[Federal Register Volume 62, Number 117 (Wednesday, June 18, 1997)]
[Notices]
[Page 33144]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-15935]
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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, DC 20549.
Extension: Rule 17Ad-15; SEC File No. 270-360; OMB Control No. 3235-
0409.
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-15, Signature Guarantees, requires transfer agents to
establish written standards for the acceptance or rejection of
guarantees of securities transfers from eligible guarantor
institutions. Transfer agents are also 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. Also 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.
It is estimated that there are 1,431 registered transfer agents. Of
the 1,431 registered transfer agents, approximately 795 will receive
fewer than 100 items for transfer. It is expected that most small
transfer agents will have few, if any, rejections. The estimated number
of hours for each transfer agent to comply with the Rule 17Ad-15 is
forty hours annually. The total annual burden is 31,800 hours for
transfer agents, based upon past submissions. The average cost per hour
is approximately $30. Therefore, the total cost of compliance for
transfer agents is $954,000.
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 shall
have practical utility; (b) the accuracy of the agency's estimates of
the burden of the proposed collection of information; (c) ways to
enhance the quality, utility, and clarity of the information to be
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: June 11, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-15935 Filed 6-17-97; 8:45 am]
BILLING CODE 8010-01-M
