Notice2025-19196
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 204-5
Primary source
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Published
October 1, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 188 (Wednesday, October 1, 2025)</title>
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[Federal Register Volume 90, Number 188 (Wednesday, October 1, 2025)]
[Notices]
[Pages 47455-47456]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-19196]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0767]
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension: Rule 204-5
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
[[Page 47456]]
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 204-5 under
the Investment Advisers Act of 1940.'' Rule 204-5 requires an
investment adviser to deliver an electronic or paper version of the
relationship summary to each retail investor before or at the time the
adviser enters into an investment advisory contract with the retail
investor. The purpose of the relationship summary is to assist retail
investors in making an informed choice when choosing an investment firm
and professional, and type of account. Retail investors can use the
information required in the relationship summary to determine whether
to hire or retain an investment adviser, as well as what types of
accounts and services are appropriate for their needs.
We estimate the total collection of information burden for rule
204-5 to be 1,241,670 annual aggregate hours per year, or 124 hours per
respondent, for a total annual aggregate monetized cost of $95,678,622,
or $9,520 per adviser.
The likely respondents to this information collection are
approximately 10,050 investment advisers registered with the Commission
that are required to deliver a relationship summary to retail investors
pursuant to rule 204-5. We also note that these figures include the 291
registered broker-dealers that are dually registered as investment
advisers.
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.
Please direct your written comments on this 60-Day Collection
Notice to Austin Gerig, Director/Chief Data Officer, Securities and
Exchange Commission, c/o Tanya Ruttenberg via email to
<a href="/cdn-cgi/l/email-protection#de8ebfaebbaca9b1acb58cbbbaabbdaab7b1b09fbdaa9eadbbbdf0b9b1a8"><span class="__cf_email__" data-cfemail="510130213423263e233a033435243225383e3f103225112234327f363e27">[email protected]</span></a> by December 1, 2025. There will be a
second opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission Notice.
Dated: September 29, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-19196 Filed 9-30-25; 8:45 am]
BILLING CODE 8011-01-P
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