 17A of the Exchange Act. Without Rule 17Ac3-
1(a) and Form TA-W, transfer agents registered with the Commission
would not have a means to voluntarily deregister it is necessary or
appropriate to do so.
On average, respondents have filed approximately 50 TA-Ws with the
Commission annually from 2020 to 2023. A Form TA-W filing occurs only
once, when a transfer agent is seeking deregistration. In view of the
readily available information requested by Form TA-W, its short and
simple presentation, and the Commission's experience with the filers,
we estimate that approximately 30 minutes is required to complete and
file Form TA-W. Thus, the total annual time burden to the transfer
agent industry is approximately 25 hours (50 filings x 0.5 hours). We
estimate that the internal labor cost of compliance per filing is $39
(0.5 hours x $78 average hourly rate for clerical staff time).\1\ Thus,
the total internal compliance cost per year is thus approximately $975
(25 hours x $39 = $975).
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\1\ The $78 per hour figure for clerical staff time is from
SIFMA's Office Salaries in the Securities Industry 2013, modified by
Commission staff to account for an 1800-hour work-year and
inflation, and multiplied by 2.93 to account for bonuses, firm size,
employee benefits and overhead.
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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 by
November 13, 2023.
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 OMB control number.
Please direct your written comments to: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington, DC 20549, or send an email to:
[email protected].
Dated: September 8, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-19789 Filed 9-12-23; 8:45 am]
BILLING CODE 8011-01-P