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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3235-0047
ICR Reference No:
200803-3235-012
Status:
Historical Inactive
Previous ICR Reference No:
200708-3235-014
Agency/Subagency:
SEC
Agency Tracking No:
270-42
Title:
Rule 204-3 (17 CFR 275.204-3) under the Investment Advisers Act of 1940
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule and continue
Conclusion Date:
06/06/2008
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/14/2008
Terms of Clearance:
Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden. This action has no effect on any current approvals.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/28/2011
36 Months From Approved
02/28/2011
Responses
21,681,870
0
21,681,870
Time Burden (Hours)
6,902,278
0
6,902,278
Cost Burden (Dollars)
0
0
0
Abstract:
The rule requires investment advisers to deliver to their clients a written disclosure statement, or "brochure," of specified information concerning the background and business practices of the investment adviser. The rule also requires an adviser to update the information based on material events. Investors use the information to determine whether to retain or continue to employ the investment adviser.
Authorizing Statute(s):
US Code:
15 USC 80b
Name of Law: Investment Advisers Act of 1940
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AI17
Proposed rulemaking
73 FR 13958
03/14/2008
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Rule 204-3 (17 CFR 275.204-3) under the Investment Advisers Act of 1940
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Changing Regulations
Short Statement:
The Commission proposed to amend Part 2 of Form ADV, and related rules, including rule 204-3, to provide advisory clients with brochure and brochure supplements that contain clear, current, and more meaningful disclosure in a narrative, plan English format. This reduction represents a departure from the original requirements proposed in 2000 which would have required an ongoing obligation to deliver updates involving any material information in the brochure or supplement, not just disciplinary information.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Vivian Liu 202 942-0719
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
03/14/2008
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