[Federal Register Volume 62, Number 151 (Wednesday, August 6, 1997)]
[Notices]
[Page 42273]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-20616]



[[Page 42273]]

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SECURITIES AND EXCHANGE COMMISSION

[Extension: Rule 17f-2(a), SEC File No. 270-34, OMB Control No. 3235-
0034, Rule 17Ad-4(b) & (c), 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 Filings and, Information Services, 
Washington, DC 20549.

    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 request[s] for extension of the previously approved 
collection[s] of information discussed below.
    Rule 17f-2(a) Fingerprinting Requirements for Securities 
Professionals, requires that securities professionals be fingerprinted. 
This requirements serves to identify security risk personnel, to allow 
an employer to make fully informed employment decisions, and to deter 
possible wrongdoers from seeking employment in the securities industry. 
Partners, directors, officers, and employees of exchanges, broker, 
dealers, transfer agents, and clearing agencies are included.
    It is estimated that approximately 10,500 respondents will submit 
fingerprint cards. It is also estimated that each respondent will 
submit 50 fingerprint cards. The staff estimates that the average 
number of hours necessary to comply with the Rule 17f-2(a) is one-half 
hour. The total burden is 262,500 hours for respondents, based upon 
past submissions. The average cost per hour is approximately $30. 
Therefore, the total cost of compliance for respondents is $7,875,000.
    Rule 17Ad-4(b) & (c), Notices Regarding Exempt Transfer Agent 
Status, 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. 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. The ARAs use the information contained in the 
notice to determine whether a registered transfer agent qualifies for 
the exemptions, 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 BGFRS receives approximately twelve notices of exempt status 
and six notices of loss of exempt status annually. The FDIC receives 
approximately eighteen notices of exempt status and three notices of 
loss of exempt status annually. The Commission and the Office of the 
Comptroller of the Currency (``OCC'') do not require transfer agents to 
file notice of exempt status or loss of exempt status. Instead, 
transfer agents whose ARA is the Commission or OCC need only to prepare 
and maintain these notices. The Commission estimates that approximately 
sixteen notice of exempt status and loss of exempt status are prepared 
annually by transfer agents whose ARA is the Commission. Similarly, the 
OCC estimates that the transfer agents for which it is the ARA prepare 
and maintain approximately fifteen notices of exempt status and loss of 
exempt status annually. Thus, a total of approximately seventy notices 
of exempt status and loss of exempt status are prepared and maintained 
by transfer agents annually. Of these seventy notices, approximately 
forty are filed with an ARA. Any additional costs associated with 
filing such notices would be limited primarily to postage, which would 
be minimal. Since the Commission estimates that no more than one-half 
hour is required to prepare each notice, the total annual burden to 
transfer agents is approximately thirty-five hours. The average cost 
per hour is approximately $30. Therefore, the total cost of compliance 
to the transfer agent community is $1050.
    General comments regarding the above information should be directed 
to the following persons: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 3208, New Executive Office 
Building, Washington, D.C. 20503; and (ii) Michael E. Bartell, 
Associate Executive Director, Office of Information Technology, 
Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, 
D.C. 20549. Comments must be submitted to OMB within 30 days of this 
notice.

    Dated: July 29, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-20616 Filed 8-5-97; 8:45 am]
BILLING CODE 8010-01-M