Upon written request, copies available from: Securities and Exchange Commission, Office of Filings and Information Services,Washington, DC 20549.
Rule 17Ad-15, SEC File No. 270-360, OMB Control No. 3235-0409.
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 collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval.
Rule 17Ad-15 Signature Guarantees
Rule 17Ad-15 requires approximately 900 transfer agents to establish written standards for the acceptance or rejection of guarantees of securities transfers from eligible guarantor institutions. Transfer agents are required to establish procedures to ensure that those standards are used by the transfer agent to determine whether to accept or reject guarantees from eligible guarantor institutions. Transfer agents must maintain, for a period of three years following the date of a rejection of transfer, a record of all transfers rejected, along with the reason for the rejection, identification of the guarantor, and whether the guarantor failed to meet the transfer agent's guarantee standard. These recordkeeping requirements assist the Commission and other regulatory agencies with monitoring transfer agents and ensuring compliance with the rule.
There are approximately 900 registered transfer agents. The staff estimates that every transfer agent will spend about 40 hours annually to comply with rule 17Ad-15. The total annual burden for all transfer agents is 36,000 hours. The average cost per hour is approximately $30. Therefore, the total cost of compliance for all transfer agents is $1,080,000.
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 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.
Please direct your written comments to Kenneth A. Fogash, Associate Executive Director/Acting CIO, Office of Information Technology, Securities and Exchange Commission, 450 5th Street, NW., Washington, DC 20549.Start Signature
Dated: August 19, 2003.
J. Lynn Taylor,
[FR Doc. 03-21818 Filed 8-25-03; 8:45 am]
BILLING CODE 8010-01-P