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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:
3235-0278
ICR Reference No:
201007-3235-032
Status:
Historical Active
Previous ICR Reference No:
200708-3235-021
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-215
Title:
Rule 204-2 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:
Approved without change
Conclusion Date:
10/05/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/05/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2013
36 Months From Approved
03/31/2011
Responses
11,607
0
10,787
Time Burden (Hours)
2,106,046
0
1,954,109
Cost Burden (Dollars)
34,661,509
0
13,551,390
Abstract:
Rule 204-2 sets forth the books and records that SEC-registered investment advisers must maintain and preserve.
Authorizing Statute(s):
US Code:
15 USC 80b-4
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-AK39
Final or interim final rulemaking
75 FR 41018
07/14/2010
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Rule 204-2, Books and records to Be Maintained by Investment Advisers
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
11,607
10,787
0
0
820
0
Annual Time Burden (Hours)
2,106,046
1,954,109
0
3,394
148,543
0
Annual Cost Burden (Dollars)
34,661,509
13,551,390
0
20,080,000
1,030,119
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The Securities and Exchange Commission is submitting this request for approval to increase the burden hours and non-labor cost estimate associated with the mandatory collection of information under rule 204-2 under the Investment Advisers Act of 1940, 17 CFR 275.204-2, OMB control number 3235-0278. There are two reasons for the estimated increase in burden hours from the current approved total burden of 1,954,109 to 2,106,046 hours: (1) 148,543 additional hours represents an increased hours burden due to there simply being more registrants subject to the burden since the burden was last approved; (2) 3,394 additional hours represents the new burden hours associated with our recent amendments to rule 204-2. The revised average burden per Commission-registered adviser would be 181.45 hours. Similarly, there are two reasons for the increase in the non-labor cost estimate of $13,551,390 to $34,661,509: (1) just as we estimate the hour burden will increase from 1,954,109 to 2,102,652 due to the increase in registrants subject to the burden since the burden was last approved, we also estimate there would be a proportional increase in the non-labor cost estimate from $13,551,390 to $14,581,509; and (2) in connection with the rule amendments, we expect firms will incur a one-time cost of approximately $20,080,000 to establish or enhance current systems.
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]?
No
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)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Melissa Roverts 2025516722
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:
08/05/2010
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