[Federal Register Volume 69, Number 3 (Tuesday, January 6, 2004)]
[Notices]
[Page 706]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-218]


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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, 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'') has submitted to the Office of Management 
and Budget a request for extension of the previously approved 
collection of information discussed below.
    [sbull] 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, requires approximately 950 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 950 transfer agents currently registered 
with the Commission. 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, totalling 19,000 hours industry-wide. 
The average cost per hour is approximately $20 per hour, with the 
industry-wide cost estimated at approximately $380,000. 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 Kenneth A. Fogash, Acting 
Associate Executive Director/CIO, Office of Information Technology, 
Securities and Exchange Commission, 450 5th Street, NW., Washington, DC 
20549.

    Dated: December 22, 2003.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-218 Filed 1-5-04; 8:45 am]
BILLING CODE 8010-01-P