Notice2021-25912
Submission for OMB Review; Comment Request, Extension: Rule 206(4)-7
Primary source
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Published
November 29, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 226 (Monday, November 29, 2021)</title>
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[Federal Register Volume 86, Number 226 (Monday, November 29, 2021)]
[Notices]
[Page 67780]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-25912]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-523, OMB Control No. 3235-0585]
Submission for OMB Review; Comment Request, Extension: Rule
206(4)-7
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
The title for the collection of information is ``Investment
Advisers Act rule 206(4)-7, 17 CFR 275.206(4)-7, Compliance procedures
and practices.'' This collection of information is found at 17 CFR
275.206(4)-7, and is mandatory. Rule 206(4)-7 under the Investment
Advisers Act of 1940 (``Advisers Act'') requires each investment
adviser registered with the Commission to (1) adopt and implement
written policies and procedures reasonably designed to prevent
violations of the Advisers Act and its rules, (2) review those
compliance policies and procedures annually, and (3) designate a chief
compliance officer who is responsible for administering the compliance
policies and procedures. The rule is designed to protect investors by
fostering better compliance with the securities laws. The collection of
information under rule 206(4)-7 is necessary to help ensure that
investment advisers maintain comprehensive internal programs that
promote the advisers' compliance with the Advisers Act and its rules.
The Commission's examination and oversight staff may review the
information collected to assess investment advisers' compliance
programs. Responses provided to the Commission pursuant to the rule in
the context of the Commission's examination and oversight program are
generally kept confidential.\1\ An agency may not conduct or sponsor,
and a person is not required to respond to, a collection of information
unless it displays a currently valid control number.
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\1\ See section 210(b) of the Advisers Act (15 U.S.C. 80b-
10(b)).
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The respondents to this information collection are investment
advisers registered with the Commission. Updated data indicate that
there were 14,376 advisers registered with the Commission as of August
2021. Each respondent would produce one response, per year. Commission
staff has estimated that compliance with rule 206(4)-7 imposes an
annual burden of approximately 90 hours per response. Based on this
figure, Commission staff estimates a total annual burden of 1,293,840
hours for this collection of information.
Written comments are invited on: (1) Whether the collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information will have practical
utility; (2) the accuracy of the agency's estimate of the burden of the
collection of information; (3) ways to enhance the quality, utility,
and clarity of the information collected; and (4) ways to minimize the
burden of the collection of information on respondents, including
through the use of automated collection techniques or other forms of
information technology. Consideration will be given to comments and
suggestions submitted in writing within 60 days of this publication. An
agency may not conduct or sponsor a collection of information unless it
displays a currently valid OMB control number. No person shall be
subject to any penalty for failing to comply with a collection of
information subject to the PRA that does not display a valid OMB
control number.
Please direct your written comments to David Bottom, Director/Chief
Information Officer, Securities and Exchange Commission, C/O John R.
Pezzullo, 100 F Street NE, Washington, DC 20549; or send an email to:
<a href="/cdn-cgi/l/email-protection#9dcdcfdcc2d0fcf4f1fff2e5ddeef8feb3faf2eb"><span class="__cf_email__" data-cfemail="510103100e1c30383d333e29112234327f363e27">[email protected]</span></a>.
Dated: November 23, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-25912 Filed 11-26-21; 8:45 am]
BILLING CODE 8011-01-P
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