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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:
202108-3235-017
Status:
Active
Previous ICR Reference No:
202005-3235-004
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 without change
Conclusion Date:
10/12/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/23/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2024
36 Months From Approved
11/30/2023
Responses
18,179
0
17,800
Time Burden (Hours)
433,004
0
383,652
Cost Burden (Dollars)
14,125,083
0
13,822,389
Abstract:
In connection with the final amended marketing rule, the Commission adopted amendments to Form ADV to add a subsection L to Item 5 of Part 1A to require information about an adviser’s use in its advertisements of testimonials, endorsements, third-party ratings, and previous investment advice. Specifically, we will require an adviser to state whether any of its advertisements include performance results, hypothetical performance, or predecessor performance. We will also require an adviser to state whether any of its advertisements includes testimonials, endorsements, or a third-party rating, and if so, whether the adviser pays or otherwise provides cash or non-cash compensation, directly or indirectly, in connection with their use. Finally, we will require an adviser to state whether any of its advertisements includes a reference to specific investment advice provided by the adviser. We did not adopt amendments to Form ADV Parts 2 or 3. The Commission uses the information on Form ADV to determine eligibility for registration and to manage regulatory and examination programs. Clients use the information required in Form ADV to determine whether to hire or retain an investment adviser.
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-AM08
Final or interim final rulemaking
86 FR 13024
03/05/2021
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
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
18,179
17,800
0
379
0
0
Annual Time Burden (Hours)
433,004
383,652
0
49,352
0
0
Annual Cost Burden (Dollars)
14,125,083
13,822,389
0
302,694
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
We estimate that amendments to Form ADV, will result in a revised annual aggregate burden hours for Form ADV (Parts 1, 2 and 3) for all registered advisers and exempt reporting advisers would be 433,004.44 hours per year, with a monetized value of $118,210,212.1. This would be an aggregate increase of 49,352 hours, or $12,753,086.12 in the monetized value of the hour burden, form the currently approved annual aggregate burden estimates. These increases are the result of the addition of the adopted subsection L to Item 5 regarding Marketing Activities (the “Marketing Activities Questions”) and changes in the adviser population discussed above. We do not estimate any change to approved external costs to respondents.
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?
No
Agency Contact:
Emily Rowland 202 551-8645
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:
08/23/2021
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