Notice2024-13947
Submission for OMB Review; Comment Request; Extension: Rule 17Ac2-1
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
June 26, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 123 (Wednesday, June 26, 2024)</title>
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[Federal Register Volume 89, Number 123 (Wednesday, June 26, 2024)]
[Notices]
[Pages 53470-53471]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-13947]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-095, OMB Control No. 3235-0084]
Submission for OMB Review; Comment Request; Extension: Rule
17Ac2-1
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
17Ac2-1 (17 CFR 240.17Ac2-1), under the Securities Exchange Act of 1934
(15 U.S.C. 78a et seq.).
Rule 17Ac2-1, pursuant to Section 17A(c) of the Exchange Act,
generally requires transfer agents for whom the Commission is the
transfer agent's Appropriate Regulatory Agency (``ARA''), to file an
application for registration with the Commission on Form TA-1 and to
amend their registrations under certain circumstances.
Specifically, Rule 17Ac2-1 requires transfer agents to file a Form
TA-1 application for registration with the Commission where the
Commission is their ARA. Such transfer agents must also amend their
Form TA-1 if the existing information on their Form TA-1 becomes
inaccurate, misleading, or incomplete within 60 days following the date
the information became inaccurate, misleading, or incomplete.
Registration filings on Form TA-1 and amendments thereto must be filed
with the Commission electronically, absent an exemption, on EDGAR
pursuant to Regulation S-T (17 CFR 232).
The Commission annually receives approximately 209 filings on Form
TA-1 from transfer agents required to register as such with the
Commission. Included in this figure are approximately 196 amendments
made annually by transfer agents to their Form TA-1 as required by Rule
17Ac2-1(c) to address information that has become inaccurate,
misleading, or incomplete and approximately 13 new applications by
transfer agents for registration on Form TA-1 as required by Rule
17Ac2-1(a). Based on past submissions, the staff estimates that on
average approximately twelve hours are required for initial completion
of Form TA-1 and that on average one and one-half hours are required
for an amendment to Form TA-1 by each such firm. Thus, the subtotal
burden for new applications for registration filed on Form TA-1 each
year is approximately 156 hours (12 hours times 13 filers = 156), and
the subtotal burden for amendments to Form TA-1 filed each year is
approximately 294 hours (1.5 hours times 196 filers = 294). The
cumulative total is approximately 450 burden hours per year (156 hours
plus 294 hours).
Of the approximately 450 hours per year associated with Rule 17Ac2-
1, the Commission staff estimates that (i) sixty percent (270 hours)
are spent by compliance staff at an estimated hourly wage of $344, for
a total of $92,880 per year (270 hours x $344 per hour = $92,880); (ii)
forty percent (180 hours) are spent by attorneys at an estimated hourly
wage of $462, for a total of $83,160 per year (180 hours x $462 per
hour = $83,160 per year); and (iii) the total internal cost of
compliance associated with the Rule is thus approximately $176,040 per
year ($92,880 in compliance staff costs + $83,160 in attorney costs =
$176,040 per year).
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
[[Page 53471]]
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 July 26, 2024 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#56060417091b373f3a34392e1625333578313920"><span class="__cf_email__" data-cfemail="93c3c1d2ccdef2fafff1fcebd3e0f6f0bdf4fce5">[email protected]</span></a>.
Dated: June 20, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-13947 Filed 6-25-24; 8:45 am]
BILLING CODE 8011-01-P
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