[Federal Register: January 4, 2007 (Volume 72, Number 2)]
[Notices]
[Page 353-354]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr04ja07-54]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549.
Extension:
Rule 17Ad-10; SEC File No. 270-265; OMB Control No. 3235-0273.
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 collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of
[[Page 354]]
Management and Budget for extension and approval.
Rule 17Ad-10: Prompt posting of certificate detail to master
securityholder files, maintenance of accurate securityholder files,
communications between co-transfer agents and recordkeeping transfer
agents, maintenance of current control book, retention of certificate
detail and ``buy-in'' of physical over-issuance.
Rule 17Ad-10, (17 CFR 240.17Ad-10), under the Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.), requires approximately 760
registered transfer agents to create and maintain minimum information
on securityholders' ownership of an issue of securities for which it
performs transfer agent functions, including the purchase, transfer and
redemptions of securities. In addition, the rule also requires transfer
agents that maintain securityholder records to keep certificate detail
that has been cancelled from those records for a minimum of six years
and to maintain and keep current an accurate record of the number of
shares or principle dollar amount of debt securities that the issuer
has authorized to be outstanding (a ``control book''). These
recordkeeping requirements assist in the creation and maintenance of
accurate securityholder records, the ability to research errors, and
ensure the transfer agent is ware of the number of securities that are
properly authorized by the issuer, thereby avoiding overissuance.
There are approximately 760 registered transfer agents. The staff
estimates that the average number of hours necessary for each transfer
agent to comply with Rule 17Ad-10 is approximately 20 hours per year,
totaling 15,200 hours industry-wide. The average cost per hour is
approximately $50 per hour, with the industry-wide cost estimated at
approximately $760,000. However, the information required by Rule 17Ad-
10 generally already is maintained by registered transfer agents. The
amount of time devoted to compliance with Rule 17Ad-10 varies according
to differences in business activity.
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information shall
have practical utility; (b) the accuracy of the agency'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.
Please direct your written comments to R. Corey Booth, Director/
Chief Information Officer, Securities and Exchange Commission, C/O
Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312
or by sending an e-mail to: PRA_Mailbox@sec.gov. Comments must be
submitted within 60 days of this notice.
Dated: December 20, 2006.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-22540 Filed 1-3-07; 8:45 am]
BILLING CODE 8011-01-P