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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:
3235-0630
ICR Reference No:
201402-3235-006
Status:
Historical Active
Previous ICR Reference No:
201101-3235-001
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-571
Title:
Temporary rule for principal trades with certain advisory clients, rule 206(3)-3T.
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
07/23/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
05/22/2014
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2017
36 Months From Approved
07/31/2014
Responses
13,900
0
19,000
Time Burden (Hours)
139,358
0
378,992
Cost Burden (Dollars)
366,662
0
824,220
Abstract:
Temporary rule 206(3)-3T provides investment advisers who are registered with the Commission as broker-dealers relief by establishing an optional, alternative means for them to meet the requirements of section 206(3) of the Advisers Act when they act in a principal capacity in transactions with certain of their advisory clients.
Authorizing Statute(s):
US Code:
15 USC 80b-6A
Name of Law: Investment Advisers Act of 1940
US Code:
15 USC 80b-11(a)
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:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
78 FR 72932
12/04/2013
30-day Notice:
Federal Register Citation:
Citation Date:
79 FR 2014
02/07/2014
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
Temporary rule for principal trades with certain advisory clients, rule 206(3)-3T
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
13,900
19,000
0
0
-5,100
0
Annual Time Burden (Hours)
139,358
378,992
0
0
-239,634
0
Annual Cost Burden (Dollars)
366,662
824,220
0
0
-457,558
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:
We have reduced the estimated hour burden from 378,992 hours to 139,358 hours based on new information regarding the number of SEC-registered investment advisers that are also registered with the SEC as broker-dealers and the number of non-discretionary accounts held by such investment advisers. The revised numbers were obtained from Form ADVs filed through the Investment Adviser Registration Depository as of September 3, 2013. The number of responses per investment adviser and the number of hours per response have not changed since the previous estimate. We revised the burden costs – reducing the costs from $824,220 to $366,662– for the same reason.
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:
Melissa Gainor 202 551-6787 gainorm@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:
05/22/2014
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