Notice2022-06421
Proposed Collection; Comment Request
Primary source
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Published
March 28, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 59 (Monday, March 28, 2022)</title>
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[Federal Register Volume 87, Number 59 (Monday, March 28, 2022)]
[Notices]
[Pages 17358-17359]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-06421]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-536, OMB Control No. 3235-0596]
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736.
Extension:
Rule 204A-1
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 (the ``Commission'') is soliciting comments on the
collections of information summarized below. The Commission plans to
submit these existing collections of information to the Office of
Management and Budget for extension and approval.
The title for the collection of information is ``Rule 204A-1 (17
CFR 275.204A-1) under the Investment Advisers Act of 1940'' (15 U.S.C.
80b-1 et seq.). Rule 204A-1 (the ``Code of Ethics Rule'') requires
investment advisers registered with the Commission to (i) set forth
standards of conduct expected of advisory personnel (including
compliance with the federal securities laws); (ii) safeguard material
nonpublic information about client transactions; and (iii) require the
adviser's ``access persons'' to report their personal securities
transactions, including transactions in any mutual fund managed by the
adviser. The Code of Ethics Rule requires access persons to obtain the
adviser's approval before investing in an initial public offering or
private placement. The Code of Ethics Rule also requires prompt
reporting, to the adviser's chief compliance officer or another person
designated in the code of ethics, of any violations of the code.
Finally, the Code of Ethics Rule requires the adviser to provide each
supervised person with a copy of the code and any amendments, and
require the
[[Page 17359]]
supervised persons to acknowledge, in writing, their receipt of these
copies.
The purposes of the information collection requirements are to: (i)
Ensure that advisers maintain codes of ethics applicable to their
supervised persons; (ii) provide advisers with information about the
personal securities transactions of their access persons for purposes
of monitoring such transactions; (iii) provide advisory clients with
information with which to evaluate advisers' codes of ethics; and (iv)
assist the Commission's examination staff in assessing the adequacy of
advisers' codes of ethics and assessing personal trading activity by
advisers' supervised persons.
The respondents to this information collection are investment
advisers registered with the Commission. The Commission has estimated
that compliance with rule 204A-1 imposes a burden of approximately 87
hours per adviser annually for an estimated total annual burden of
1,275,659 hours.
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.
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed collection of information; (c)
ways to enhance the quality, utility, and clarity of the information
collected; and (d) 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 by May 27, 2022.
Please direct your written comments to David Bottom, Director/Chief
Information Officer, Securities and Exchange Commission, C/O John
Pezzullo, 100 F Street NE, Washington, DC 20549; or send an email to:
<a href="/cdn-cgi/l/email-protection#d28280938d9fb3bbbeb0bdaa92a1b7b1fcb5bda4"><span class="__cf_email__" data-cfemail="712123302e3c10181d131e09310214125f161e07">[email protected]</span></a>.
Dated: March 23, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-06421 Filed 3-25-22; 8:45 am]
BILLING CODE 8011-01-P
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