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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:
202205-3235-042
Status:
Historical Inactive
Previous ICR Reference No:
202108-3235-017
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:
Comment filed on proposed rule and continue
Conclusion Date:
08/03/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
05/23/2022
Terms of Clearance:
OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2024
36 Months From Approved
10/31/2024
Responses
18,179
0
18,179
Time Burden (Hours)
433,004
0
433,004
Cost Burden (Dollars)
14,125,083
0
14,125,083
Abstract:
Form ADV is a three-part investment adviser registration form. Part 1 of Form ADV contains information used primarily by the Securities and Exchange Commission (“Commission”) staff, and Part 2 is the client brochure. Part 3 requires registered investment advisers that offer services to retail investors to prepare and file with the Commission, post to the adviser’s website (if it has one), and deliver to retail investors a relationship summary. The Commission uses the information in Form ADV to determine eligibility for registration with us and to manage our regulatory and examination programs. Clients use the information required in Form ADV to determine whether to hire or retain an investment adviser, as well as what types of accounts and services are appropriate for their needs. 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-4
Name of Law: Investment Company Act of 1940
US Code:
15 USC 80b-3(c)(1)
Name of Law: Investment Company Act of 1940
US Code:
15 USC 80a-37(a)
Name of Law: Investment Company Act of 1940
US Code:
15 USC 7sss(a)
Name of Law: Trust Indenture Act of 1939
US Code:
15 USC 78bb(e)(2)
Name of Law: Exchange Act of 1934
US Code:
15 USC 78w(a)
Name of Law: Exchange Act of 1934
US Code:
15 USC 77s(a)
Name of Law: Securities Act of 1933
US Code:
15 USC 80b-11(a)
Name of Law: Investment Company Act of 1940
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AN08
Proposed rulemaking
87 FR 13524
03/09/2022
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
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:
Miscellaneous Actions
Short Statement:
The estimated annual burden hours associated with Form ADV has decreased from 433,004 hours to 335,748.793hours (a decrease of 97,255.207 hours). In addition, the external cost burden associated with Form ADV has increased from $14,125,083 to $32,949,695.30 (an increase of $18,824,612.30). The changes in annual burden hours and external cost burden are due to our proposed amendments to Form ADV requiring advisers to provide clients and prospective clients with information regarding cybersecurity risks and significant cybersecurity incidents that have occurred in the past two years, and a change in the our approach to calculating the initial and ongoing burdens of completing Form ADV.
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:
Thomas Strumpf 202 551-3135
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:
05/23/2022
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