
[Federal Register Volume 88, Number 220 (Thursday, November 16, 2023)]
[Notices]
[Page 78801]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-25362]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-096, OMB Control No. 3235-0151]


Submission for OMB Review; Comment Request; Extension: Rule 
17Ac3-1(a) and Form TA-W

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.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in Rule 
17Ac3-1(a) (17 CFR 240.17Ac3-1(a)) and Form TA-W (17 CFR 249b.101), 
under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
    Section 17A(c)(4)(B) of the Securities Exchange Act of 1934 (15 
U.S.C. 78c(a)(34)(B) authorizes transfer agents registered with an 
appropriate regulatory agency (``ARA'') to withdraw from registration 
by filing with the ARA a written notice of withdrawal and by agreeing 
to such terms and conditions as the ARA deems necessary or appropriate 
in the public interest, for the protection of investors, or in the 
furtherance of the purposes of Section 17A.
    In order to implement Section 17A(c)(4)(B) of the Exchange Act, the 
Commission promulgated Rule 17Ac3-1(a) and accompanying Form TA-W on 
September 1, 1977. Rule 17Ac3-1(a) provides that notice of withdrawal 
of registration as a transfer agent with the Commission shall be filed 
on Form TA-W. Form TA-W requires the withdrawing transfer agent to 
provide the Commission with certain information, including: (1) the 
locations where transfer agent activities are or were performed; (2) 
the reasons for ceasing the performance of such activities; (3) 
disclosure of unsatisfied judgments or liens; and (4) information 
regarding successor transfer agents.
    The Commission uses the information disclosed on Form TA-W to 
determine whether the registered transfer agent applying for withdrawal 
from registration as a transfer agent should be allowed to deregister 
and, if so, whether the Commission should attach to the granting of the 
application any terms or conditions necessary or appropriate in the 
public interest, for the protection of investors, or in furtherance of 
the purposes of Section 17A of the Exchange Act. Without Rule 17Ac3-
1(a) and Form TA-W, transfer agents registered with the Commission 
would not have a means to voluntarily deregister it is necessary or 
appropriate to do so.
    On average, respondents have filed approximately 50 Form TA-Ws with 
the Commission annually from 2020 to 2023. A Form TA-W filing occurs 
only once, when a transfer agent is seeking deregistration. In view of 
the readily available information requested by Form TA-W, its short and 
simple presentation, and the Commission's experience with the filers, 
we estimate that approximately 30 minutes is required to complete and 
file Form TA-W. Thus, the total annual time burden to the transfer 
agent industry is approximately 25 hours (50 filings x 0.5 hours). We 
estimate that the internal labor cost of compliance per filing $39 (0.5 
hours x $78 average hourly rate for clerical staff time).\1\ Thus, the 
total internal compliance cost per year is thus approximately $975 (25 
hours x $39 = $975).
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    \1\ The $78 per hour figure for clerical staff time is from 
SIFMA's Office Salaries in the Securities Industry 2013, modified by 
Commission staff to account for an 1,800-hour work-year and 
inflation, and multiplied by 2.93 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 December 18, 2023 to
    (i) www.reginfo.gov/public/do/PRAMain 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: November 13, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-25362 Filed 11-15-23; 8:45 am]
BILLING CODE 8011-01-P


