Notice2026-09750
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Form ADV
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
May 15, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 91 Issue 94 (Friday, May 15, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 94 (Friday, May 15, 2026)]
[Notices]
[Pages 28088-28089]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-09750]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0049]
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension: Form ADV
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.) (``PRA''), the Securities and
Exchange Commission (the ``SEC'' or ``Commission'') is soliciting
comments on the collection of information summarized below. The
Commission 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 ``Form ADV'' (17 CFR
279.1). Form ADV is the investment adviser registration form and exempt
reporting adviser reporting form filed electronically with the
Commission pursuant to rules 203-1 (17 CFR 275.203-1), 204-1 (17 CFR
275.204-1)
[[Page 28089]]
and 204-4 (17 CFR 275.204-4) under the Investment Advisers Act of 1940
(15 U.S.C. 80b-1 et seq.) (``Advisers Act'') by advisers registered
with the Commission or applying for registration with the Commission or
by exempt reporting advisers filing reports with the Commission. The
information collected takes the form of disclosures to the adviser's
clients and potential clients. The purpose of this collection of
information is to provide advisory clients, prospective clients, and
the Commission with information about the adviser, its business, its
conflicts of interest and personnel. Clients and prospective clients
use certain of the information to determine whether to hire an adviser
and, if hired, how to manage that relationship.
The information collected provides the Commission with knowledge
about the adviser, its business, its conflicts of interest and
personnel. The Commission uses the information to determine eligibility
for registration with the Commission and to manage its regulatory,
examination, and enforcement programs. Part 1 of Form ADV contains
information used primarily by the Commission staff and Part 2 is the
client brochure. Part 3 requires registered investment advisers that
offer services to retail investors to prepare and file with the
Commission a relationship summary.
The Commission recently updated the data sources and methodology
that it generally uses for calculating occupational hourly rates that
are used in estimating certain PRA burdens.\1\
---------------------------------------------------------------------------
\1\ To calculate the occupational hourly rates, the Commission
uses occupational mean hourly wage data from the Occupational
Employment and Wage Statistics (``OEWS'') program of the Bureau of
Labor Statistics (``BLS'') for ``Securities, Commodity Contracts,
and Other Financial Investments and Related Activities'' (``NAICS
523''); see Occupational Employment and Wage Statistics, U.S. BUREAU
OF LABOR STATISTICS, <a href="https://www.bls.gov/oes/">https://www.bls.gov/oes/</a>; see also Standard
Occupational Classification, U.S. BUREAU OF LABOR STATISTICS,
<a href="https://www.bls.gov/soc/">https://www.bls.gov/soc/</a> (describing occupational classification
system used by BLS); EXEC. OFF. OF THE PRESIDENT, OFF. OF MGMT. &
BUDGET, NORTH AMERICAN INDUSTRY CLASSIFICATION SYSTEM (2022),
available at <a href="https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf">https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf</a> (describing the industry classification system
used by BLS and other agencies); the mean hourly wage for each
occupation is adjusted for changes in the seasonally adjusted
employment cost index for private wages and salaries between the
data reference period and when the data are released by BLS. See
Employment Cost Index, U.S. BUREAU OF LABOR STATISTICS, <a href="https://www.bls.gov/eci/">https://www.bls.gov/eci/</a>; the adjusted mean hourly wage is then multiplied
by a factor that accounts for nonwage costs borne by employers, such
as bonuses, benefits, and overhead; this factor is calculated as an
average over the 10 most recently available years of data of the
ratio of the Bureau of Economic Analysis's annual gross output data
for NAICS 523 to total annual wages across all occupations for NAICS
523 in the OEWS data. See Gross Output by Industry, U.S. BUREAU OF
ECONOMIC ANALYSIS, <a href="https://www.bea.gov/data/industries/gross-output-by-industry">https://www.bea.gov/data/industries/gross-output-by-industry</a>; Occupational Employment and Wage Statistics, U.S.
BUREAU OF LABOR STATISTICS, <a href="https://www.bls.gov/oes/">https://www.bls.gov/oes/</a>; the final
product is the occupational hourly rate; see generally UPDATED
METHODOLOGY FOR CALCULATING OCCUPATIONAL HOURLY RATES (Dec. 19,
2025), available at <a href="https://www.sec.gov/files/method-occupational-hourly-rates.pdf">https://www.sec.gov/files/method-occupational-hourly-rates.pdf</a>.
---------------------------------------------------------------------------
Respondents to this information collection are investment advisers
registered with the Commission or applying for registration with the
Commission and exempt reporting advisers. Our latest data indicate that
there were approximately 16,442 advisers registered with the
Commission, 6,389 exempt reporting advisers as of December 31, 2025.
The Commission has estimated that the total annual reporting and
recordkeeping burden of the collection of information for each
respondent is 10.85 hours. Based on this figure, the Commission
estimates a total annual burden of 251,851.53 hours for this collection
of information.
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#bfefdecfdacdc8d0cdd4eddadbcadccbd6d0d1fedccbffccdadc91d8d0c9"><span class="__cf_email__" data-cfemail="1a4a7b6a7f686d756871487f7e6f796e7375745b796e5a697f79347d756c">[email protected]</span></a> by July 14, 2026. There will be a second
opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission Notice.
Dated: May 12, 2026.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-09750 Filed 5-14-26; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on May 15, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.