Notice2024-15888
Proposed Collection; Comment Request; Extension: Rule 17Ad-15
Primary source
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Published
July 19, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 139 (Friday, July 19, 2024)</title>
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[Federal Register Volume 89, Number 139 (Friday, July 19, 2024)]
[Notices]
[Pages 58828-58829]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-15888]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-360, OMB Control No. 3235-0409]
Proposed Collection; Comment Request; Extension: Rule 17Ad-15
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
[[Page 58829]]
(``Commission'') is soliciting comments on the existing collection of
information provided for in Rule 17Ad-15 (17 CFR 240.17Ad-15) (``Rule
17Ad-15'') under the Securities Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (``Exchange Act''). The Commission plans to submit this existing
collection of information to the Office of Management and Budget
(``OMB'') for extension and approval.
Rule 17Ad-15 requires every registered transfer agent to establish
written standards for the acceptance of guarantees of securities
transfers from eligible guarantor institutions. Every registered
transfer agent is also required to establish procedures, including
written guidelines where appropriate, to make certain that the transfer
agent uses those standards to determine whether to accept or reject
guarantees from eligible guarantor institutions. In implementing these
requirements, the Commission aims to ensure that registered transfer
agents treat eligible guarantor institutions equitably.
Additionally, Rule 17Ad-15 requires every registered transfer agent
to make and maintain records in the event the transfer agent determines
to reject signature guarantees from eligible guarantor institutions.
Registered transfer agents' records must include, following the date of
rejection, a record of the rejected transfer, along with the reason for
rejection, the identification of the guarantor, and an indication
whether the guarantor failed to meet the transfer agent's guarantee
standards. Rule 17Ad-15 requires registered transfer agents to maintain
these records for a period of three years. The Commission designed
these mandatory recordkeeping requirements to assist the Commission and
other regulatory agencies with monitoring registered transfer agents
and ensuring compliance with the rule. This rule does not involve the
collection of confidential information.
The Commission estimates that approximately 315 registered transfer
agents will spend a total of approximately 12,600 burden hours per year
complying with recordkeeping requirements of Rules 17Ad-15 (based on
approximately 40 burden hours per year per registered transfer agent).
The Commission also estimates the aggregate annual internal cost of
compliance for the approximately 315 registered transfer agents is
approximately $4,019,400 (based on 40 hours annual burden x $319 hourly
wage x 315 respondents). This reflects a decline in aggregate annual
internal cost of compliance of $650,760 due to the decrease in the
number of registered transfer agents from 366 to 315.
Written comments are invited on: (a) whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed collection of information; (c)
ways to enhance the quality, utility, and clarity of the information
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology.
Consideration will be given to comments and suggestions submitted by
September 17, 2024.
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.
Please direct your written comments to: Austin Gerig, Director/
Chief Information Officer, Securities and Exchange Commission, c/o
Oluwaseun Ajayi, 100 F Street NE, Washington, DC 20549, or send email
to: <a href="/cdn-cgi/l/email-protection#633331223c2e020a0f010c1b231006004d040c15"><span class="__cf_email__" data-cfemail="d7878596889ab6bebbb5b8af97a4b2b4f9b0b8a1">[email protected]</span></a>.
Dated: July 15, 2024.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-15888 Filed 7-18-24; 8:45 am]
BILLING CODE 8011-01-P
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