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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:
201907-3235-025
Status:
Historical Active
Previous ICR Reference No:
201609-3235-022
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-039
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 with change
Conclusion Date:
10/04/2019
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/07/2019
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2020
36 Months From Approved
08/31/2020
Responses
17,579
0
15,272
Time Burden (Hours)
514,797
0
363,082
Cost Burden (Dollars)
21,767,370
0
13,683,500
Abstract:
Form ADV under the Investment Advisers Act of 1940 is filed upon initial registration as an investment adviser and is also filed by exempt reporting advisers filing reports with the Commission, is updated on an annual basis by all advisers, and may be more frequently updated to correct certain material information.
Authorizing Statute(s):
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-AL27
Final or interim final rulemaking
84 FR 33492
07/12/2019
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, SEC 1707, SEC 1707, SEC 1707, SEC 1707
Form ADV instructions
,
Form ADV Part1a
,
Form ADV Part 1B
,
Form ADV
,
Form ADV Execution
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
17,579
15,272
0
2,307
0
0
Annual Time Burden (Hours)
514,797
363,082
0
151,715
0
0
Annual Cost Burden (Dollars)
21,767,370
13,683,500
0
8,083,870
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
We estimate that with the amendments to Form ADV, the total annual hour burden for the form would be 514,797 hours. This is an increase of 151,715 hours from the currently approved burden estimates, which is attributable primarily to which is attributable primarily to new Form ADV Part 3; but also to the larger registered investment adviser and exempt reporting adviser population since the most recent approval, adjustments for inflation, and the amendments to Form ADV. Registered investment advisers are also expected to incur an annual cost burden of $21,767,370, an increase of $8,083,870 from the current approved cost burden estimate of $13,683,500. The increase in annual cost burden is attributable to amendments to Form ADV to add a new Part 3 and also to the larger registered investment adviser and exempt reporting adviser population since the most recent approval
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
Yes
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
Yes
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:
Olawale Oriola 202 551-6541
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:
08/07/2019
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