Notice2022-18978
Submission for OMB Review; Comment Request; Extension: Rule 204-3
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
September 2, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 170 (Friday, September 2, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 170 (Friday, September 2, 2022)]
[Notices]
[Pages 54273-54274]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-18978]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-42, OMB Control No. 3235-0047]
Submission for OMB Review; Comment Request; Extension: Rule 204-3
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'') 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 204-3 (17 CFR
275.204-3) under the Investment Advisers Act of 1940.'' (15 U.S.C.
80b). Rule 204-3, the ``brochure rule,'' requires advisers to deliver
their brochures and brochure supplements at the start of an advisory
relationship and to deliver annually thereafter the full updated
brochures or a summary of material changes to their brochures. The rule
also requires that advisers deliver amended brochures or brochure
[[Page 54274]]
supplements (or just a statement describing the amendments) to clients
only when disciplinary information in the brochures or supplements
becomes materially inaccurate.
The brochure assists the client in determining whether to retain,
or continue employing, the adviser. The information that rule 204-3
requires to be contained in the brochure is also used by the Commission
and staff in its enforcement, regulatory, and examination programs.
This collection of information is found at 17 CFR 275.204-3 and is
mandatory.
The respondents to this information collection are certain
investment advisers registered with the Commission. The Commission has
estimated that compliance with rule 204-3 imposes a burden of
approximately 3.9 hours annually based on advisers having a median of
92 clients each. Our latest data indicate that there were 14,777
advisers registered with the Commission as of March 31, 2022. Based on
this figure, the Commission estimates a total annual burden of 57,589
hours for this collection of information.
Rule 204-3 does not require recordkeeping or record retention. The
collection of information requirements under the rule are mandatory.
The information collected pursuant to the rule is not filed with the
Commission, but rather takes the form of disclosures to clients and
prospective clients. Accordingly, these disclosures are not kept
confidential. 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 October 3, 2022 to (i) <a href="/cdn-cgi/l/email-protection#6b26293345242629452422392a45382e28340f0e180034040d0d02080e192b040609450e041b450c041d"><span class="__cf_email__" data-cfemail="f0bdb2a8debfbdb2debfb9a2b1dea3b5b3af9495839baf9f969699939582b09f9d92de959f80de979f86">[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#80d0d2c1dfcde1e9ece2eff8c0f3e5e3aee7eff6"><span class="__cf_email__" data-cfemail="85d5d7c4dac8e4ece9e7eafdc5f6e0e6abe2eaf3">[email protected]</span></a>.
Dated: August 29, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-18978 Filed 9-1-22; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on September 2, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.