Notice2022-00256
Submission for OMB Review; 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
January 11, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 7 (Tuesday, January 11, 2022)</title>
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[Federal Register Volume 87, Number 7 (Tuesday, January 11, 2022)]
[Notices]
[Pages 1465-1466]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-00256]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-264, OMB Control No. 3235-0341]
Submission for OMB Review; 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-4(b) & (c)
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (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-4(b) & (c) under the Securities Exchange Act of 1934 (15 U.S.C.
78a et seq.).
Rule 17Ad-4(b) & (c) (17 CFR 240.17Ad-4) is used to document when
transfer agents are exempt, or no longer exempt, from the minimum
performance standards and certain recordkeeping provisions of the
Commission's transfer agent rules. Pursuant to Rule 17Ad-4(b), if the
Commission or the Office of the Comptroller of the Currency (``OCC'')
is the appropriate regulatory agency (``ARA'') for an exempt transfer
agent, that transfer agent is required to prepare and maintain in its
possession a notice certifying that it is exempt from certain
performance standards and recordkeeping and record retention provisions
of the Commission's transfer agent rules. This notice need not be filed
with the Commission or OCC. If the Board of Governors of the Federal
Reserve System (``Fed'') or the Federal Deposit Insurance Corporation
(``FDIC'') is the transfer agent's ARA, that transfer agent must
prepare a notice and file it with the Fed or FDIC.
Rule 17Ad-4(c) sets forth the conditions under which a registered
transfer agent loses its exempt status. Once the conditions for
exemption no longer exist, the transfer agent, to keep the appropriate
ARA apprised of its current status, must prepare, and file if the ARA
for the transfer agent is the Fed or the FDIC, a notice of loss of
exempt status under paragraph (c). The transfer agent then cannot claim
exempt status under Rule 17Ad-4(b) again until it remains subject to
the minimum performance standards for non-exempt
[[Page 1466]]
transfer agents for six consecutive months.
ARAs use the information contained in the notices required by Rules
17Ad-4(b) and 17Ad-4(c) to determine whether a registered transfer
agent qualifies for the exemption, to determine when a registered
transfer agent no longer qualifies for the exemption, and to determine
the extent to which that transfer agent is subject to regulation.
The Commission estimates that approximately 10 registered transfer
agents each year prepare or file notices in compliance with Rules 17Ad-
4(b) and 17Ad-4(c). The Commission estimates that each such registered
transfer agent spends approximately 1.5 hours to prepare or file such
notices for an aggregate total annual burden of 15 hours (1.5 hours
times 10 transfer agents). The Commission staff estimates that
compliance staff work at registered transfer agents results in an
internal cost of compliance, at an estimated hourly wage of $283, of
$424.5 per year per transfer agent (1.5 hours x $283 per hour = $424.5
per year). Therefore, the aggregate annual internal cost of compliance
for the approximate 10 transfer agents annually preparing or filing
notices pursuant to Rules 17Ad-4(b) and 17Ad-4(c) is approximately
$4,245 ($424.5 x 10 = $4,245).
This rule does 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: <a href="http://www.reginfo.gov">www.reginfo.gov</a>. 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 within 30 days of publication of this notice
to (i) <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a> and (ii) David Bottom,
Director/Chief Information Officer, Securities and Exchange Commission,
c/o John R. Pezzullo, 100 F Street NE, Washington, DC 20549, or by
sending an email to: <a href="/cdn-cgi/l/email-protection#c19193809e8ca0a8ada3aeb981b2a4a2efa6aeb7"><span class="__cf_email__" data-cfemail="6f3f3d2e30220e06030d00172f1c0a0c41080019">[email protected]</span></a>.
Dated: January 5, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-00256 Filed 1-10-22; 8:45 am]
BILLING CODE 8011-01-P
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