Notices. SECURITIES AND EXCHANGE COMMISSION
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/register/2003/12/31/03-32169·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 7905-01-P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Filings and Information, Washington, DC 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”) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below.
Rule 17Ad-16—Notice of Assumption or Termination of Transfer Agent Services Rule 17Ad-16, 17 CFR 240.17Ad-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.
Given that there are approximately 450 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, totaling 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 already 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 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 on respondents; 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. Considerations will be given to comments and suggestions submitted in writing within 60 days of this publication. Please direct your written comments to Kenneth A. Fogash, Acting Associate Executive Director/CIO, Office of Information Technology, Securities and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549. Dated: December 22, 2003. Margaret H. McFarland, Deputy Secretary. [FR Doc. 03-32169 Filed 12-30-03; 8:45 am]
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