83 FR 64380 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 240 (December 14, 2018)

Page Range		64380-64381
FR Document		2018-27090

Federal Register, Volume 83 Issue 240 (Friday, December 14, 2018)

[Federal Register Volume 83, Number 240 (Friday, December 14, 2018)]
[Notices]
[Pages 64380-64381]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-27090]


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

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'') is soliciting comments on the existing collection of 
information provided for in the following rule: 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

[[Page 64381]]

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 ARA apprised 
of its current status, must prepare, and file if the ARA for the 
transfer agent is the Fed or the 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 website: 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) Charles Riddle, Acting Director/
Chief Information Officer, Securities and Exchange Commission, c/o 
Candace Kenner, 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: December 10, 2018.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2018-27090 Filed 12-13-18; 8:45 am]
 BILLING CODE 8011-01-P

64380 Federal Register / Vol. 83, No. 240 / Friday, December 14, 2018 / Notices

on competition that is created by the these proposed rule changes would not communications relating to the
proposed rule changes to the fees have any impact on competition. proposed rule change between the
associated with CNS fails that are more Commission and any person, other than
(C) Clearing Agency’s Statement on
than 30 days would be necessary and those that may be withheld from the
Comments on the Proposed Rule
appropriate in furtherance of the public in accordance with the
Change Received From Members,
purposes of the Act, as permitted by provisions of 5 U.S.C. 552, will be
Participants, or Others
Section 17A(b)(3)(I) of the Act.29 available for website viewing and
NSCC believes that the proposed rule Written comments relating to this printing in the Commission’s Public
changes to promote efficient market proposed rule change have not been Reference Room, 100 F Street NE,
behavior would be necessary in solicited or received. NSCC will notify Washington, DC 20549 on official
furtherance of the purposes of the Act the Commission of any written business days between the hours of
because the Rules must provide for the comments received by NSCC. 10:00 a.m. and 3:00 p.m. Copies of the
equitable allocation of reasonable dues, III. Date of Effectiveness of the filing also will be available for
fees, and other charges among its Proposed Rule Change, and Timing for inspection and copying at the principal
participants.30 As described above, Commission Action office of NSCC and on DTCC’s website
NSCC believes that the proposed rule (http://dtcc.com/legal/sec-rule-
The foregoing rule change has become filings.aspx). All comments received
changes would result in fees that are
effective pursuant to Section 19(b)(3)(A) will be posted without change. Persons
equitably allocated (by imposing the
of the Act 34 and paragraph (f) of Rule submitting comments are cautioned that
fees on all Members with CNS fails
19b–4 thereunder.35 At any time within we do not redact or edit personal
more than 30 days) and would result in
60 days of the filing of the proposed rule identifying information from comment
reasonable fees (by increasing fees to the
change, the Commission summarily may submissions. You should submit only
extent they would serve as meaningful
temporarily suspend such rule change if information that you wish to make
deterrents to Members having CNS fails
it appears to the Commission that such available publicly. All submissions
that are more than 30 days). As such,
action is necessary or appropriate in the should refer to File Number SR–NSCC–
NSCC believes the proposed rule
public interest, for the protection of 2018–011 and should be submitted on
changes to promote efficient market
investors, or otherwise in furtherance of or before January 4, 2019.
behavior would be necessary in
the purposes of the Act.
furtherance of the purposes of the Act, For the Commission, by the Division of
as permitted by Section 17A(b)(3)(I) of IV. Solicitation of Comments Trading and Markets, pursuant to delegated
the Act.31 authority.36
Interested persons are invited to
NSCC believes any burden on Eduardo A. Aleman,
submit written data, views and
competition that is created by the arguments concerning the foregoing, Deputy Secretary.
proposed rule changes to promote including whether the proposed rule [FR Doc. 2018–27080 Filed 12–13–18; 8:45 am]
efficient market behavior would also be change is consistent with the Act. BILLING CODE 8011–01–P
appropriate in furtherance of the Comments may be submitted by any of
purposes of the Act. NSCC believes that the following methods:
the proposed rule changes would SECURITIES AND EXCHANGE
encourage Members to address CNS fails Electronic Comments COMMISSION
that are more than 30 days. Reducing • Use the Commission’s internet [SEC File No. 270–264, OMB Control No.
the number of CNS fails that are more comment form (http://www.sec.gov/ 3235–0341]
than 30 days would, NSCC believes, rules/sro.shtml); or
promote the prompt and accurate • Send an email to rule-comments@ Submission for OMB Review;
clearance and settlement of securities sec.gov. Please include File Number SR– Comment Request
transactions. As such, NSCC believes NSCC–2018–011 on the subject line.
Upon Written Request, Copies Available
the proposed rule changes to promote
Paper Comments From: Securities and Exchange
efficient market behavior would be
• Send paper comments in triplicate Commission, Office of FOIA Services,
appropriate in furtherance of the
to Secretary, Securities and Exchange 100 F Street NE, Washington, DC
purposes of the Act, as permitted by
Commission, 100 F Street NE, 20549–2736.
Section 17A(b)(3)(I) of the Act.32
NSCC does not believe the proposed Washington, DC 20549. Extension:
All submissions should refer to File Rule 17Ad–4(b) & (c)
rule changes to reduce the complexity of
the Fee Structure (other than the Number SR–NSCC–2018–011. This file Notice is hereby given that pursuant
proposed rule change to modify the number should be included on the to the Paperwork Reduction Act of 1995
trade recording fee for foreign security subject line if email is used. To help the (44 U.S.C. 3501 et seq.) the Securities
trades) and make technical and Commission process and review your and Exchange Commission
conforming changes, as discussed above comments more efficiently, please use (‘‘Commission’’) is soliciting comments
in Items II(A)(1)(ii)(A) and (D), only one method. The Commission will on the existing collection of information
respectively, would impact post all comments on the Commission’s provided for in the following rule: Rule
competition.33 These changes would internet website (http://www.sec.gov/ 17Ad–4(b) & (c) under the Securities
apply equally to all Members and would rules/sro.shtml). Copies of the Exchange Act of 1934 (15 U.S.C. 78a et
not affect Members’ rights and submission, all subsequent seq.) (‘‘Exchange Act’’).
amozie on DSK3GDR082PROD with NOTICES1

