Notice2022-17314
Submission for OMB Review; Comment Request: Extension; Rule 17Ad-17
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
August 12, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 155 (Friday, August 12, 2022)</title>
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[Federal Register Volume 87, Number 155 (Friday, August 12, 2022)]
[Notices]
[Pages 49893-49894]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-17314]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-412, OMB Control No. 3235-0469]
Submission for OMB Review; Comment Request: Extension; Rule 17Ad-
17
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-17 under the Securities Exchange Act of 1934 (15 U.S.C. 78a et
seq.).
Rule 17Ad-17 requires certain transfer agents and broker-dealers to
make two searches for the correct address of lost securityholders using
an information database without charge to the lost securityholders. In
addition, paying agents are required to attempt to notify lost payees
at least once. In addition, the entities also are required to maintain
records relating to the searches and notifications.
The Commission staff estimates that the rule applies to
approximately 496 broker dealers and transfer agents, and 3,113 paying
agent entities, including carrying firms, transfer agents, indenture
trustees, custodians, and approximately 10% of issuers. The Commission
staff estimates that the total annual burden for searches is
approximately 183,813 hours and the total annual burden for paying
agent notifications is approximately 38,913 hours. In addition,
approximately 5,968 burden hours are associated with recordkeeping,
representing an annual burden of 4,411 hours for the broker-dealers and
transfer agents, and 1,557 for paying agents. The Commission staff
estimates that the aggregate annual burden is therefore approximately
228,694 hours (183,813 + 38,913 + 5,968).
In addition, the Commission staff estimates that covered entities
will incur costs of approximately $6,617,298 annually, primarily as
payment to third party data base providers that will search for the
missing securityholders.
The retention period for the recordkeeping requirement under Rule
17Ad-17 is not less than three years following the date the notice is
submitted. The recordkeeping requirement under this rule is mandatory
to assist the Commission in monitoring compliance with the rule. 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.
[[Page 49894]]
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 September 12, 2022 to (i)
><a href="/cdn-cgi/l/email-protection#2c616e740263616e0263657e6d027f696f7348495f4773434a4a454f495e6c43414e0249435c024b435a"><span class="__cf_email__" data-cfemail="fdb0bfa5d3b2b0bfd3b2b4afbcd3aeb8bea299988e96a2929b9b949e988fbd92909fd398928dd39a928b">[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#752527342a38141c19171a0d350610165b121a03"><span class="__cf_email__" data-cfemail="90c0c2d1cfddf1f9fcf2ffe8d0e3f5f3bef7ffe6">[email protected]</span></a>.
Dated: August 8, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-17314 Filed 8-11-22; 8:45 am]
BILLING CODE 8011-01-P
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