[Federal Register Volume 89, Number 92 (Friday, May 10, 2024)]
[Notices]
[Pages 40516-40517]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-10206]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-151, OMB Control No. 3235-0291]
Submission for OMB Review; Comment Request; Extension: Rules
17Ad-6 and 17Ad-7
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
17Ad-6 (17 CFR 240.17Ad-6) and Rule 17Ad-7 (17 CFR 240.17Ad-7) under
the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (``Exchange
Act'').
Rule 17Ad-6 under the Exchange Act requires every registered
transfer agent to make and keep current records about a variety of
information, such as: (1) specific operational data regarding the time
taken to perform transfer agent activities (to ensure compliance with
the minimum performance standards in Rule 17Ad-2 (17 CFR 240.17Ad-2));
(2) written inquiries and requests by shareholders and broker-dealers
and response time thereto; (3) resolutions, contracts, or other
supporting documents concerning the appointment or termination of the
transfer agent; (4) stop orders or notices of adverse claims to the
securities; and (5) all canceled registered securities certificates.
Rule 17Ad-7 under the Exchange Act requires each registered
transfer agent to retain the records specified in Rule 17Ad-6 in an
easily accessible place for a period of six months to six years,
depending on the type of record or document. Rule 17Ad-7 also specifies
the manner in which records may be maintained using electronic,
microfilm, and microfiche storage methods.
These recordkeeping requirements are designed to ensure that all
registered transfer agents are maintaining the records necessary for
transfer agents to monitor and keep control over their own performance
and for the Commission to adequately examine registered transfer agents
on an historical basis for compliance with applicable rules.
The Commission estimates that approximately 315 registered transfer
agents will spend a total of 157,500 hours per year complying with
Rules 17Ad-6 and 17Ad-7 (500 hours per year per transfer agent).
The retention period under Rule 17Ad-7 for the recordkeeping
requirements under Rule 17Ad-6 is six months to six years, depending on
the particular record or document. The recordkeeping and retention
requirements under Rules 17Ad-6 and 17Ad-7 are mandatory to assist the
Commission and other regulatory agencies with monitoring transfer
agents and ensuring compliance with the rules.
[[Page 40517]]
These rules do not involve the collection of confidential information.
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.
The public may view background documentation for this information
collection at the following website: www.reginfo.gov. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent by June 10, 2024 to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, Director/Chief Information
Officer, Securities and Exchange Commission, c/o Cynthia Roscoe, 100 F
Street NE, Washington, DC 20549, or by sending an email to:
[email protected].
Dated: May 6, 2024.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-10206 Filed 5-9-24; 8:45 am]
BILLING CODE 8011-01-P