Notice2025-12394
Submission for OMB Review; Comment Request; Extension: Rule 204-3
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
July 2, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 125 (Wednesday, July 2, 2025)</title>
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[Federal Register Volume 90, Number 125 (Wednesday, July 2, 2025)]
[Notices]
[Pages 29097-29098]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-12394]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0047]
Submission for OMB Review; 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'') has submitted to the Office of Management and Budget a
request for extension of the previously
[[Page 29098]]
approved collection of information discussed below.
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
brochures or a summary of material changes to their brochures. The rule
also requires that advisers deliver amended brochures or brochure
supplements (or just a statement describing the amendments) to clients
only when disciplinary information in the brochures or supplements
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. 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. Our latest data indicate that there were 15,464
advisers registered with the Commission as of March 31, 2024. 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.
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=202504-3235-005">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202504-3235-005</a> or email comment to
<a href="/cdn-cgi/l/email-protection#bcf1fee492f3f1fe92f3f5eefd92eff9ffe3d8d9cfd7e3d3dadad5dfd9cefcd3d1de92d9d3cc92dbd3ca"><span class="__cf_email__" data-cfemail="1c515e443253515e3253554e5d324f595f4378796f7743737a7a757f796e5c73717e3279736c327b736a">[email protected]</span></a> within 30 days of the day
after publication of this notice, by August 4, 2025.
Dated: June 30, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-12394 Filed 7-1-25; 8:45 am]
BILLING CODE 8011-01-P
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