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.
PL:
Pub.L. 111 - 203 929W Name of Law: Dodd-Frank Wall Street
Reform and Consumer Protection Act
PL: Pub.L. 111 - 203 929W Name of Law:
Dodd-Frank Wall Street Reform and Consumer Protection Act
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).
$0
No
No
No
Yes
No
Uncollected
Thomas Etter 202
551-5713
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:
(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;
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.