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:
3235-0243
ICR Reference No:
202409-3235-006
Status:
Active
Previous ICR Reference No:
202108-3235-008
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-216
Title:
Rule 206(3)-2 under the Investment Advisers Act of 1940 -- Agency Cross Transactions for Advisory Clients
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:
01/13/2025
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/29/2024
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2028
36 Months From Approved
04/30/2025
Responses
23,530
0
18,900
Time Burden (Hours)
11,765
0
9,450
Cost Burden (Dollars)
0
0
0
Abstract:
Rule 206(3)-2 permits an investment adviser to comply with Section 206(3) of the Investment Advisers Act of 1940 by obtaining a blanket consent from a client to enter into agency cross transactions provided that certain disclosures are made by the adviser to the client.
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:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
89 FR 76896
09/19/2024
30-day Notice:
Federal Register Citation:
Citation Date:
89 FR 94783
11/29/2024
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(3)-2 under the Investment Advisers Act of 1940 -- Agency Cross Transactions for Advisory Clients
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
23,530
18,900
0
0
4,630
0
Annual Time Burden (Hours)
11,765
9,450
0
0
2,315
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 number of respondents has decreased from approximately 378 investment advisers to 362investment advisers. In addition, the number of clients for whom the investment adviser engages in agency cross transactions has decreased from approximately 22 clients to approximately 21 clients (although the total number of responses has increased from 50 responses to 65 responses since the last estimate due to a correction). Accordingly, the total burden hours for all respondents has increased from 9,450 hours to 11,765 hours. The increased burden reflects the net effect of a decrease in the estimated number of investment advisers relying on the rule and a decrease in the estimated number of clients for whom the investment adviser engages in agency cross transactions, but an increase in total number of responses, since the last extension request.
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:
Daniel Levine 202 551-3937
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:
11/29/2024
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