Notice2023-25362
Submission for OMB Review; Comment Request; Extension: Rule 17Ac3-1(a) and Form TA-W
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
November 16, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 220 (Thursday, November 16, 2023)</title>
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[Federal Register Volume 88, Number 220 (Thursday, November 16, 2023)]
[Notices]
[Page 78801]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-25362]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-096, OMB Control No. 3235-0151]
Submission for OMB Review; Comment Request; Extension: Rule
17Ac3-1(a) and Form TA-W
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.), 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
17Ac3-1(a) (17 CFR 240.17Ac3-1(a)) and Form TA-W (17 CFR 249b.101),
under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
Section 17A(c)(4)(B) of the Securities Exchange Act of 1934 (15
U.S.C. 78c(a)(34)(B) authorizes transfer agents registered with an
appropriate regulatory agency (``ARA'') to withdraw from registration
by filing with the ARA a written notice of withdrawal and by agreeing
to such terms and conditions as the ARA deems necessary or appropriate
in the public interest, for the protection of investors, or in the
furtherance of the purposes of Section 17A.
In order to implement Section 17A(c)(4)(B) of the Exchange Act, the
Commission promulgated Rule 17Ac3-1(a) and accompanying Form TA-W on
September 1, 1977. Rule 17Ac3-1(a) provides that notice of withdrawal
of registration as a transfer agent with the Commission shall be filed
on Form TA-W. Form TA-W requires the withdrawing transfer agent to
provide the Commission with certain information, including: (1) the
locations where transfer agent activities are or were performed; (2)
the reasons for ceasing the performance of such activities; (3)
disclosure of unsatisfied judgments or liens; and (4) information
regarding successor transfer agents.
The Commission uses the information disclosed on Form TA-W to
determine whether the registered transfer agent applying for withdrawal
from registration as a transfer agent should be allowed to deregister
and, if so, whether the Commission should attach to the granting of the
application any terms or conditions necessary or appropriate in the
public interest, for the protection of investors, or in furtherance of
the purposes of Section 17A of the Exchange Act. Without Rule 17Ac3-
1(a) and Form TA-W, transfer agents registered with the Commission
would not have a means to voluntarily deregister it is necessary or
appropriate to do so.
On average, respondents have filed approximately 50 Form TA-Ws with
the Commission annually from 2020 to 2023. A Form TA-W filing occurs
only once, when a transfer agent is seeking deregistration. In view of
the readily available information requested by Form TA-W, its short and
simple presentation, and the Commission's experience with the filers,
we estimate that approximately 30 minutes is required to complete and
file Form TA-W. Thus, the total annual time burden to the transfer
agent industry is approximately 25 hours (50 filings x 0.5 hours). We
estimate that the internal labor cost of compliance per filing $39 (0.5
hours x $78 average hourly rate for clerical staff time).\1\ Thus, the
total internal compliance cost per year is thus approximately $975 (25
hours x $39 = $975).
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\1\ The $78 per hour figure for clerical staff time is from
SIFMA's Office Salaries in the Securities Industry 2013, modified by
Commission staff to account for an 1,800-hour work-year and
inflation, and multiplied by 2.93 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 December 18, 2023 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#9fcfcddec0d2fef6f3fdf0e7dfecfafcb1f8f0e9"><span class="__cf_email__" data-cfemail="88d8dac9d7c5e9e1e4eae7f0c8fbedeba6efe7fe">[email protected]</span></a>.
Dated: November 13, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-25362 Filed 11-15-23; 8:45 am]
BILLING CODE 8011-01-P
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