[Federal Register Volume 87, Number 132 (Tuesday, July 12, 2022)]
[Notices]
[Page 41375]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-14747]


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SECURITIES AND EXCHANGE COMMISSION

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


Submission for OMB Review; Comment Request: Extension: Rule 17Ad-
16

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.) (`PRA''), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
existing collection of information provided for in Rule 17Ad-16 (17 CFR 
240.17Ad-16) under the Securities Exchange Act of 1934 (15 U.S.C. 78a 
et seq.).
    Rule 17Ad-16 requires a registered transfer agent to provide 
written notice to the appropriate qualified registered securities 
depository when assuming or terminating transfer agent services on 
behalf of an issuer or when changing its name or address. In addition, 
transfer agents that provide such notice shall maintain such notice for 
a period of at least two years in an easily accessible place. This rule 
addresses the problem of certificate transfer delays caused by transfer 
requests that are directed to the wrong transfer agent or the wrong 
address.
    We estimate that the transfer agent industry submits approximately 
15,917 Rule 17Ad-16 notices to appropriate qualified registered 
securities depositories. The staff estimates that the average amount of 
time necessary to create and submit each notice is approximately 15 
minutes per notice. Accordingly, the estimated total industry burden is 
3,979.25 hours per year (15 minutes multiplied by 15,917 notices filed 
annually).
    Because the information needed by transfer agents to properly 
notify the appropriate registered securities depository is readily 
available to them and the report is simple and straightforward, the 
cost is relatively minimal. The average internal compliance cost to 
prepare and send a notice is approximately $86 (15 minutes at $344 per 
hour).\1\ This yields an industry-wide internal compliance cost 
estimate of $1,368,862 (15,917 notices multiplied by $86 per notice).
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    \1\ The estimated hourly wages used in this analysis were 
derived from reports prepared by the Securities Industry and 
Financial Markets Association. See Securities Industry and Financial 
Markets Association, Office Salaries in the Securities Industry--
2022 (2022), modified to account for an 1800-hour work year and 
multiplied by 5.35 to account for bonuses, firm size, employee 
benefits and overhead.
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    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    The public may view background documentation for this information 
collection at the following website: >www.reginfo.gov<. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent by August 11, 2022 to (i) 
>[email protected]< and (ii) David Bottom, 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending 
an email to: [email protected].

    Dated: July 6, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-14747 Filed 7-11-22; 8:45 am]
BILLING CODE 8011-01-P


