80 FR 60940 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 195 (October 8, 2015)

[Federal Register Volume 80, Number 195 (Thursday, October 8, 2015)]
[Notices]
[Pages 60940-60941]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-25600]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 
20549-2736.

Extension: Rule 17Ad-11
    [SEC File No. 270-261, OMB Control No. 3235-0274]

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the

[[Page 60941]]

Securities and Exchange Commission (``Commission'') is soliciting 
comments on the existing collection of information provided for in Rule 
17Ad-11 (17 CFR 240.17Ad-11) under the Securities Exchange Act of 1934 
(15 U.S.C. 78a et seq.). The Commission plans to submit this existing 
collection of information to the Office of Management and Budget 
(``OMB'') for extension and approval.
    Rule 17Ad-11 requires every registered recordkeeping transfer agent 
to report to issuers and its appropriate regulatory agency in the event 
that the aggregate market value of an aged record difference exceeds 
certain thresholds. A record difference occurs when an issuer's records 
do not agree with those of securityholders as indicated, for instance, 
on certificates presented to the transfer agent for purchase, 
redemption or transfer. An aged record difference is a record 
difference that has existed for more than 30 calendar days. In 
addition, the rule requires every recordkeeping transfer agent to 
report to its appropriate regulatory agency in the event of a failure 
to post certificate detail to the master securityholder file within 
five business days of the time required by Rule 17Ad-10 (17 CFR 
240.10). Also, a transfer agent must maintain a copy of any report 
required under Rule 17Ad-11 for a period of not less than three years 
following the date of the report, the first year in an easily 
accessible place. These recordkeeping requirements assist the 
Commission and other regulatory agencies with monitoring transfer 
agents and ensuring compliance with the rule.
    Because the information required by Rule 17Ad-11 is already 
available to transfer agents, any collection burden for small transfer 
agents is minimal. Based on a review of the number of Rule 17Ad-11 
reports the Commission, the Comptroller of the Currency, the Board of 
Governors of the Federal Reserve System, and the Federal Deposit 
Insurance Corporation received since 2012, the Commission estimates 
that 10 respondents will file a total of approximately 12 reports 
annually. The Commission staff estimates that, on average, each report 
requires approximately 30 minutes to prepare. Therefore, the Commission 
staff estimates that the total annual hourly burden to the entire 
transfer agent industry is approximately six hours (30 minutes x 12 
reports). Assuming an average hourly rate of $25 for a transfer agent 
staff employee, the average total internal cost of the report is 
$12.50. The total annual internal cost of compliance for the 
approximated 10 respondents is approximately $150.00 (12 reports x 
$12.50).
    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 to 
be 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 in 
writing within 60 days of this publication.
    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 number.
    Please direct your written comments to: Pamela Dyson, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or send an email 
to: [email protected].

    Dated: October 2, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-25600 Filed 10-7-15; 8:45 am]
 BILLING CODE 8011-01-P