Skip to main content
An official website of the United States government
The .gov means it's official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site.
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Search:
Agenda
Reg Review
ICR
This script is used to control the display of information in this page.
Display additional information by clicking on the following:
All
Brief and OIRA conclusion
Abstract/Justification
Legal Statutes
Rulemaking
FR Notices/Comments
IC List
Burden
Misc.
Common Form Info.
Certification
View Information Collection (IC) List
View Supporting Statement and Other Documents
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:
201907-3235-028
Status:
Historical Active
Previous ICR Reference No:
201611-3235-019
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 with change
Conclusion Date:
10/04/2019
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/07/2019
Terms of Clearance:
OMB intends to have a broader discussion with SEC regarding the lack of robust analysis and explanation in several answers (including Sections 2, 3, 5, and 6). Future extensions or revisions of this collection should include citations to goals and requirements of the rule, when used as explanation in the Supporting Statement (i.e., "Less frequent information collection will be incompatible with the objectives of the rule") and conclusory statements should be avoided (i.e., "it would defeat the purpose of the rule to exempt small entities from these requirements"). Additionally, it appears SEC did receive comments on the burden associated with this information collection, which would necessitate a "yes" response to "Did the Agency receive public comments on this ICR?" in ROCIS.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2022
36 Months From Approved
03/31/2020
Responses
13,299
0
12,024
Time Burden (Hours)
2,435,364
0
2,199,791
Cost Burden (Dollars)
0
0
0
Abstract:
Registered advisers are required to retain copies of each relationship summary, maintain each amendment to the relationship summary as well as to make and preserve a record of dates that each relationship summary and each amendment was delivered to any client or to any prospective client who subsequently becomes a client. The purpose of the information collection is to assist the Commission’s examination and oversight program in determining compliance with the Advisers Act.
Authorizing Statute(s):
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-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
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
13,299
12,024
0
1,275
0
0
Annual Time Burden (Hours)
2,435,364
2,199,791
0
235,573
0
0
Annual Cost Burden (Dollars)
0
0
0
0
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 the total burden hour associated with rule 204-2 will increase from 2,199,791 hours per year to 2,435,364 hours per year. These increases are attributable to a larger registered investment adviser population since the most recent approval and adjustments for inflation, as well as the proposed rule 204-2 amendments relating to the relationship summary.
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.
No
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.
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:
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
An official website of the United States government
The .gov means it's official.
The site is secure.
