Notice2025-21976
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 204-5
Primary source
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Published
December 5, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 232 (Friday, December 5, 2025)</title>
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[Federal Register Volume 90, Number 232 (Friday, December 5, 2025)]
[Notices]
[Page 56216]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-21976]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0767]
Agency Information Collection Activities; Submission for OMB
Review; 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'') 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 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.
The requirements of this collection of information are mandatory.
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.
The public may view and comment on this information collection
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202509-3235-011">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202509-3235-011</a> or email comment to
<a href="/cdn-cgi/l/email-protection#ace1eef482e3e1ee82e3e5feed82ffe9eff3c8c9dfc7f3c3cacac5cfc9deecc3c1ce82c9c3dc82cbc3da"><span class="__cf_email__" data-cfemail="afe2edf781e0e2ed81e0e6fdee81fceaecf0cbcadcc4f0c0c9c9c6cccaddefc0c2cd81cac0df81c8c0d9">[email protected]</span></a> within 30 days of the day
after publication of this notice, by January 5, 2026.
Dated: December 2, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-21976 Filed 12-4-25; 8:45 am]
BILLING CODE 8011-01-P
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