80 FR 61536 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 197 (October 13, 2015)

[Federal Register Volume 80, Number 197 (Tuesday, October 13, 2015)]
[Notices]
[Pages 61536-61537]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-25869]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-264, OMB Control No. 3235-0341]


Submission for OMB Review; 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-4(b) & (c).

    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 
17Ad-4(b) & (c) under the Securities Exchange Act of 1934 (15 U.S.C. 
78a et seq.) (``Exchange Act'').
    Rule 17Ad-4(b) & (c) (17 CFR 240.17Ad-4) is used to document when 
transfer agents are exempt, or no longer exempt, from the minimum 
performance standards and certain recordkeeping provisions of the 
Commission's transfer agent rules. Pursuant to Rule 17Ad-4(b), if the 
Commission or the Office of the Comptroller of the Currency (``OCC'') 
is the appropriate regulatory agency (``ARA'') for an exempt transfer 
agent, that transfer agent is required to prepare and maintain in its 
possession a notice certifying that it is exempt from certain 
performance standards and recordkeeping and record retention provisions 
of the Commission's transfer agent rules. This notice need not be filed 
with the Commission or OCC. If the Board of Governors of the Federal 
Reserve System (``Fed'') or the Federal Deposit Insurance Corporation 
(``FDIC'') is the transfer agent's ARA, that transfer agent must 
prepare a notice and file it with the Fed or FDIC.
    Rule 17Ad-4(c) sets forth the conditions under which a registered 
transfer agent loses its exempt status. Once the conditions for 
exemption no longer exist, the transfer agent, to keep the appropriate 
regulatory authority (``ARA'') apprised of its current status, must 
prepare, and file if the ARA for the transfer agent is the Board of 
Governors of the Federal Reserve System (``BGFRS'') or the Federal 
Deposit Insurance Corporation (``FDIC''), a notice of loss of exempt 
status under paragraph (c). The transfer agent then cannot claim exempt 
status under Rule 17Ad-4(b) again until it remains subject to the 
minimum performance standards for non-exempt transfer agents for six 
consecutive months.
    ARAs use the information contained in the notices required by Rules 
17Ad-4(b) and 17Ad-4(c) to determine whether a registered transfer 
agent qualifies for the exemption, to determine when a registered 
transfer agent no longer qualifies for the exemption, and to determine 
the extent to which that transfer agent is subject to regulation.
    The Commission estimates that approximately 10 registered transfer 
agents each year prepare or file notices in compliance with Rules 17Ad-
4(b) and 17Ad-4(c). The Commission estimates that each such registered 
transfer agent spends approximately 1.5 hours to prepare or file such 
notices for an aggregate total annual burden of 15 hours (1.5 hours 
times 10 transfer agents). The Commission staff estimates that 
compliance staff work at registered transfer agents results in an 
internal cost of compliance, at an estimated hourly wage of $283, of 
$424.5 per year per transfer agent (1.5 hours x $283 per hour = $424.5 
per year). Therefore, the aggregate annual internal cost of compliance 
for the approximate 10 transfer agents annually preparing or filing 
notices pursuant to Rules 17Ad-4(b) and 17Ad-4(c) is approximately 
$4,245 ($424.5 x 10 = $4,245).
    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 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 Web site: www.reginfo.gov. Comments should 
be directed to: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Information and Regulatory Affairs, Office of 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503, or by sending an email to: 
[email protected]; and (ii) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or by sending an 
email to: [email protected]. Comments must be submitted to OMB within 
30 days of this notice.


[[Page 61537]]


    Dated: October 6, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-25869 Filed 10-9-15; 8:45 am]
BILLING CODE 8011-01-P