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 changes in burden result
from fewer covered entities due to the decrease in registered
transfer agents as well as an increase in the number of searches
and notifications.
$0
No
No
No
Yes
No
Uncollected
Catherine Whiting 202
551-4990
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.