Notice2022-10287
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
May 13, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 93 (Friday, May 13, 2022)</title>
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[Federal Register Volume 87, Number 93 (Friday, May 13, 2022)]
[Notices]
[Pages 29414-29415]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-10287]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-261, OMB Control No. 3235-0274]
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-11
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
[[Page 29415]]
extension of the previously approved collection of information provided
for in Rule 17Ad-11 (17 CFR 240.17Ad-11), under the Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.).
Rule 17Ad-11 requires every registered recordkeeping transfer agent
to report certain information to issuers and its appropriate regulatory
agency in the event that the aggregate market value of an ``aged record
difference'' exceeds certain thresholds. A ``record difference'' occurs
when the number of shares or principal dollar amount of securities in
an issuer's records do not equal those in the master securityholder
file as indicated, for instance, on certificates presented to the
transfer agent for purchase, redemption or transfer. An ``aged record
difference'' is a record difference that has existed for more than 30
calendar days. In addition, the rule requires every registered
recordkeeping transfer agent to report certain information to issuers
and its appropriate regulatory agency concerning buy-ins of all issues
for which it acts as recordkeeping transfer agent. Further, the rule
requires every registered recordkeeping transfer agent to report to its
appropriate regulatory agency when it has failed to post certificate
detail to the master securityholder file within five business days of
the time required by Rule 17Ad-10 (17 CFR 240.17Ad-10). Transfer agents
must also maintain a copy of any report required under Rule 17Ad-11 for
a period of not less than three years following the date of the report,
the first year in an easily accessible place.
Because the information required by Rule 17Ad-11 is already
available to transfer agents, any collection burden for small transfer
agents is minimal. Based on a review of the number of Rule 17Ad-11
reports the Commission, the Comptroller of the Currency, the Board of
Governors of the Federal Reserve System, and the Federal Deposit
Insurance Corporation (collectively, the ``appropriate regulatory
agencies'') received since 2015, the Commission staff estimates that 8
respondents will file a total of approximately 10 reports annually. The
Commission staff estimates that, on average, each report can be
completed in 30 minutes. Therefore, the total annual time burden for
the entire transfer agent industry is approximately 5 hours (0.5 hours
x 10 reports). Assuming an average hourly rate of $72 for a compliance
staff employee at a transfer agent, the average total internal
compliance cost for each report is $36. The total annual internal cost
of compliance for the estimated 8 respondents is thus approximately
$360 ($36 per report x 10 reports).
The retention period for the recordkeeping requirement under Rule
17Ad-11 is not less than three years following the date of a report
prepared pursuant to the rule. The recordkeeping requirement under Rule
17Ad-11 is mandatory to assist the Commission and other regulatory
agencies in monitoring transfer agents who are not performing their
functions promptly and accurately. 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 by June 13, 2022 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 Pezzullo, 100 F
Street NE, Washington, DC 20549, or by sending an email to:
<a href="/cdn-cgi/l/email-protection#540406150b19353d38363b2c142731377a333b22"><span class="__cf_email__" data-cfemail="56060417091b373f3a34392e1625333578313920">[email protected]</span></a>.
Dated: May 9, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-10287 Filed 5-12-22; 8:45 am]
BILLING CODE 8011-01-P
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