View Information Collection Request (ICR) Package
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View Supporting Statement and Other Documents
Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3235-0469
ICR Reference No:
201302-3235-001
Status:
Historical Active
Previous ICR Reference No:
201111-3235-023
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-412
Title:
Transfer Agents' Obligation to Search for Lost Securityholders (17 CFR 240.17Ad-17)
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
05/31/2013
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/27/2013
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2016
36 Months From Approved
05/31/2013
Responses
6,819,400
0
2,432
Time Burden (Hours)
125,379
0
3,040
Cost Burden (Dollars)
92,897,760
0
3,297,792
Abstract:
The purpose of Rule 17Ad-17 is to reduce the number of lost securityholders by requiring transfer agents, brokers, dealers, and paying agents (collectively, "covered entities") to conduct two database searches for correct addresses for the lost securityholders. Rule 17Ad-17 requires a mandatory "collection of information" that requires covered entities to maintain records in order to comply with and to demonstrate compliance with the rule, which includes written procedures that describe the transfer agent's, broker's, dealer's, or paying agent's methodology for complying with the rule. Such records must be maintained for a period of not less than three years with the first year in an easily accessible place. The Commission reviews this information to test for compliance. The collection of information is necessary to enable covered entities, as custodians of records that determine the ownership of securities and the entitlement to corporate distributions, to reduce the number of lost and missing securityholders. The Dodd-Frank Act required certain changes to this rule.
Authorizing Statute(s):
PL:
Pub.L. 111 - 203 929W
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 929W Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AL11
Final or interim final rulemaking
78 FR 4768
01/23/2013
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
5
IC Title
Form No.
Form Name
Broker Dealer Requirements
Operations and maintanance costs associated with generating, maintaining, and disclosing or providing lost securityholder information
Paying Agent Requirements
Start up Costs
Transfer Agents conducting searches and reporting
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
6,819,400
2,432
6,819,400
0
-2,432
0
Annual Time Burden (Hours)
125,379
3,040
125,379
0
-3,040
0
Annual Cost Burden (Dollars)
92,897,760
3,297,792
92,897,760
0
-3,297,792
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The estimates provided above have significantly increased the cost and time burden of compliance with Rule 17Ad-17. The primary factor for this is that, as a result of the Dodd-Frank Act, Rule 17Ad-17 now applies to broker-dealers and paying agents, in addition to transfer agents. This means that an additional 7,740 entities are subject to the rule (over 15 times the number of entities previously subjected).
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Thomas Etter 202 551-5713
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
02/26/2013
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