Notice2022-12022
Submission for OMB Review; Comment Request; Extension: Rule 204A-1
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 6, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 108 (Monday, June 6, 2022)</title>
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[Federal Register Volume 87, Number 108 (Monday, June 6, 2022)]
[Notices]
[Page 34321]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-12022]
[[Page 34321]]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-536, OMB Control No. 3235-0596]
Submission for OMB Review; Comment Request; Extension: Rule 204A-
1
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 (the ``Commission'') has submitted to the Office of
Management and Budget a request for extension of the previously
approved collection of information discussed below.
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 SEC 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 (``IPO'') 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 of ethics and any amendments,
and require the 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 based on an average adviser having 60 access
persons. Our latest data indicate that there were 14,705 advisers
registered with the Commission. Based on this figure, the Commission
estimates a total annual burden of 1,275,659 hours for this collection
of information.
Rule 204A-1 does not require recordkeeping or record retention. The
collection of information requirements under the rule is mandatory. The
information collected pursuant to the rule is not filed with the
Commission, but rather takes the form of communications between
advisers and their supervised persons. Investment advisers use the
information collected to control and assess the personal trading
activities of their supervised persons. Responses to the reporting
requirements will be kept confidential to the extent each investment
adviser provides confidentiality under its particular practices and
procedures. 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.
The public may view background documentation for this information
collection at the following website: <a href="http://www.reginfo.gov">www.reginfo.gov</a>. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
by July 6, 2022 to (i) <a href="/cdn-cgi/l/email-protection#1459564c3a5b59563a5b5d46553a4751574b7071677f4b7b72727d777166547b79763a717b643a737b62"><span class="__cf_email__" data-cfemail="e1aca3b9cfaeaca3cfaea8b3a0cfb2a4a2be8584928abe8e878788828493a18e8c83cf848e91cf868e97">[email protected]</span></a> and
(ii) David Bottom, Director/Chief Information Officer, Securities and
Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC
20549, or by sending an email to: <a href="/cdn-cgi/l/email-protection#633331223c2e020a0f010c1b231006004d040c15"><span class="__cf_email__" data-cfemail="4e1e1c0f11032f27222c21360e3d2b2d60292138">[email protected]</span></a>.
Dated: May 31, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-12022 Filed 6-3-22; 8:45 am]
BILLING CODE 8011-01-P
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