[Federal Register Volume 65, Number 193 (Wednesday, October 4, 2000)]
[Notices]
[Page 59234]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-25422]


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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, 
D.C. 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 Management and 
Budget for extension and approval.
    <bullet> Rule 17Ad-10 Prompt Posting of Certificate Detail to 
Master Securityholder Files; Maintenance of Accurate Securityholder 
Files and Control Book; and Retention of Certificate Detail
    Rule 17Ad-10, 17 CFR 240.17Ad-10, under the Securities Exchange Act 
of 1934, requires approximately 1,093 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 securityhodler 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 aware of the number of securities that are properly 
authorized by the issuer, thereby avoiding over issuance.
    The staff estimates that the average number of hours necessary for 
each transfer agent to comply with Rule 17 Ad-10 is approximately 20 
hours per year, totaling 21,860 hours industrywide. The average cost 
per hour is approximately $20 per hour, with the industry-wide cost 
estimated at approximately $437,200. However, 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 will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information 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 Michael E. Bartell, 
Associate Executive Director, Office of Information Technology, 
Securities and Exchange Commission, 450 5th Street, N.W. Washington, DC 
20549.

    Dated: September 26, 2000.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-25422 Filed 10-3-00; 8:45 am]
BILLING CODE 8010-01-M