97-28438. Proposed Collection; Comment Request

[Federal Register Volume 62, Number 208 (Tuesday, October 28, 1997)]
[Notices]
[Page 55842]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-28438]



[[Page 55842]]

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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-16, SEC File No. 270-363, OMB Control No. 3235-0413

    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.

Rule 17Ad-16  Notice of Assumption or Termination of Transfer Agent 
Services

    Rule 17Ad-16 under the Securities Exchange Act of 1934, requires a 
registered transfer agent to provide written notice to a qualified 
registered securities depository when assuming or terminating transfer 
agent services on behalf of an issuer or when changing its name or 
address. These recordkeeping requirements address the problem of 
certificate transfer delays caused by transfer requests that are 
directed to the wrong transfer agent or the wrong address.
    Approximately 450 transfer agents submit Rule 17Ad-16 notices, the 
staff estimates that the average number of hours necessary for each 
transfer agent to comply with Rule 17Ad-16 is approximately 15 minutes 
per notice or 3.5 hours per year, totalling 1,575 hours industry-wide. 
The average cost per hour is approximately $30 per hour, with the 
industry-wide cost estimated at approximately $47,250. However, the 
information required by Rule 17Ad-16 generally is maintained by 
registered transfer agents. The amount of time devoted to compliance 
with Rule 17Ad-16 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: October 10, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-28438 Filed 10-27-97; 8:45 am]
BILLING CODE 8010-01-M