Notice2024-16567
Proposed Collection; Comment Request; Extension: Rule 206(4)-7
Primary source
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Published
July 29, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 145 (Monday, July 29, 2024)</title>
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[Federal Register Volume 89, Number 145 (Monday, July 29, 2024)]
[Notices]
[Pages 60944-60945]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-16567]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-523, OMB Control No. 3235-0585]
Proposed Collection; 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 15,441 advisers registered with the Commission as of
December 31, 2023. 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
1,389,690 hours for this collection of information.
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 September 27, 2024.
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: Austin Gerig, Director/
Chief Data Officer, Securities and Exchange Commission, c/o Oluwaseun
Ajayi, 100 F Street NE, Washington, DC 20549 or send an email to:
<a href="/cdn-cgi/l/email-protection#d8888a998795b9b1b4bab7a098abbdbbf6bfb7ae"><span class="__cf_email__" data-cfemail="ce9e9c8f9183afa7a2aca1b68ebdabade0a9a1b8">[email protected]</span></a>.
[[Page 60945]]
Dated: July 23, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-16567 Filed 7-26-24; 8:45 am]
BILLING CODE 8011-01-P
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