Notice2022-14747
Submission for OMB Review; Comment Request: Extension: Rule 17Ad-16
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
July 12, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 132 (Tuesday, July 12, 2022)</title>
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[Federal Register Volume 87, Number 132 (Tuesday, July 12, 2022)]
[Notices]
[Page 41375]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-14747]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-363, OMB Control No. 3235-0413]
Submission for OMB Review; Comment Request: Extension: Rule 17Ad-
16
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 (44 U.S.C. 3501 et seq.) (`PRA''), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget (``OMB'') a request for approval of extension of the
existing collection of information provided for in Rule 17Ad-16 (17 CFR
240.17Ad-16) under the Securities Exchange Act of 1934 (15 U.S.C. 78a
et seq.).
Rule 17Ad-16 requires a registered transfer agent to provide
written notice to the appropriate qualified registered securities
depository when assuming or terminating transfer agent services on
behalf of an issuer or when changing its name or address. In addition,
transfer agents that provide such notice shall maintain such notice for
a period of at least two years in an easily accessible place. This rule
addresses the problem of certificate transfer delays caused by transfer
requests that are directed to the wrong transfer agent or the wrong
address.
We estimate that the transfer agent industry submits approximately
15,917 Rule 17Ad-16 notices to appropriate qualified registered
securities depositories. The staff estimates that the average amount of
time necessary to create and submit each notice is approximately 15
minutes per notice. Accordingly, the estimated total industry burden is
3,979.25 hours per year (15 minutes multiplied by 15,917 notices filed
annually).
Because the information needed by transfer agents to properly
notify the appropriate registered securities depository is readily
available to them and the report is simple and straightforward, the
cost is relatively minimal. The average internal compliance cost to
prepare and send a notice is approximately $86 (15 minutes at $344 per
hour).\1\ This yields an industry-wide internal compliance cost
estimate of $1,368,862 (15,917 notices multiplied by $86 per notice).
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\1\ The estimated hourly wages used in this analysis were
derived from reports prepared by the Securities Industry and
Financial Markets Association. See Securities Industry and Financial
Markets Association, Office Salaries in the Securities Industry--
2022 (2022), modified to account for an 1800-hour work year and
multiplied by 5.35 to account for bonuses, firm size, employee
benefits and overhead.
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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 August 11, 2022 to (i)
><a href="/cdn-cgi/l/email-protection#6f222d374120222d4120263d2e413c2a2c300b0a1c0430000909060c0a1d2f00020d410a001f41080019"><span class="__cf_email__" data-cfemail="1c515e443253515e3253554e5d324f595f4378796f7743737a7a757f796e5c73717e3279736c327b736a">[email protected]</span></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#055557445a48646c69676a7d457660662b626a73"><span class="__cf_email__" data-cfemail="adfdffecf2e0ccc4c1cfc2d5eddec8ce83cac2db">[email protected]</span></a>.
Dated: July 6, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-14747 Filed 7-11-22; 8:45 am]
BILLING CODE 8011-01-P
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