Notice2021-12658
Proposed Collection; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 16, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 114 (Wednesday, June 16, 2021)</title>
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[Federal Register Volume 86, Number 114 (Wednesday, June 16, 2021)]
[Notices]
[Page 32099]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-12658]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-095, OMB Control No. 3235-0084]
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 17Ac2-1
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 199 filings on Form
TA-1 from transfer agents required to register as such with the
Commission. Included in this figure are approximately 167 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 32 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 384 hours (12 hours times 32 filers = 384) and
the subtotal burden for amendments to Form TA-1 filed each year is
approximately 251 hours (1.5 hours times 167 filers = 250.5 rounded up
to 251). The cumulative total is approximately 635 burden hours per
year (384 hours plus 251 hours).
Of the approximately 635 hours per year associated with Rule 17Ac2-
1, the Commission staff estimates that (i) sixty percent (380.7 hours)
are spent by compliance staff at an estimated hourly wage of $283, for
a total of $107,738.10 per year (380.7 hours x $283 per hour =
$107,738.10 per year; (ii) forty percent (253.8 hours) are spent by
attorneys at an estimated hourly wage of $380, for a total of $96,444
per year (253.8 hours x $380 per hour = $96,444 per year); and (iii)
the total internal cost of compliance associated with the Rule is thus
approximately $204,182.10 per year ($107,738.10 in compliance staff
costs + $96,444 in attorney costs = $204,182.10 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 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: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o
Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or send an email
to: <a href="/cdn-cgi/l/email-protection#1d4d4f5c42507c74717f72655d6e787e337a726b"><span class="__cf_email__" data-cfemail="ce9e9c8f9183afa7a2aca1b68ebdabade0a9a1b8">[email protected]</span></a>.
Dated: June 10, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-12658 Filed 6-15-21; 8:45 am]
BILLING CODE 8011-01-P
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