Notice2025-05987
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
April 8, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 66 (Tuesday, April 8, 2025)</title>
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[Federal Register Volume 90, Number 66 (Tuesday, April 8, 2025)]
[Notices]
[Page 15184]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-05987]
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SECURITIES AND EXCHANGE COMMISSION
[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 91
hours per adviser annually based on an average adviser having 63 access
persons. Our latest data indicate that there were 15,987 advisers
registered with the Commission. Based on this figure, the Commission
estimates a total annual burden of 1,449,221 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 OMB Control Number.
Written comments are invited on: (a) whether this collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information will have practical
utility; (b) the accuracy of the agency's estimate of the burden
imposed by 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.
The public may view and comment on this information collection
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202501-3235-022">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202501-3235-022</a> or send an email comment to
<a href="/cdn-cgi/l/email-protection#c08d8298ee8f8d82ee8f899281ee9385839fa4a5b3ab9fafa6a6a9a3a5b280afada2eea5afb0eea7afb6"><span class="__cf_email__" data-cfemail="1b56594335545659355452495a35485e58447f7e687044747d7d72787e695b747679357e746b357c746d">[email protected]</span></a> within 30 days of the day
after publication of this notice by May 9, 2025.
Dated: April 2, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-05987 Filed 4-7-25; 8:45 am]
BILLING CODE 8011-01-P
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