30 day notice

30 day notice for 17ad-11.pdf

Reports regarding aged record differences, buy-ins and failure to post certificate detail to master securityholder and subsidiary files (17 CFR 240.17Ad-11)

30 day notice

OMB: 3235-0274

Document [pdf]
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Federal Register / Vol. 83, No. 242 / Tuesday, December 18, 2018 / Notices
charged with enforcing the MSRB’s
rules, can use the information submitted
on MSRB Form G–45 to enhance their
understanding of, and ability to
monitor, 529 savings plans and ABLE
programs.
In approving the proposed rule
change, the Commission also has
considered the impact of the proposed
rule change on efficiency, competition,
and capital formation.32 The
Commission does not believe that the
proposed rule change will impose any
burden on competition not necessary or
appropriate in furtherance of the
purposes of the Act. The clarification
regarding the collection of the program
management fee information should
reduce instances of the MSRB needing
to have underwriters resubmit corrected
information that is currently required to
be submitted under Rule G–45. The
Commission believes the deletion of the
Rule G–45 requirement to report threeyear annualized performance data for
each investment option and any related
benchmarks will better align Rule G–45
reporting requirements with industry
reporting standards and will likely
reduce Rule G–45 reporting burdens.
Additionally, with regard to the
proposed requirement to report
investment option closing date
information, the Commission
understands that this information is
readily available to underwriters and
the cost of submission of such
information would be minor. The
Commission believes that the additional
information required to be submitted by
the proposed rule change would be
submitted on an equal and nondiscriminatory basis, and the
requirement would apply equally to all
dealers that serve as underwriters to 529
savings plans and/or ABLE programs.
Furthermore, the Commission believes
that the potential burdens created by the
proposed rule change are likely to be
outweighed by the benefits.
For the reasons noted above, the
Commission believes that the proposed
rule change is consistent with the Act.

amozie on DSK3GDR082PROD with NOTICES

IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,33 that the
proposed rule change (SR–MSRB–2018–
08) be, and hereby is, approved.

U.S.C. 78c(f).
33 15 U.S.C. 78s(b)(2).

For the Commission, pursuant to delegated
authority.34
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2018–27281 Filed 12–17–18; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
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–11, SEC File No. 270–261,
OMB Control No. 3235–0274

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (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 17Ad–11 (17 CFR 240.17Ad–11),
under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.).
Rule 17Ad–11 requires every
registered recordkeeping transfer agent
to report to issuers and its appropriate
regulatory agency in the event that the
aggregate market value of an aged record
difference exceeds certain thresholds. A
record difference occurs when an
issuer’s records do not agree with those
of securityholders as indicated, for
instance, on certificates presented to the
transfer agent for purchase, redemption
or transfer. An aged record difference is
a record difference that has existed for
more than 30 calendar days. In addition,
the rule requires every recordkeeping
transfer agent to report to its appropriate
regulatory agency in the event of a
failure to post certificate detail to the
master securityholder file within five
business days of the time required by
Rule 17Ad–10 (17 CFR 240.17Ad–10).
Also, a transfer agent must maintain a
copy of any report required under Rule
17Ad–11 for a period of not less than
three years following the date of the
report, the first year in an easily
accessible place.
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
2012, the Commission staff estimates
that 8 respondents will file a total of
approximately 10 reports annually. The
Commission staff estimates that, on
average, each report can be completed
in 30 minutes. Therefore, the total
annual hourly burden to the entire
transfer agent industry is approximately
five hours (30 minutes × 10 reports).
Assuming an average hourly rate of $25
for a transfer agent staff employee, the
average total internal cost of the report
is $12.50. The total annual internal cost
of compliance for the approximate 8
respondents is approximately $125.00
(10 reports × $12.50).
The retention period for the
recordkeeping requirement under Rule
17Ad–11 is three years following the
date of a report prepared pursuant to the
rule. The recordkeeping requirement
under Rule 17Ad–11 is mandatory to
assist the Commission and other
regulatory agencies with monitoring
transfer agents and ensuring compliance
with the rule. This rule does not involve
the collection of confidential
information.
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, 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:
[email protected]. Comments must
be submitted to OMB within 30 days of
this notice.
Dated: December 12, 2018.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2018–27266 Filed 12–17–18; 8:45 am]
BILLING CODE 8011–01–P

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