[Federal Register Volume 62, Number 105 (Monday, June 2, 1997)]
[Notices]
[Pages 29750-29751]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14211]
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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 17f-2(a); SEC File No. 270-34; OMB Control No. 3235-0034
Rule 17Ad-4(b)&(c); SEC File No. 270-264; OMB Control No. 3235-0341
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 17f-2(a) Fingerprinting Requirements for Securities
Professionals, requires that securities professionals be fingerprinted.
This requirement serves to identify security risk personnel, to allow
an employer to make fully informed employment decisions, and to deter
possible wrongdoers from seeking employment in the securities industry.
Partners, directors, officers, and employees of exchanges, brokers,
dealers, transfer agents, and clearing agencies are included.
It is estimated that approximately 10,500 respondents will submit
fingerprint cards. It is also estimated that each respondent will
submit 50 fingerprint cards. The staff estimates that the average
number of hours necessary to comply with the Rule 17f-2(a) is one-half
hour. The total burden is 262,500 hours for respondents, based upon
past submissions. The average cost per hour is approximately $30.
Therefore, the total cost of compliance for respondents is $7,875,000.
Rule 17Ad-4(b)&(c), Notices Regarding Exempt Transfer Agent Status,
is used to document when transfer agents are exempt, or no longer
exempt, from the minimum performance standards and certain
recordkeeping provisions of the Commission's transfer agent rules. Rule
17Ad-4(c) sets forth the conditions under which a registered transfer
agent loses its exempt status. Once the conditions for exemption no
longer exist, the transfer agent, to keep the appropriate regulatory
authority (``ARA'') apprised of its current status, must prepare, and
file if the ARA for the transfer agent is the Board of Governors of the
Federal Reserve System (``BGFRS'') or the Federal Deposit Insurance
Corporation (``FDIC''), a notice of loss of exempt status under
paragraph (c). The transfer agent then cannot claim exempt status under
Rule 17Ad-4(b) again until it remains subject to the minimum
performance standards for non-exempt transfer agents for six
consecutive months. The ARAs use the information contained in the
notice to determine whether a registered transfer agent qualifies for
the exemption, to determine when a registered transfer
[[Page 29751]]
agent no longer qualifies for the exemption, and to determine the
extent to which that transfer agent is subject to regulation.
The BGFRS receives approximately twelve notices of exempt status
and six notices of loss of exempt status annually. The FDIC receives
approximately eighteen notices of exempt status and three notices of
loss of exempt status annually. The Commission and the Office of the
Comptroller of the Currency (``OCC'') do not require transfer agent to
file notice of exempt status or loss of exempt status. Instead,
transfer agents whose ARA is the Commission or OCC need only to prepare
and maintain these notices. The Commission estimates that approximately
sixteen notices of exempt status and loss of exempt status are prepared
annually by transfer agents whose ARA is the Commission. Similarly, the
OCC estimates that the transfer agents for which it is the ARA prepare
and maintain approximately fifteen notices of exempt status and loss of
exempt status annually. Thus, a total of approximately seventy notices
of exempt status and loss of exempt status are prepared and maintained
by transfer agents annually. Of these seventy notices, approximately
forty are filed with an ARA. Any additional costs associated with
filing such notices would be limited primarily to postage, which would
be minimal. Since the Commission estimates that no more than one-half
hour is required to prepare each notice, the total annual burden to
transfer agents is approximately thirty-five hours. The average cost
per hours is approximately $30. Therefore, the total cost of compliance
is the transfer agent community is $1,050.
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: May 22, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-14211 Filed 5-30-97; 8:45 am]
BILLING CODE 8010-01-M
