Notice2025-06122
Proposed Collection; Comment Request; Extension: Rule 204-3
Primary source
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Published
April 10, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 68 (Thursday, April 10, 2025)</title>
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[Federal Register Volume 90, Number 68 (Thursday, April 10, 2025)]
[Notices]
[Page 15376]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-06122]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-42, OMB Control No. 3235-0047]
Proposed Collection; 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'') 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 ``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
brochure or a summary of material changes to their brochure. The rule
also requires that advisers deliver an amended brochure or brochure
supplement (or just a statement describing the amendment) to clients
only when disciplinary information in the brochure or supplement
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. Our latest data
indicate that there were 15,464 advisers registered with the Commission
as of March 31, 2024. The Commission has estimated that compliance with
Rule 204-3 imposes a burden of approximately 4.04 hours annually based
on advisers having a median of 95 clients each. Based on this figure,
the Commission estimates a total annual burden of 62,525 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.
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 June 9, 2025.
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#b6e6d7c6d3c4c1d9c4dde4d3d2c3d5c2dfd9d8f7d5c2f6c5d3d598d1d9c0"><span class="__cf_email__" data-cfemail="e4b485948196938b968fb681809187908d8b8aa58790a4978187ca838b92">[email protected]</span></a>.
Dated: April 7, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-06122 Filed 4-9-25; 8:45 am]
BILLING CODE 8011-01-P
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