Notice2025-04569
Proposed Collection; Comment Request; Extension: Rule 0-4
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
March 19, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 52 (Wednesday, March 19, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 52 (Wednesday, March 19, 2025)]
[Notices]
[Page 12838]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-04569]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0633]
Proposed Collection; Comment Request; Extension: Rule 0-4
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 collection of information to the Office of Management and
Budget for extension and approval.
Rule 0-4 (17 CFR 275.0-4) under the Investment Advisers Act of 1940
(``Act'' or ``Advisers Act'') (15 U.S.C. 80b-1 et seq.) entitled
``General Requirements of Papers and Applications,'' prescribes general
instructions for filing an application seeking exemptive relief with
the Commission.
The requirements of rule 0-4 are designed to provide Commission
staff with the necessary information to assess whether granting the
Orders of exemption are necessary and appropriate in the public
interest and consistent with the protection of investors and the
intended purposes of the Act.
Applicants for Orders under the Advisers Act can include registered
investment advisers, affiliated persons of registered investment
advisers, and entities seeking to avoid investment adviser status,
among others. Commission staff estimates that it receives up to 7
applications per year submitted under rule 0-4 of the Act seeking
relief from various provisions of the Advisers Act. Although each
application typically is submitted on behalf of multiple applicants,
the applicants in the vast majority of cases are related entities and
are treated as a single respondent for purposes of this analysis. Most
of the work of preparing an application is performed by outside counsel
and, therefore, imposes no hourly burden on respondents. The cost
outside counsel charges applicants depends on the complexity of the
issues covered by the application and the time required. Based on
conversations with applicants and attorneys, the cost for applications
ranges from approximately $15,259.94 for preparing a well-precedented,
routine (or otherwise less involved) application to approximately
$238,761.88 to prepare a complex or novel application. We estimate that
the Commission receives 1 of the most time-consuming applications
annually, 3 applications of medium difficulty, and 3 of the least
difficult applications subject to rule 0-4. This distribution gives a
total estimated annual cost burden to applicants of filing all
applications of $440,387.38 [(1 x $238,761.88) + (3 x $51,948.56) + (3
x $15,259.94)]. The estimate of annual cost burden is made solely for
the purposes of the Paperwork Reduction Act and is not derived from a
comprehensive or even representative survey or study of the costs of
Commission rules and forms.
The requirements of this collection of information are required to
obtain or retain benefits. 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 May 19, 2025.
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 Tanya
Ruttenberg, 100 F Street NE, Washington, DC 20549 or send an email to:
<a href="/cdn-cgi/l/email-protection#acfccddcc9dedbc3dec7fec9c8d9cfd8c5c3c2edcfd8ecdfc9cf82cbc3da"><span class="__cf_email__" data-cfemail="afffcedfcaddd8c0ddc4fdcacbdaccdbc6c0c1eeccdbefdccacc81c8c0d9">[email protected]</span></a>.
Dated: March 14, 2025.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-04569 Filed 3-18-25; 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 March 19, 2025.
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.