obligations. As such, NSCC believes amendments, all written statements Rule 17Ad–4(b) & (c) (17 CFR
with respect to the proposed rule 240.17Ad–4) is used to document when
29 Id. change that are filed with the transfer agents are exempt, or no longer
30 15 U.S.C. 78q–1(b)(3)(D). Commission, and all written exempt, from the minimum
31 15 U.S.C. 78q–1(b)(3)(I). performance standards and certain
32 Id. 34 15 U.S.C. 78s(b)(3)(A).
33 Id. 35 17 CFR 240.19b–4(f). 36 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 16:57 Dec 13, 2018 Jkt 247001 PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 E:\FR\FM\14DEN1.SGM 14DEN1

Federal Register / Vol. 83, No. 240 / Friday, December 14, 2018 / Notices 64381

recordkeeping provisions of the This rule does not involve the Section 19(b)(2) of the Act 4 provides
Commission’s transfer agent rules. collection of confidential information. that within 45 days of the publication of
Pursuant to Rule 17Ad–4(b), if the An agency may not conduct or notice of the filing of a proposed rule
Commission or the Office of the sponsor, and a person is not required to change, or within such longer period up
Comptroller of the Currency (‘‘OCC’’) is respond to, a collection of information to 90 days as the Commission may
the appropriate regulatory agency under the PRA unless it displays a designate if it finds such longer period
(‘‘ARA’’) for an exempt transfer agent, currently valid OMB control number. to be appropriate and publishes its
that transfer agent is required to prepare The public may view background reasons for so finding, or as to which the
and maintain in its possession a notice documentation for this information self-regulatory organization consents,
certifying that it is exempt from certain collection at the following website: the Commission shall either approve the
performance standards and www.reginfo.gov. Comments should be proposed rule change, disapprove the
recordkeeping and record retention directed to: (i) Desk Officer for the proposed rule change, or institute
provisions of the Commission’s transfer Securities and Exchange Commission, proceedings to determine whether the
agent rules. This notice need not be Office of Information and Regulatory proposed rule change should be
filed with the Commission or OCC. If Affairs, Office of Management and disapproved. The 45th day after
the Board of Governors of the Federal Budget, Room 10102, New Executive publication of the notice for this
Reserve System (‘‘Fed’’) or the Federal Office Building, Washington, DC 20503, proposed rule change is December 29,
Deposit Insurance Corporation (‘‘FDIC’’) or by sending an email to: 2018. The Commission is extending this
is the transfer agent’s ARA, that transfer Lindsay.M.Abate@omb.eop.gov; and (ii) 45-day time period.
agent must prepare a notice and file it Charles Riddle, Acting Director/Chief The Commission finds it appropriate
with the Fed or FDIC. Information Officer, Securities and to designate a longer period within
Rule 17Ad–4(c) sets forth the which to take action on the proposed
Exchange Commission, c/o Candace
conditions under which a registered rule change so that it has sufficient time
Kenner, 100 F Street NE, Washington,
transfer agent loses its exempt status. to consider this proposed rule change.
DC 20549, or by sending an email to:
Once the conditions for exemption no Accordingly, the Commission, pursuant
PRA_Mailbox@sec.gov. Comments must
longer exist, the transfer agent, to keep to Section 19(b)(2) of the Act,5
be submitted to OMB within 30 days of
the ARA apprised of its current status, designates February 12, 2019, as the
must prepare, and file if the ARA for the this notice.
date by which the Commission shall
transfer agent is the Fed or the FDIC, a Dated: December 10, 2018. either approve or disapprove, or
