Document ID: SEC-2019-0609-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2019-05-07T04:00Z

[Federal Register Volume 84, Number 88 (Tuesday, May 7, 2019)]
[Notices]
[Pages 19979-19980]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09287]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-412, OMB Control No. 3235-0469]

Proposed Collection; 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

    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'') is soliciting comments on the existing 
collection of information provided for in Rule 17Ad-17, (17 CFR 
240.17Ad-17), 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-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

[[Page 19980]]

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. 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.
    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 
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.
    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.
    Please direct your written comments to: Charles Riddle, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o Candace Kenner, 100 F Street NE, Washington, DC 20549, or send an 
email to: PRA_Mailbox@sec.gov.

    Dated: May 2, 2019.
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-09287 Filed 5-6-19; 8:45 am]
 BILLING CODE 8011-01-P