Proposed Collection; Comment Request, 52075 [2012-21112]
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Federal Register / Vol. 77, No. 167 / Tuesday, August 28, 2012 / Notices
partnerships, limited liability companies and
other pooled investment vehicles are
excepted from the account statement delivery
and deemed to comply with the annual
surprise examination requirement if the
limited partnerships, limited liability
companies or pooled investment vehicles are
subject to annual audit by an independent
public accountant registered with, and
subject to regular inspection by the PCAOB,
and the audited financial statements are
distributed to investors in the pools.6 The
rule also provides an exception to the
surprise examination requirement for
advisers that have custody because they have
authority to deduct advisory fees from client
accounts and advisers that have custody
solely because a related person holds the
adviser’s client assets and the related person
is operationally independent of the adviser.7
Advisory clients use this information to
confirm proper handling of their accounts.
The Commission’s staff uses the information
obtained through this collection in its
enforcement, regulatory and examination
programs. Without the information collected
under the rule, the Commission would be
less efficient and effective in its programs
and clients would not have information
valuable for monitoring an adviser’s handling
of their accounts.
The respondents to this information
collection are investment advisers registered
with the Commission and have custody of
clients’ funds or securities. We estimate that
4,763 advisers would be subject to the
information collection burden under rule
206(4)–2. The number of responses under
rule 206(4)–2 will vary considerably
depending on the number of clients for
which an adviser has custody of funds or
securities, and the number of investors in
pooled investment vehicles that the adviser
manages. It is estimated that the average
number of responses annually for each
respondent would be 6,830, and an average
time of 0.01593hour per response. The
annual aggregate burden for all respondents
to the requirements of rule 206(4)–2 is
estimated to be 518,275 hours.
The estimated average burden hours are
made solely for purposes of the Paperwork
Reduction Act and are not derived from a
comprehensive or even representative survey
or study of the cost of Commission rules and
forms.
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 estimate 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.
6 Rule
7 Rule
206(4)–2(b)(4).
206(4)–2(b)(3), (b)(6).
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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: August 22, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–21115 Filed 8–27–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213
Extension:
Rule 17Ad–11; SEC File No. 270–261;
OMB Control No. 3235–0274.
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’’) is soliciting comments
on the existing collection of information
provided for in Rule 17Ad–11 (17 CFR
240.17Ad–11) under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.). The Commission plans to submit
this existing collection of information to
the Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 17Ad–11 requires all registered
transfer agents to report to issuers and
the appropriate regulatory agency in the
event that aged record differences
exceed certain dollar value thresholds.
An aged record difference occurs when
an issuer’s records do not agree with
those of security holders as indicated,
for instance, on certificates presented to
the transfer agent for purchase,
redemption or transfer. In addition, the
rule requires transfer agents to report to
the appropriate regulatory agency in the
event of a failure to post certificate
detail to the master security holder file
within five business days of the time
required by Rule 17Ad–10 (17 CFR
240.10). Also, transfer agents must
maintain a copy of each report prepared
under Rule 17Ad–11 for a period of
three years following the date of the
report. These recordkeeping
requirements assist the Commission and
other regulatory agencies with
monitoring transfer agents and ensuring
compliance with the rule.
Because the information required by
Rule 17Ad–11 is already available to
transfer agents, any collection burden
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52075
for small transfer agents is minimal.
Based on a review of the number of Rule
17Ad–11 reports the Commission, the
Comptroller of the Currency, the Board
of Governors of the Federal Reserve
System, and the Federal Deposit
Insurance Corporation received since
2009, the Commission estimates that 10
respondents will file a total of
approximately 12 reports annually. The
Commission staff estimates that, on the
average, each report requires
approximately one-half hour to prepare.
Therefore, the Commission staff
estimates that the total annual hourly
burden to the entire transfer agent
industry is approximately six hours (30
minutes multiplied by 12 reports).
Assuming an average hourly rate of a
transfer agent staff employee of $25, the
average total internal cost of the report
is $12.50. The total annual internal cost
of compliance for the approximate 10
respondents is approximately $150.00
(12 reports × $12.50).
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 OMB
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 OMB control number.
Please direct your written comments
to: Thomas Bayer, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way,
Alexandria, VA 22312 or send an email
to: PRA_Mailbox@sec.gov.
Dated: August 22, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–21112 Filed 8–27–12; 8:45 am]
BILLING CODE 8011–01–P
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[Federal Register Volume 77, Number 167 (Tuesday, August 28, 2012)]
[Notices]
[Page 52075]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-21112]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213
Extension:
Rule 17Ad-11; SEC File No. 270-261; OMB Control No. 3235-0274.
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'') is soliciting comments on the
existing collection of information provided for in Rule 17Ad-11 (17 CFR
240.17Ad-11) under the Securities Exchange Act of 1934 (15 U.S.C. 78a
et seq.). The Commission plans to submit this existing collection of
information to the Office of Management and Budget (``OMB'') for
extension and approval.
Rule 17Ad-11 requires all registered transfer agents to report to
issuers and the appropriate regulatory agency in the event that aged
record differences exceed certain dollar value thresholds. An aged
record difference occurs when an issuer's records do not agree with
those of security holders as indicated, for instance, on certificates
presented to the transfer agent for purchase, redemption or transfer.
In addition, the rule requires transfer agents to report to the
appropriate regulatory agency in the event of a failure to post
certificate detail to the master security holder file within five
business days of the time required by Rule 17Ad-10 (17 CFR 240.10).
Also, transfer agents must maintain a copy of each report prepared
under Rule 17Ad-11 for a period of three years following the date of
the report. These recordkeeping requirements assist the Commission and
other regulatory agencies with monitoring transfer agents and ensuring
compliance with the rule.
Because the information required by Rule 17Ad-11 is already
available to transfer agents, any collection burden for small transfer
agents is minimal. Based on a review of the number of Rule 17Ad-11
reports the Commission, the Comptroller of the Currency, the Board of
Governors of the Federal Reserve System, and the Federal Deposit
Insurance Corporation received since 2009, the Commission estimates
that 10 respondents will file a total of approximately 12 reports
annually. The Commission staff estimates that, on the average, each
report requires approximately one-half hour to prepare. Therefore, the
Commission staff estimates that the total annual hourly burden to the
entire transfer agent industry is approximately six hours (30 minutes
multiplied by 12 reports). Assuming an average hourly rate of a
transfer agent staff employee of $25, the average total internal cost
of the report is $12.50. The total annual internal cost of compliance
for the approximate 10 respondents is approximately $150.00 (12 reports
x $12.50).
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 OMB 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 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: August 22, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-21112 Filed 8-27-12; 8:45 am]
BILLING CODE 8011-01-P
