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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:
3235-0047
ICR Reference No:
202207-3235-019
Status:
Active
Previous ICR Reference No:
201905-3235-011
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-42
Title:
Rule 204-3 (17 CFR 275.204-3) under the Investment Advisers Act of 1940
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:
10/28/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/02/2022
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2025
36 Months From Approved
11/30/2022
Responses
15,516
0
13,832
Time Burden (Hours)
57,589
0
49,090
Cost Burden (Dollars)
0
0
0
Abstract:
The rule requires investment advisers to deliver to their clients a written disclosure statement, or "brochure," of specified information concerning the background and business practices of the investment adviser. Investors use the information to determine whether to retain or continue to employ the investment adviser.
Authorizing Statute(s):
US Code:
15 USC 80b
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:
87 FR 38794
06/29/2022
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 54273
09/02/2022
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
Rule 204-3 under the Investment Advisers Act of 1940 -- Written Disclosure Statements
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
15,516
13,832
0
0
1,684
0
Annual Time Burden (Hours)
57,589
49,090
0
0
8,499
0
Annual Cost Burden (Dollars)
0
0
0
0
0
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:
The estimated total burden hours has increased from 49,090 to 57,589 hours per year in aggregate, representing an increase of 8,499 hours per year from the currently approved burden. This revised estimate is primarily due to updated information on the number of SEC-registered investment advisers that we obtained from Form ADVs filed through the IARD as of March 31, 2022. The estimated number of annual responses has increased from approximately 13,832 to 15,516, representing an increase of 1,684 responses from the currently approved number of responses. This revised estimate is primarily due to new information on the number of SEC-registered investment advisers that we obtained from Form ADVs filed through the IARD as of March 31, 2022.
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?
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:
09/02/2022
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