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OMB Control No: 3235-0278	ICR Reference No: 202610-3235-003
Status: Received in OIRA	Previous ICR Reference No: 202512-3235-015
Agency/Subagency: SEC	Agency Tracking No: IM
Title: Rule 204-2 under the Investment Advisers Act of 1940
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular	Date Submitted to OIRA: 10/14/2026

	Requested	Previously Approved
Expiration Date	36 Months From Approved	06/30/2029
Responses	16,434	15,906
Time Burden (Hours)	3,034,954	2,941,494
Cost Burden (Dollars)	0	0

ICR Summary of Burden

	Total Request	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	16,434	15,906	528
Annual Time Burden (Hours)	3,034,954	2,941,494	93,460
Annual Cost Burden (Dollars)	0	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: The approved annual aggregate burden for rule 204-2 is currently 2,941,494 hours, based on an estimate of 15,906 registered advisers, with a total internal monetized cost burden of $239,732,050.80. As a result of the proposal, the estimated annual aggregate burden per adviser would decrease by approximately 0.2545 hours (or approximately 15 minutes) per adviser. However, the estimated internal cost burden would increase by approximately $13,460.53 per adviser, and the estimated total internal cost burden would increase by approximately $229,168,260.42 to $468,900,311.22. This increase is due to the change in the occupational hourly rate methodology used to calculate the cost burden and an increase in the number of SEC registered investment advisers.

Annual Cost to Federal Government:

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: Mark Stewart 202 551-4410 stewartm@sec.gov

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