[Federal Register Volume 89, Number 77 (Friday, April 19, 2024)]
[Notices]
[Page 28834]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-08413]



[[Page 28834]]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-095, OMB Control No. 3235-0084]


Proposed Collection; Comment Request; Extension: Rule 17Ac2-1

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'') is soliciting comments on the existing 
collection of information provided for in Rule 17Ac2-1 (17 CFR 
240.17Ac2-1), 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 17Ac2-1, pursuant to Section 17A(c) of the Exchange Act, 
generally requires transfer agents for whom the Commission is the 
transfer agent's Appropriate Regulatory Agency (``ARA''), to file an 
application for registration with the Commission on Form TA-1 and to 
amend their registrations under certain circumstances.
    Specifically, Rule 17Ac2-1 requires transfer agents to file a Form 
TA-1 application for registration with the Commission where the 
Commission is their ARA. Such transfer agents must also amend their 
Form TA-1 if the existing information on their Form TA-1 becomes 
inaccurate, misleading, or incomplete within 60 days following the date 
the information became inaccurate, misleading, or incomplete. 
Registration filings on Form TA-1 and amendments thereto must be filed 
with the Commission electronically, absent an exemption, on EDGAR 
pursuant to Regulation S-T (17 CFR 232).
    The Commission annually receives approximately 209 filings on Form 
TA-1 from transfer agents required to register as such with the 
Commission. Included in this figure are approximately 196 amendments 
made annually by transfer agents to their Form TA-1 as required by Rule 
17Ac2-1(c) to address information that has become inaccurate, 
misleading, or incomplete and approximately 13 new applications by 
transfer agents for registration on Form TA-1 as required by Rule 
17Ac2-1(a). Based on past submissions, the staff estimates that on 
average approximately twelve hours are required for initial completion 
of Form TA-1 and that on average one and one-half hours are required 
for an amendment to Form TA-1 by each such firm. Thus, the subtotal 
burden for new applications for registration filed on Form TA-1 each 
year is approximately 156 hours (12 hours times 13 filers = 156) and 
the subtotal burden for amendments to Form TA-1 filed each year is 
approximately 294 hours (1.5 hours x 196 filers = 294). The cumulative 
total is approximately 450 burden hours per year (156 hours plus 294 
hours).
    Of the approximately 450 hours per year associated with Rule 17Ac2-
1, the Commission staff estimates that (i) sixty percent (270 hours) 
are spent by compliance staff at an estimated hourly wage of $344, for 
a total of $92,880 per year (270 hours x $344 per hour = $92,880 per 
year; (ii) forty percent (180 hours) are spent by attorneys at an 
estimated hourly wage of $462, for a total of $83,160 per year (180 
hours x $462 per hour = $83,160 per year); and (iii) the total internal 
cost of compliance associated with the Rule is thus approximately 
$176,040 per year ($92,880 in compliance staff costs + $83,160 in 
attorney costs = $176,040 per year).
    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 
June 18, 2024.
    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: 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: April 16, 2024.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-08413 Filed 4-18-24; 8:45 am]
BILLING CODE 8011-01-P