Bowing to concerns about the costs of compliance, the Securities and Exchange Commission is trying to figure out just how much broker-dealers, transfer agents and banks must spend to track down owners of unclaimed securities accounts before it issues a new rule.
The SEC wants to know “whether the proposed collection of information is necessary for the proper performance of the functions of the agency; the accuracy of the agency’s estimates of the burden of the proposed collection of information; ways to enhance the quality, utility and clarity of the information to be collected; and ways to mitigate the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology.”
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