Notice2026-07049
Agency Information Collection Activities; Submission for OMB Review; 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
April 13, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 70 (Monday, April 13, 2026)</title>
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[Federal Register Volume 91, Number 70 (Monday, April 13, 2026)]
[Notices]
[Pages 18938-18939]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07049]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0689]
Agency Information Collection Activities; Submission for OMB
Review; 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.Sec. 3501et seq.), the Securities and Exchange
Commission (``Commission'') is submitting to the Office of Management
and Budget (``OMB'') this request for an extension of 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
[[Page 18939]]
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.
The public may view and comment on this information collection
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202601-3235-016">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202601-3235-016</a> or email comment to
<a href="/cdn-cgi/l/email-protection#7f323d275130323d5130362d3e512c3a3c201b1a0c1420101919161c1a0d3f10121d511a100f51181009"><span class="__cf_email__" data-cfemail="afe2edf781e0e2ed81e0e6fdee81fceaecf0cbcadcc4f0c0c9c9c6cccaddefc0c2cd81cac0df81c8c0d9">[email protected]</span></a> within 30 days of the day
after publication of this notice, by May 14, 2026.
Dated: April 8, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07049 Filed 4-10-26; 8:45 am]
BILLING CODE 8011-01-P
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