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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:
201106-3235-018
Status:
Historical Active
Previous ICR Reference No:
201012-3235-005
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:
08/19/2011
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/19/2011
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2014
36 Months From Approved
11/30/2013
Responses
9,750
0
11,658
Time Burden (Hours)
1,769,138
0
2,115,376
Cost Burden (Dollars)
29,250,000
0
34,965,063
Abstract:
Rule 204-2 sets forth the books and records that SEC-registered investment advisers must maintain and preserve.
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
Name of Law: Investment Advisers Act of 1940
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 213 410 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AK82
Final or interim final rulemaking
76 FR 42950
07/19/2011
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 204-2, 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
9,750
11,658
-1,908
0
0
0
Annual Time Burden (Hours)
1,769,138
2,115,376
-346,238
0
0
0
Annual Cost Burden (Dollars)
29,250,000
34,965,063
-5,715,063
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:
No
Burden Reduction Due to:
Short Statement:
The Dodd-Frank Act's amendments to sections 203A and 203(b)(3) of the Advisers Act have caused us to reduce our estimates of the total annual burdens associated with the rule. We have reduced our estimate of the number of advisers subject to the rule from 11,658 to 9,750, resulting in commensurate reductions in our estimates of the total annual time burden and total annual cost burden of 346,238 hours and $5,715,063 respectively.
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:
Devin Sullivan 202 551-6788 sullivand@sec.gov
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:
07/19/2011
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