
[Federal Register Volume 77, Number 126 (Friday, June 29, 2012)]
[Notices]
[Page 38865]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-15943]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon written request, copies available from: U.S. Securities and 
Exchange Commission, Office of Investor Education and Advocacy, 
Washington, DC 20549-0213.

Extension:
    Rule 17Ad-4(b) & (c), OMB Control No. 3235-0341, SEC File No. 
270-264.

    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 existing collection of 
information provided for in the following rule: Rule 17Ad-4(b) & (c) 
under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 
(``Exchange Act''). The Commission plans to submit this existing 
collection of information to the Office of Management and Budget 
(``OMB'') for extension and approval.
    Rule 17Ad-4(b) & (c) (17 CFR 240.17Ad-4) 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 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 two notices of exempt status and 
two notices of loss of exempt status annually. The FDIC also receives 
approximately two notices of exempt status and two notices of loss of 
exempt status annually. The Commission and the Office of the 
Comptroller of the Currency (``OCC'') do not require transfer agents to 
file a 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 
ten notices of exempt status and ten notices of loss of exempt status 
are prepared annually by transfer agents whose ARA is the Commission. 
We estimate that the transfer agents for whom the OCC is their ARA 
prepare and maintain approximately five notices of exempt status and 
five notices of loss of exempt status annually. Thus, a total of 
approximately thirty-eight notices of exempt status and loss of exempt 
status are prepared and maintained by transfer agents annually. Of 
these thirty-eight notices, approximately eight 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 nineteen hours.
    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 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.
    The Commission may not conduct or sponsor a collection of 
information unless it displays a currently valid control number. No 
person shall be subject to any penalty for failing to comply with a 
collection of information subject to the PRA that does not display a 
valid Office of Management and Budget (OMB) control number.
    Please direct your written comments to: Thomas Bayer, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312 or send an 
email to: PRA_Mailbox@sec.gov.

    Dated: June 25, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-15943 Filed 6-28-12; 8:45 am]
BILLING CODE 8011-01-P


