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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:
201008-3235-022
Status:
Historical Active
Previous ICR Reference No:
200708-3235-014
Agency/Subagency:
SEC
Agency Tracking No:
IM-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:
Approved with change
Conclusion Date:
10/12/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/31/2010
Terms of Clearance:
Per OMB request, agency modified collection to better explain changes in number of respondents.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2013
36 Months From Approved
02/28/2011
Responses
15,913,170
0
21,681,870
Time Burden (Hours)
386,098
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
Final or interim final rulemaking
75 FR 49234
08/12/2010
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 204-3 (17 CFR 275.204-3) under the Investment Advisers Act of 1940
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
15,913,170
21,681,870
0
-5,768,700
0
0
Annual Time Burden (Hours)
386,098
6,902,278
0
-6,516,180
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
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 total burden hours for all respondents has decreased to 386,098 hours per year from the currently approved burden. This decrease is mainly due to our revised estimate of the time it will take firms to deliver their brochures, supplements and amendments. The adopted amendments to rule 204-3 allow advisers to: (1) significantly reduce the hourly and cost burdens associated with delivery of brochures, supplements and the summary of material changes by arranging to deliver these documents to some or all clients by electronic media and (2) minimize burdens associated with delivery by mailing some of these documents along with quarterly statements or other routine mailings they already send to clients. Finally, the burdens have been reduced because, in addition to the annual delivery requirement, interim amendments are now required only when there is new disclosure of a disciplinary event, or a material change to disciplinary information already disclosed. The number of responses decreased by 5,768,700 because interim amendments are now required only when there is new disclosure of a disciplinary event, or a material change to disciplinary information already disclosed.
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]?
No
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:
Don Evans 202 551-6787
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:
08/31/2010
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