60 Day Notice

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Federal Register / Vol. 84, No. 136 / Tuesday, July 16, 2019 / Notices

• Send an email to rule-comments@
sec.gov. Please include File Number SR–
MIAX–2019–32 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–MIAX–2019–32. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (http://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–MIAX–2019–32 and should
be submitted on or before August 6,
2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.21
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–15027 Filed 7–15–19; 8:45 am]
BILLING CODE 8011–01–P

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SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
21 17

CFR 200.30–3(a)(12).

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Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 17Ad–10, SEC File No. 270–265,
OMB Control No. 3235–0273

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’’) is soliciting comments
on the existing collection of information
provided for in Rule 17Ad–10, (17 CFR
240.17Ad–10), 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–10 generally requires
registered transfer agents to: (1) Create
and maintain current and accurate
securityholder records; (2) promptly and
accurately record all transfers,
purchases, redemptions, and issuances,
and notify their appropriate regulatory
agency if they are unable to do so; (3)
exercise diligent and continuous
attention in resolving record
inaccuracies; (4) disclose to the issuers
for whom they perform transfer agent
functions and to their appropriate
regulatory agency information regarding
record inaccuracies; (5) buy-in certain
record inaccuracies that result in a
physical over issuance of securities; and
(6) communicate with other transfer
agents related to the same issuer. These
requirements assist in the creation and
maintenance of accurate securityholder
records, enhance the ability to research
errors, and ensure the transfer agent is
aware of the number of securities that
are properly authorized by the issuer,
thereby avoiding over issuance.
The rule also has specific
recordkeeping requirements. It requires
registered transfer agents to retain
certificate detail that has been deleted
for six years and keep current an
accurate record of the number of shares
or principal dollar amount of debt
securities that the issuer has authorized
to be outstanding. These mandatory
requirements ensure accurate
securityholder records and 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.
There are approximately 333
registered transfer agents. We estimate
that the average number of hours
necessary for each transfer agent to
comply with Rule 17Ad–10 is
approximately 80 hours per year, which
generates an industry-wide annual

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burden of 26,640 hours (333 times 80
hours). This burden is primarily of a
recordkeeping nature but also includes
a small amount of third party
disclosure. At an average staff cost of
$50 per hour, the industry-wide internal
labor cost of compliance (a monetization
of the burden hours) is approximately
$1,332,000 per year (26,640 × $50). In
addition, we estimate that each transfer
agent will incur an annual external cost
burden of $18,000 resulting from the
collection of information. Therefore, the
total annual external cost on the entire
transfer agent industry is approximately
$5,994,000 ($18,000 times 333). This
cost primarily reflects ongoing computer
operations and maintenance associated
with generating, maintaining, and
disclosing or providing certain
information required by the rule.
The amount of time any particular
transfer agent will devote to Rule 17Ad–
10 compliance will vary according to
the size and scope of the transfer agent’s
business activity. We note, however,
that at least some of the records,
processes, and communications
required by Rule 17Ad–10 would likely
be maintained, generated, and used for
transfer agent business purposes even
without the rule.
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 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.
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.
Please direct your written comments
to: Charles Riddle, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Candace
Kenner, 100 F Street NE, Washington,
DC 20549, or send an email to: PRA_
[email protected].

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Federal Register / Vol. 84, No. 136 / Tuesday, July 16, 2019 / Notices
Dated: July 9, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–15032 Filed 7–15–19; 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

jspears on DSK30JT082PROD with NOTICES

Extension:
Rule 17Ad–17, SEC File No. 270–412,
OMB Control No. 3235–0469

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–17 under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.).
Rule 17Ad–17 requires certain
transfer agents and broker-dealers to
make two searches for the correct
address of lost securityholders using an
information database without charge to
the lost securityholders. In addition,
paying agents are required to attempt to
notify lost payees at least once. In
addition, the entities also are required to
maintain records relating to the searches
and notifications.
The Commission staff estimates that
the rule applies to approximately 507
broker dealers and transfer agents, and
2,705 paying agent entities, including
carrying firms, transfer agents,
indenture trustees, custodians, and
approximately 10% of issuers. The
Commission staff estimates that the total
annual burden for searches is
approximately 183,813 hours and the
total annual burden for paying agent
notifications is approximately 33,850
hours. In addition, approximately 5,765
burden hours are associated with
recordkeeping, representing an annual
burden of 4,411 hours for the brokerdealers and transfer agents, and 1,354
for paying agents. The Commission staff
estimates that the aggregate annual
burden is therefore approximately
223,428 hours (183,813 + 33,850 +
5,765).
In addition, the Commission staff
estimates that covered entities will
incur costs of approximately $6,617,298

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annually, primarily as payment to third
party data base providers that will
search for the missing securityholders.
The retention period for the
recordkeeping requirement under Rule
17Ad–17 is not less than three years
following the date the notice is
submitted. The recordkeeping
requirement under this rule is
mandatory to assist the Commission in
monitoring 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: July 11, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–15044 Filed 7–15–19; 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 7d–2, SEC File No. 270–464, OMB
Control No. 3235–0527

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520), the Securities
and Exchange Commission (the
‘‘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

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34029

Management and Budget for extension
and approval.
In Canada, as in the United States,
individuals can invest a portion of their
earnings in tax-deferred retirement
savings accounts (‘‘Canadian retirement
accounts’’). These accounts, which
operate in a manner similar to
individual retirement accounts in the
United States, encourage retirement
savings by permitting savings on a taxdeferred basis. Individuals who
establish Canadian retirement accounts
while living and working in Canada and
who later move to the United States
(‘‘Canadian-U.S. Participants’’ or
‘‘participants’’) often continue to hold
their retirement assets in their Canadian
retirement accounts rather than
prematurely withdrawing (or ‘‘cashing
out’’) those assets, which would result
in immediate taxation in Canada.
Once in the United States, however,
these participants historically have been
unable to manage their Canadian
retirement account investments. Most
investment companies (‘‘funds’’) that
are ‘‘qualified companies’’ for Canadian
retirement accounts are not registered
under the U.S. securities laws.
Securities of those unregistered funds,
therefore, generally cannot be publicly
offered and sold in the United States
without violating the registration
requirement of the Investment Company
Act of 1940 (‘‘Investment Company
Act’’).1 As a result of this registration
requirement, Canadian-U.S. Participants
previously were not able to purchase or
exchange securities for their Canadian
retirement accounts as needed to meet
their changing investment goals or
income needs.
The Commission issued a rulemaking
in 2000 that enabled Canadian-U.S.
Participants to manage the assets in
their Canadian retirement accounts by
providing relief from the U.S.
registration requirements for offers of
securities of foreign issuers to CanadianU.S. Participants and sales to Canadian
retirement accounts.2 Rule 7d–2 under
the Investment Company Act 3 permits
foreign funds to offer securities to
Canadian-U.S. Participants and sell
1 15 U.S.C. 80a. In addition, the offering and
selling of securities that are not registered pursuant
to the Securities Act of 1933 (‘‘Securities Act’’) is
generally prohibited by U.S. securities laws. 15
U.S.C. 77.
2 See Offer and Sale of Securities to Canadian
Tax-Deferred Retirement Savings Accounts, Release
Nos. 33–7860, 34–42905, IC–24491 (June 7, 2000)
[65 FR 37672 (June 15, 2000)]. This rulemaking also
included new rule 237 under the Securities Act,
permitting securities of foreign issuers to be offered
to Canadian-U.S. Participants and sold to Canadian
retirement accounts without being registered under
the Securities Act. 17 CFR 230.237.
3 17 CFR 270.7d–2.

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