View Information Collection Request (ICR) Package
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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:
3235-0241
ICR Reference No:
201510-3235-020
Status:
Historical Active
Previous ICR Reference No:
201211-3235-015
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-217
Title:
Rule 206(4)-2 under the Investment Advisers Act of 1940--Custody of Funds or Securities of Clients by Investment Advisers
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:
04/05/2016
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/03/2016
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2019
36 Months From Approved
04/30/2016
Responses
35,707,240
0
32,531,290
Time Burden (Hours)
816,285
0
518,275
Cost Burden (Dollars)
147,440,000
0
152,905,000
Abstract:
Rule 206(4)-2 under the Investment Advisers Act of 1940 requires advisers to protect the assets that their advisory clients have entrusted to their custody.
Authorizing Statute(s):
US Code:
15 USC 80b-11(a)
Name of Law: Investment Advisers Act of 1940
US Code:
15 USC 80b-6(4)
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:
80 FR 67820
11/02/2015
30-day Notice:
Federal Register Citation:
Citation Date:
81 FR 541
01/06/2016
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 206(4)-2 under the Investment Advisers Act of 1940--Custody of Funds or Securities of Clients 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
35,707,240
32,531,290
0
0
3,175,950
0
Annual Time Burden (Hours)
816,285
518,275
0
0
298,010
0
Annual Cost Burden (Dollars)
147,440,000
152,905,000
0
0
-5,465,000
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 current annual burden approved by OMB for rule 206(4)-2 is 518,275 hours. We now estimate that the total information collection hours is 816,285 hours. The primary cause of such increase is an increase in the total number of investment advisers that reported having custody on Form ADV. The currently approved annual burden under rule 206(4)-2 includes an aggregate cost estimate of $152,905,000. We now estimate that the annual cost burden under the rule would decrease to $147,440,000, which is primarily caused by a decrease in the estimated number of investment advisers subject to a surprise examination with respect to all of their clients and a decrease in the estimated number of investment advisers required to obtain or receive an internal control report, based on data from Form ADV.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
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:
Jamie Walter 202 551-6931
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:
02/03/2016
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