Notice2026-01767
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 203A-2(d)
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
January 29, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 19 (Thursday, January 29, 2026)</title>
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[Federal Register Volume 91, Number 19 (Thursday, January 29, 2026)]
[Notices]
[Page 3944]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-01767]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0689]
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension: Rule 203A-2(d)
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 proposed
collection of information described below.
Section 203A of the Investment Advisers Act of 1940 (``Advisers
Act'') prohibits certain advisers from registering with the Commission,
including those that are smaller and those that advise a Commission-
registered investment company. 17 CFR 275.203A-2(d) (``rule 203A-
2(d)'') provides an exemption from that prohibition. Under rule 203A-
2(d), an adviser may register with the Commission if it would otherwise
be required to register with 15 or more states. To rely on rule 203A-
2(d), an adviser must do the following: (1) indicate on Schedule D of
Form ADV that it has concluded that it is required to register in 15 or
more states; (2) include an undertaking on Schedule D of Form ADV that
it will withdraw its registration if it indicates on its annual
updating amendment that the adviser is no longer required to register
with at least 15 states; in such a case, it must file a Form ADV-W
within 180 days of the adviser's fiscal year end; and (3) for five
years after each Form ADV filing, the adviser must maintain in an
easily accessible place, a record of the states in which the adviser
has determined it would be required to register, but for the exemption
in rule 203A-2(d).
The rule's record maintenance requirement (17 CFR 275.203A-2(d)(3))
is a ``collection of information'' for Paperwork Reduction Act
(``PRA'') purposes. Rule 203A-2(d)'s requirements concerning Schedule D
of Form ADV are included in the PRA burden for Form ADV. The title of
the collection of information is ``Exemption for Certain Multi-State
Investment Advisers (Rule 203A-2(d)).'' Its currently approved OMB
control number is 3235-0689. The collection of information is codified
at 17 CFR 275.203A-2(d) and is mandatory to qualify for and maintain
Commission registration eligibility under rule 203A-2(d).
Respondents to this collection of information are investment
advisers that rely on rule 203A-2(d) to register with the Commission,
but would otherwise be prohibited from registering with the Commission.
The collection of information is necessary for the Commission staff to
use in its examination and oversight program, to help determine an
adviser's eligibility for registration with the Commission under rule
203A-2(d). Responses provided to the Commission in the context of its
examination and oversight program are generally kept confidential under
section 210(b) of the Advisers Act.
We estimate 122 respondents will provide one response each, for an
aggregate of 122 annual responses. We estimate an annual time burden of
8 hours per response for an aggregate time burden of 976 hours. We
estimate an annual monetized time burden per response of $3,024 for an
aggregate monetized time burden of $368,928. We estimate $0 cost
burdens.
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#a9f9c8d9ccdbdec6dbc2fbcccddccaddc0c6c7e8cadde9daccca87cec6df"><span class="__cf_email__" data-cfemail="98c8f9e8fdeaeff7eaf3cafdfcedfbecf1f7f6d9fbecd8ebfdfbb6fff7ee">[email protected]</span></a> by March 30, 2026. There will be a second
opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission Notice.
Dated: January 27, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-01767 Filed 1-28-26; 8:45 am]
BILLING CODE 8011-01-P
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