Transfer Agents' Obligation to Search for Lost Securityholders (17 CFR 240.17Ad-17)

Forms and Documents

Document Name	Status
201117AD-17justification (17Nov11)[1].doc Supporting Statement A	2011-11-18
DoddFrankStatute.pdf Supplementary Document	2011-11-17

IC Document Collections

IC ID	Document Title	Status
35178	Transfer Agents' Obligation to Search for Lost Securityholders (17 CFR 240.17Ad-17)	Modified

ICR Details

OMB Control No: 3235-0469	ICR Reference No: 201111-3235-023
Status: Historical Inactive	Previous ICR Reference No: 200806-3235-001
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: Comment filed on proposed rule and continue	Conclusion Date: 02/10/2012
	Date Received in OIRA: 11/18/2011
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/29/2012	36 Months From Approved	05/31/2013
Responses	2,432	0	2,432
Time Burden (Hours)	3,040	0	3,040
Cost Burden (Dollars)	3,297,792	0	3,297,792

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Abstract: Rule 17Ad-17 requires transfer agents, brokers, dealers, and paying agents to conduct database searches to locate lost securityholders.

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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

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AL11	Proposed rulemaking	75 FR 16707	03/25/2011

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Transfer Agents' Obligation to Search for Lost Securityholders (17 CFR 240.17Ad-17)

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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 changes in burden result from a substantial increase in the number of entities subject to Rule 17Ad-17, which was caused by a change to federal law. Note that while the time burden increased, the cost burden decreased; this decrease is due to the fact that internal labor costs had been included in the prior approval, and are no longer included in this current submission. Note that we have received an emergency extension for the approval of the rule as not amended, pending adoption of the rule proposal to which this submission relates.

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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

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Common Form ICR:  No

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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: 11/18/2011

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