Notice2025-12008
Proposed Collection; 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
June 30, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 123 (Monday, June 30, 2025)</title>
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[Federal Register Volume 90, Number 123 (Monday, June 30, 2025)]
[Notices]
[Pages 27897-27898]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-12008]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0469]
Proposed Collection; 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 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``SEC'' or ``Commission'') is soliciting comments on the
proposed collection of information. Rule 17Ad-17 (17 CFR 240.17Ad-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 489 broker
dealers and transfer agents, and 3,106 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. 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 unless it displays a
currently valid OMB Control Number.
Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper performance of
the functions of the SEC, including whether the information will have
practical utility; (b) the accuracy of the SEC's estimate of the burden
imposed by the proposed collection of information, including the
validity of the methodology and the assumptions used; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated,
electronic collection techniques or other forms of information
technology.
Please direct your written comments on this 60-Day Collection
Notice to
[[Page 27898]]
Austin Gerig, Director/Chief Data Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg via email to
<a href="/cdn-cgi/l/email-protection#9bcbfaebfee9ecf4e9f0c9feffeef8eff2f4f5daf8efdbe8fef8b5fcf4ed"><span class="__cf_email__" data-cfemail="4d1d2c3d283f3a223f261f2829382e392422230c2e390d3e282e632a223b">[email protected]</span></a> by August 29, 2025. There will be a
second opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission Notice.
Dated: June 25, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-12008 Filed 6-27-25; 8:45 am]
BILLING CODE 8011-01-P
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