Document ID: SEC-2019-0998-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2019-07-16T04:00Z

[Federal Register Volume 84, Number 136 (Tuesday, July 16, 2019)]
[Notices]
[Page 34029]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-15044]

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SECURITIES AND EXCHANGE COMMISSION

Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

Extension:
    Rule 17Ad-17, SEC File No. 270-412, OMB Control No. 3235-0469

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in Rule 
17Ad-17 under the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.).
    Rule 17Ad-17 requires certain transfer agents and broker-dealers to 
make two searches for the correct address of lost securityholders using 
an information database without charge to the lost securityholders. In 
addition, paying agents are required to attempt to notify lost payees 
at least once. In addition, the entities also are required to maintain 
records relating to the searches and notifications.
    The Commission staff estimates that the rule applies to 
approximately 507 broker dealers and transfer agents, and 2,705 paying 
agent entities, including carrying firms, transfer agents, indenture 
trustees, custodians, and approximately 10% of issuers. The Commission 
staff estimates that the total annual burden for searches is 
approximately 183,813 hours and the total annual burden for paying 
agent notifications is approximately 33,850 hours. In addition, 
approximately 5,765 burden hours are associated with recordkeeping, 
representing an annual burden of 4,411 hours for the broker-dealers and 
transfer agents, and 1,354 for paying agents. The Commission staff 
estimates that the aggregate annual burden is therefore approximately 
223,428 hours (183,813 + 33,850 + 5,765).
    In addition, the Commission staff estimates that covered entities 
will incur costs of approximately $6,617,298 annually, primarily as 
payment to third party data base providers that will search for the 
missing securityholders.
    The retention period for the recordkeeping requirement under Rule 
17Ad-17 is not less than three years following the date the notice is 
submitted. The recordkeeping requirement under this rule is mandatory 
to assist the Commission in monitoring compliance with the rule. This 
rule does not involve the collection of confidential information.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Comments should 
be directed to: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Information and Regulatory Affairs, Office of 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503, or by sending an email to: 
Lindsay.M.Abate@omb.eop.gov; and (ii) Charles Riddle, Acting Director/
Chief Information Officer, Securities and Exchange Commission, c/o 
Candace Kenner, 100 F Street NE, Washington, DC 20549, or by sending an 
email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: July 11, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-15044 Filed 7-15-19; 8:45 am]
BILLING CODE 8011-01-P