82 FR 42565 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 173 (September 8, 2017)

[Federal Register Volume 82, Number 173 (Friday, September 8, 2017)]
[Notices]
[Pages 42565-42566]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-19071]


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

SECURITIES AND EXCHANGE COMMISSION


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-3(b),
    SEC File No. 270-424, OMB Control No. 3235-0473.

    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 
17Ad-3(b) (17 CFR 240.17Ad-3(b)), under the Securities Exchange Act of 
1934 (15 U.S.C. 78a et seq.).
    Rule 17Ad-3(b) requires registered transfer agents to send a copy 
of the written notice required under Rules 17Ad-2(c), (d), and (h) to 
the chief executive officer of each issuer for which the transfer agent 
acts when it has failed to turnaround at least 75% of all routine items 
in accordance with the requirements of Rule 17Ad-2(a), or to process at 
least 75% of all items in accordance with the requirements of Rule 
17Ad-2(b), for two consecutive months. The issuer may use the 
information contained in the notices: (1) As an early warning of the 
transfer agent's non-compliance with the Commission's minimum 
performance standards regarding registered transfer agents; and (2) to 
become aware of certain problems and poor performances with respect to 
the transfer agents that are servicing the issuer's issues. If the 
issuer does not receive notice of a registered transfer agent's failure 
to comply with the Commission's minimum performance standards then the 
issuer will be unable to take remedial action to correct the problem or 
to find another registered transfer agent. Pursuant to Rule 17Ad-3(b), 
a transfer agent that has already filed a Notice of Non-Compliance with 
the Commission pursuant to Rule 17Ad-2 will only be required to send a 
copy of that notice to issuers for which it acts when that transfer 
agent fails to turnaround 75% of all routine items or to process 75% of 
all items.
    The Commission estimates that only one transfer agent will meet the 
requirements of Rule 17Ad-3(b) each year. If a transfer agent fails to 
meet those turnaround and processing performance requirements under 
17Ad-3(b), it would simply send a copy of the notice to its issuer-
clients that had already been produced for the Commission pursuant to 
Rule 17Ad-2(c) or (d). The Commission estimates

[[Page 42566]]

the requirement will take each respondent approximately four hours to 
complete. The Commission staff estimates that compliance staff work at 
registered transfer agents to comply with the third party disclosure 
requirement will result in an internal cost of compliance, at an 
estimated hourly wage of $283, of $1,128 per year per transfer agent (4 
hours x $283 per hour = $1,128 per year). Therefore, the aggregate 
annual internal cost of compliance for the approximately one registered 
transfer agent each year to comply with Rule 17Ad-3(b) is also $1,128. 
There are no external labor costs associated with sending the notice to 
issuers.
    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.

    Dated: September 5, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-19071 Filed 9-7-17; 8:45 am]
 BILLING CODE 8011-01-P