📄SEC's Proposed Information Collection for Rule 17Ad-17 Compliance
Proposed Collection; Comment Request; Extension: Rule 17Ad-17
Summary
The Securities and Exchange Commission is requesting comments on a proposed information collection under Rule 17Ad-17, which entails requirements for broker-dealers and transfer agents to search for lost securityholders and notify payees. The rule imposes recordkeeping obligations and outlines associated burdens and costs for compliance.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The document outlines compliance requirements under Rule 17Ad-17 for approximately 489 broker-dealers and 3,106 paying agents. Businesses must conduct searches for lost securityholders without charge and maintain records, incurring significant costs estimated at $6.6 million annually. This regulatory obligation highlights the necessity for diligent recordkeeping and proactive communication with lost payees.