Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Form ADV

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<title>Federal Register, Volume 91 Issue 161 (Friday, August 21, 2026)</title>
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[Federal Register Volume 91, Number 161 (Friday, August 21, 2026)]
[Notices]
[Pages 54421-54422]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-17067]


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SECURITIES AND EXCHANGE COMMISSION

[OMB Control No. 3235-0049]


Agency Information Collection Activities; Submission for OMB 
Review; 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'') has submitted to 
the Office of Management and Budget (``OMB'') a request for extension 
of the previously approved collection of information discussed below.
    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 54422]]

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\
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    \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>.
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    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 
and 6,389 exempt reporting advisers as of December 31, 2025. The 
Commission estimates 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.
    This collection of information is found at 17 CFR 279.1, and is 
mandatory.
    The information collected pursuant to Form ADV are filings with the 
Commission. These disclosures are not kept confidential and must be 
preserved until at least three years after termination of the 
enterprise.
    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=">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=</a>202605-3235-003 or email comment to 
<a href="/cdn-cgi/l/email-protection#226f607a0c6d6f600c6d6b70630c7167617d464751497d4d44444b414750624d4f400c474d520c454d54"><span class="__cf_email__" data-cfemail="8ac7c8d2a4c5c7c8a4c5c3d8cba4d9cfc9d5eeeff9e1d5e5ecece3e9eff8cae5e7e8a4efe5faa4ede5fc">[email&#160;protected]</span></a> within 30 days of the day 
after publication of this notice, by September 21, 2026.

    Dated: August 18, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-17067 Filed 8-20-26; 8:45 am]
BILLING CODE 8011-01-P


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