View Information Collection Request (ICR) Package

OMB Control No: 3235-0049	ICR Reference No: 201012-3235-010
Status: Historical Inactive	Previous ICR Reference No: 201008-3235-023
Agency/Subagency: SEC	Agency Tracking No: IM-270-39
Title: Form ADV
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: 02/17/2011
Retrieve Notice of Action (NOA)	Date Received in OIRA: 12/14/2010
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.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2013	36 Months From Approved	10/31/2013
Responses	25,316	0	25,316
Time Burden (Hours)	268,457	0	268,457
Cost Burden (Dollars)	22,775,400	0	22,775,400

Abstract: Form ADV under the Investment Advisers Act of 1940 is filed upon initial registration as an investment adviser, is updated on an annual basis by all advisers, and may be more frequently updated to correct certain material information. It is also being proposed to apply to certain advisers exempt from registration, but subject to reporting requirements. The portions of the form that would be completed by these exempt advisers would be subject to the same updating requirements that apply to registered advisers.

Authorizing Statute(s): PL: Pub.L. 111 - 203 410 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code: 15 USC 80b-1 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-AK82	Proposed rulemaking	75 FR 77052	12/10/2010

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
Form ADV	SEC-1707, SEC-1707	Form ADV , Form ADV-readable

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 Forms

Short Statement: The Securities and Exchange Commission (the Commission) proposed amending Form ADV under the Investment Advisers Act of 1940 (the Advisers Act or the Act), to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Form ADV is the two-part investment adviser registration form. Part 1 of Form ADV contains information used primarily by Commission staff, and Part 2 is the client brochure. In order to give effect to provisions in Title IV of the Dodd-Frank Act, we proposed amendments to Part 1A of Form ADV to reflect the new statutory threshold for registration with the Commission and to restructure it to accommodate filings by certain advisers that are exempt from registration (exempt reporting advisers). Additionally, to enhance our ability to oversee investment advisers, including those private fund advisers that will be required to register as a result of the Dodd-Frank Act, we are proposing amendments to Part 1A of Form ADV to require advisers to provide us additional information regarding: (i) private funds they advise; (ii) their advisory business and business practices that may present significant conflicts of interest; and (iii) advisers non-advisory activities and their financial industry affiliations. We also proposed certain additional changes intended to improve our ability to assess compliance risks and to enable us to identify the advisers that are covered by section 956 of the Dodd-Frank Act addressing certain incentive-based compensation arrangements. If the proposed amendments to Form ADV were adopted, the annual aggregate burden associated with the collections of information for Form ADV would, therefore, be affected. The collections would be necessary to provide advisory clients, prospective clients, and the Commission with information about the adviser, its business, conflicts of interest and its advisory personnel. The revised total annual collection of information burden for registered advisers to file and complete the revised Form ADV (Parts 1 and 2), including the initial burden for both existing and anticipated new registrants, including private fund advisers, plus the burden associated with amendments to the form, preparing brochure supplements and delivering codes of ethics to clients is estimated to be approximately 217,477 hours per year. This burden represents a decrease of 50,980 hours from the current approved burden. This decrease is attributable primarily to the 4,100 advisers that we expect to withdraw from SEC registration. Registered investment advisers are also expected to incur an annual cost burden of $2,702,000, a reduction from the current approved cost burden of $22,775,400. The decrease in annual cost burden is attributed to the nature of the costs, which are one-time initial costs to draft the narrative brochure. As the transition to the narrative brochure will have substantially been completed, the on-going costs arise from new registrants. The total annual collection of information burden for exempt reporting advisers to file and complete the required Items of Part 1A of Form ADV, including the burden associated with amendments to the form, would be 6,867 hours. We estimate that, if the amendments to Form ADV are adopted, the total annual hour burden for the form would decrease by 44,113 hours to 224,344. The resulting blended average per adviser amortized burden for Form ADV would be 20.12 hours, which would consist of an average annual amortized burden of 23.77 hours for the estimated 9,150 registered advisers and 3.43 hours for the estimated 2,000 exempt reporting advisers.

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]? Yes

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

View ICR - OIRA Conclusion