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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:
3235-0049
ICR Reference No:
201106-3235-019
Status:
Historical Active
Previous ICR Reference No:
201012-3235-010
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:
Approved without change
Conclusion Date:
08/19/2011
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/20/2011
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2014
36 Months From Approved
10/31/2013
Responses
23,500
0
25,316
Time Burden (Hours)
246,652
0
268,457
Cost Burden (Dollars)
10,056,250
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
Final or interim final rulemaking
76 FR 42950
07/19/2011
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
Form ADV
SEC-1707
Form ADV
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
23,500
25,316
0
-1,816
0
0
Annual Time Burden (Hours)
246,652
268,457
0
-21,805
0
0
Annual Cost Burden (Dollars)
10,056,250
22,775,400
0
-12,719,150
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 Securities and Exchange Commission (the "Commission") is 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 are amending 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 amending 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 adopting 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. These amendments to Form ADV affect the annual aggregate burden associated with the collections of information for Form ADV. The collections are 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 239,122 hours per year. This burden represents a decrease of 21,805 hours from the current approved burden. This decrease is attributable primarily to the 3,200 advisers that we expect to withdraw from SEC registration. Registered investment advisers are also expected to incur an annual cost burden of $10,056,250, resulting in a reduction of $12,719,150. 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, is 7,530 hours. We estimate that, as a result of the amendments to Form ADV, the total annual time burden for this information collection will decrease by 21,805 hours. The resulting blended average per adviser amortized burden for Form ADV is 20.99 hours, which consists of an average annual amortized burden of 24.52 hours for the estimated 9,750 registered advisers and 3.77 hours for the estimated 2,000 exempt reporting advisers, for a total annual time burden of 246,652 hours.
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
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:
07/20/2011