Notice2022-19671
Proposed Collection; Comment Request; Extension: Rule 204-5
Primary source
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Published
September 13, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 176 (Tuesday, September 13, 2022)</title>
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[Federal Register Volume 87, Number 176 (Tuesday, September 13, 2022)]
[Notices]
[Pages 56096-56097]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-19671]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-811, OMB Control No. 3235-0767]
Proposed Collection; Comment Request; Extension: Rule 204-5
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'') is soliciting comments on the
collection of information summarized below. The Commission plans to
submit this existing collection
[[Page 56097]]
of information to the Office of Management and Budget for extension and
approval.
The title for the collection of information is: ``Rule 204-5 under
the Investment Advisers Act of 1940.'' Rule 204-5 requires an
investment adviser to deliver an electronic or paper version of the
relationship summary to each retail investor before or at the time the
adviser enters into an investment advisory contract with the retail
investor. The purpose of the relationship summary is to assist retail
investors in making an informed choice when choosing an investment firm
and professional, and type of account. Retail investors can use the
information required in the relationship summary to determine whether
to hire or retain an investment adviser, as well as what types of
accounts and services are appropriate for their needs.
We estimate the total collection of information burden for rule
204-5 to be 1,137,413 annual aggregate hours per year, or 124 hours per
respondent, for a total annual aggregate monetized cost of $77,344,061,
or $8,402 per adviser.
The likely respondents to this information collection are
approximately 9,205 investment advisers registered with the Commission
that are required to deliver a relationship summary to retail investors
pursuant to rule 204-5. We also note that these figures include the 325
registered broker-dealers that are dually registered as investment
advisers.
The requirements of this collection of information are mandatory.
Responses will not be 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.
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 estimate of the burden of
the 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 by November 14, 2022.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
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#5f0f0d1e00123e36333d30271f2c3a3c71383029"><span class="__cf_email__" data-cfemail="b6e6e4f7e9fbd7dfdad4d9cef6c5d3d598d1d9c0">[email protected]</span></a>.
Dated: September 7, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-19671 Filed 9-12-22; 8:45 am]
BILLING CODE 8011-01-P
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