Submission for OMB Review; Comment Request, 19985 [2019-09277]

Download as PDF Federal Register / Vol. 84, No. 88 / Tuesday, May 7, 2019 / Notices SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–363, OMB Control No. 3235–0413] Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 jbell on DSK3GLQ082PROD with NOTICES Extension: Rule 17Ad–16 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 11,006 Rule 17Ad–16 notices per year 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 2,752 hours per year (15 minutes multiplied by 11,006 filed annually rounded up from 2,751.5 to 2,752). 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 $70.75 (15 minutes at $283 per hour).1 This yields 1 The estimated hourly wages used in this analysis were derived from reports prepared by the VerDate Sep<11>2014 16:24 May 06, 2019 Jkt 247001 an industry-wide internal compliance cost estimate of $778,675 (11,006 notices multiplied by $70.75 per notice rounded up from $778,674.5 to $778,675). 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. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: Lindsay.M.Abate@omb.eop.gov; and (ii) Charles Riddle, Director/Chief Information Officer, Securities and Exchange Commission, c/ o Candace Kenner, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: May 2, 2019. Vanessa A. Countryman, Acting Secretary. [FR Doc. 2019–09277 Filed 5–6–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–440, OMB Control No. 3235–0496] Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 Extension: Appendix F to Rule 15c3–1 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 appendix F to Rule 15c3–1 (‘‘appendix F’’ or ‘‘Rule 15c3– 1f’’) (17 CFR 240.15c3–1f) under the Securities Industry and Financial Markets Association. See Securities Industry and Financial Markets Association, Office Salaries in the Securities Industry—2013 (2013), modified to account for an 1800-hour work year and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 19985 Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Under appendix F, a class of brokerdealers known as over-the counter (‘‘OTC’’) derivatives dealers may apply to the Commission for authorization to compute net capital charges for market and credit risk in accordance with appendix F in lieu of computing securities haircuts under paragraph (c)(2)(vi) of Exchange Act Rule 15c3–1. At present, three OTC derivatives dealers have been approved to use appendix F. Two OTC derivatives dealers have applied to use appendix F, and the staff expects that one additional OTC derivatives dealer will apply to use appendix F during the next three years. The Commission estimates that the three approved OTC derivatives dealers and two OTC derivatives dealers with pending applications (if approved) will spend an average of approximately 1,000 hours each per year reporting information concerning their VAR models and internal risk management systems, for an annual burden of 5,000 hours. The Commission estimates that, on average, a firm initially will take approximately 1,000 hours to prepare an application to use appendix F. For the one firm expected to apply, this would result in an annual burden of 333 hours per year amortized over three years. For the two years after it registers, the new registrant would spend an average of approximately 1,000 hours each year reporting information concerning its VAR model and internal risk management system, for an annual burden of 667 hours per year amortized over 3 years. 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. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: Lindsay.M.Abate@omb.eop.gov; and (ii) Charles Riddle, Acting Director/Chief Information Officer, Securities and Exchange Commission, c/o Candace Kenner, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. E:\FR\FM\07MYN1.SGM 07MYN1

Agencies

[Federal Register Volume 84, Number 88 (Tuesday, May 7, 2019)]
[Notices]
[Page 19985]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09277]



[[Page 19985]]

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SECURITIES AND EXCHANGE COMMISSION

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


Submission for OMB Review; Comment Request

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

Extension:
    Rule 17Ad-16

    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 
11,006 Rule 17Ad-16 notices per year 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 2,752 hours per year (15 minutes multiplied by 
11,006 filed annually rounded up from 2,751.5 to 2,752).
    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 $70.75 (15 minutes at $283 
per hour).\1\ This yields an industry-wide internal compliance cost 
estimate of $778,675 (11,006 notices multiplied by $70.75 per notice 
rounded up from $778,674.5 to $778,675).
---------------------------------------------------------------------------

    \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--
2013 (2013), modified to account for an 1800-hour work year and 
multiplied by 5.35 to account for bonuses, firm size, employee 
benefits and overhead.
---------------------------------------------------------------------------

    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. Comments should 
be directed to: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Information and Regulatory Affairs, Office of 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503, or by sending an email to: 
[email protected]; and (ii) Charles Riddle,
    Director/Chief Information Officer, Securities and Exchange 
Commission, c/o Candace Kenner, 100 F Street NE, Washington, DC 20549, 
or by sending an email to: [email protected]. Comments must be 
submitted to OMB within 30 days of this notice.

    Dated: May 2, 2019.
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-09277 Filed 5-6-19; 8:45 am]
 BILLING CODE 8011-01-P
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