Notice2025-09634
Submission for OMB Review; 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
May 29, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 102 (Thursday, May 29, 2025)</title>
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[Federal Register Volume 90, Number 102 (Thursday, May 29, 2025)]
[Notices]
[Pages 22786-22787]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-09634]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0633]
Submission for OMB Review; 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'') has submitted to the Office of
Management and Budget a request for approval of the collection of
information discussed below.
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
[[Page 22787]]
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 OMB Control Number.
Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper performance of
the functions of the SEC, including whether the information will have
practical utility; (b) the accuracy of the SEC's estimate of the burden
imposed by the proposed collection of information, including the
validity of the methodology and the assumptions used; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated,
electronic 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=202501-3235-021">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202501-3235-021</a> or email comment to
<a href="/cdn-cgi/l/email-protection#e2afa0baccadafa0ccadabb0a3ccb1a7a1bd86879189bd8d84848b818790a28d8f80cc878d92cc858d94"><span class="__cf_email__" data-cfemail="521f100a7c1d1f107c1d1b00137c0117110d363721390d3d34343b313720123d3f307c373d227c353d24">[email protected]</span></a> within 30 days of the day
after publication of this notice, by June 30, 2025.
Dated: May 22, 2025.
Sherr R. Haywood,
Assistant Secretary.
[FR Doc. 2025-09634 Filed 5-28-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on May 29, 2025.
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