notice of loss of exempt status under Eduardo A. Aleman, institute proceedings to determine
paragraph (c). The transfer agent then Deputy Secretary. whether to disapprove, the proposed
cannot claim exempt status under Rule [FR Doc. 2018–27090 Filed 12–13–18; 8:45 am] rule change (File No. SR–NYSEArca–
17Ad–4(b) again until it remains subject BILLING CODE 8011–01–P 2018–77).
to the minimum performance standards
for non-exempt transfer agents for six For the Commission, by the Division of
Trading and Markets, pursuant to delegated
consecutive months. SECURITIES AND EXCHANGE authority.6
ARAs use the information contained COMMISSION
in the notices required by Rules 17Ad– Eduardo A. Aleman,
4(b) and 17Ad–4(c) to determine Deputy Secretary.
[Release No. 34–84772; File No. SR–
whether a registered transfer agent NYSEArca–2018–77]
[FR Doc. 2018–27082 Filed 12–13–18; 8:45 am]
qualifies for the exemption, to BILLING CODE 8011–01–P
determine when a registered transfer Self-Regulatory Organizations; NYSE
agent no longer qualifies for the Arca, Inc.; Notice of Designation of a
exemption, and to determine the extent Longer Period for Commission Action SECURITIES AND EXCHANGE
to which that transfer agent is subject to on Proposed Rule Change To Amend COMMISSION
regulation. Rule 7.44–E, the Exchange’s Retail [SEC File No. 270–641, OMB Control No.
The Commission estimates that Liquidity Program 3235–0685]
approximately 10 registered transfer
agents each year prepare or file notices December 10, 2018. Submission for OMB Review;
in compliance with Rules 17Ad–4(b) On October 26, 2018, NYSE Arca, Inc. Comment Request
and 17Ad–4(c). The Commission (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed
estimates that each such registered Upon Written Request, Copies Available
with the Securities and Exchange From: U.S. Securities and Exchange
transfer agent spends approximately 1.5 Commission (‘‘Commission’’), pursuant
hours to prepare or file such notices for Commission, Office of FOIA Services,
to Section 19(b)(1) of the Securities 100 F Street NE, Washington, DC
an aggregate total annual burden of 15 Exchange Act of 1934 (‘‘Act’’) 1 and Rule
hours (1.5 hours times 10 transfer 20549–2736.
19b–4 thereunder,2 a proposed rule
agents). The Commission staff estimates change to amend Exchange Rule 7.44– Extension:
that compliance staff work at registered E, which sets forth the Exchange’s Retail Rules 3a68–2 and 3a68–4(c)
transfer agents results in an internal cost Liquidity Program. The proposed rule Notice is hereby given that pursuant
of compliance, at an estimated hourly change was published for comment in to the Paperwork Reduction Act of 1995
wage of $283, of $424.5 per year per the Federal Register on November 14, (44 U.S.C. 3501 et seq.), the Securities
transfer agent (1.5 hours × $283 per hour 2018.3 The Commission has received no and Exchange Commission (‘‘SEC’’) has
amozie on DSK3GDR082PROD with NOTICES1

= $424.5 per year). Therefore, the comment letters on the proposed rule submitted to the Office of Management
aggregate annual internal cost of change. and Budget (‘‘OMB’’) a request for
compliance for the approximate 10 approval of extension of the previously
transfer agents annually preparing or 1 15 U.S.C. 78s(b)(1).
filing notices pursuant to Rules 17Ad– 2 17 CFR 240.19b–4. 4 15 U.S.C. 78s(b)(2).
4(b) and 17Ad–4(c) is approximately 3 See Securities Exchange Act Release No. 84547 5 Id.

$4,245 ($424.5 × 10 = $4,245). (Nov. 7, 2018), 83 FR 56890. 6 17 CFR 200.30–3(a)(31).

VerDate Sep<11>2014 16:57 Dec 13, 2018 Jkt 247001 PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 E:\FR\FM\14DEN1.SGM 14DEN1

Document Created: 2018-12-14 03:50:20
Document Modified: 2018-12-14 03:50:20

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		83 FR 64380