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OMB Control No: 3235-0241	ICR Reference No: 202610-3235-019
Status: Received in OIRA	Previous ICR Reference No: 202504-3235-016
Agency/Subagency: SEC	Agency Tracking No: IM
Title: Rule 223-1 under the Investment Advisers Act of 1940--Custody of Funds or Securities of Clients by Investment Advisers
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular	Date Submitted to OIRA: 10/19/2026

	Requested	Previously Approved
Expiration Date	36 Months From Approved	09/30/2028
Responses	33,547,435	33,514,391
Time Burden (Hours)	573,542	315,925
Cost Burden (Dollars)	486,025,000	176,577,000

ICR Summary of Burden

	Total Request	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	33,547,435	33,514,391	33,044
Annual Time Burden (Hours)	573,542	315,925	257,617
Annual Cost Burden (Dollars)	486,025,000	176,577,000	309,448,000

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 206(4)-2 is currently 315,925 burden hours, with total internal monetized costs of $28,525,065. We are revising our total burden estimates to reflect the proposed amendments and updated data including the increase in our estimate of the number of respondents subject to the rule. We estimate that the increase in our estimate will result in an aggregate increase in the collection of information burden estimate by 257,617 hours. This would yield an annual estimated aggregate burden of 573,542 hours under proposed rule 223-1 for all registered advisers, with total monetized costs of $168,683,667.

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: Janet Jun 202 551-3252

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