Document ID: SEC-2012-1040-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals: Rule 17Ad-15
Posted Date: 2012-07-03T04:00Z

[Federal Register Volume 77, Number 128 (Tuesday, July 3, 2012)]
[Notices]
[Page 39529]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-16224]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Rule 17Ad-15; OMB Control No. 3235-0122; SEC File No. 270-154.

    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-15 (17 CFR 
240.17Ad-15) under the Securities Exchange Act of 1934 (15 U.S.C. 78a 
et seq.). The Commission plans to submit this existing collection of 
information to the Office of Management and Budget (``OMB'') for 
extension and approval.
    Rule 17Ad-15 (17 CFR 240.17Ad-15) under the Securities Exchange Act 
of 1934 (15 U.S.C. 78a et seq.) (the ``Act'') requires approximately 
477 transfer agents to establish written standards for the acceptance 
or rejection of guarantees of securities transfers from eligible 
guarantor institutions. Transfer agents are required to establish 
procedures to ensure that those standards are used by the transfer 
agent to determine whether to accept or reject guarantees from eligible 
guarantor institutions. Transfer agents must maintain, for a period of 
three years following the date of a rejection of transfer, a record of 
all transfers rejected, along with the reason for the rejection, 
identification of the guarantor, and whether the guarantor failed to 
meet the transfer agent's guarantee standard. These recordkeeping 
requirements assist the Commission and other regulatory agencies with 
monitoring transfer agents and ensuring compliance with the rule.
    There are approximately 477 registered transfer agents. The staff 
estimates that every transfer agent will spend about 40 hours annually 
to comply with Rule 17Ad-15. The total annual burden for all transfer 
agents is 19,080 hours (477 times 40 hours). The average cost per hour 
is approximately $50. Therefore, the total cost of compliance for all 
transfer agents is $954,000 (19,080 hours times $50).
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates of the burden of the proposed collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information on 
respondents; 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.
    The Commission may not conduct or sponsor a collection of 
information unless it displays a currently valid control number. No 
person shall be subject to any penalty for failing to comply with a 
collection of information subject to the PRA that does not display a 
valid Office of Management and Budget (OMB) control number.
    Please direct your comments to Thomas Bayer, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik/Simon, 6432 General Green Way, Alexandria, VA 22312 or send an 
email to: PRA_Mailbox@sec.gov.

    Dated: June 27, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-16224 Filed 7-2-12; 8:45 am]
BILLING CODE 8011-01-P