[Federal Register Volume 78, Number 74 (Wednesday, April 17, 2013)]
[Notices]
[Page 22918]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-08977]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension: Rule 204-3.
OMB Control No. 3235-0047, SEC File No. 270-42.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
The title for the collection of information is ``Rule 204-3 (17 CFR
275.204-3) under the Investment Advisers Act of 1940.'' (15 U.S.C.
80b). Rule 204-3, the ``brochure rule,'' requires advisers to deliver
their brochures and brochure supplements at the start of an advisory
relationship and to deliver annually thereafter the full updated
brochure or a summary of material changes to their brochure. The rule
also requires that advisers deliver an amended brochure or brochure
supplement (or just a statement describing the amendment) to clients
only when disciplinary information in the brochure or supplement
becomes materially inaccurate. The brochure assists the client in
determining whether to retain, or continue employing, the adviser. The
information that Rule 204-3 requires to be contained in the brochure is
also used by the Commission and staff in its enforcement, regulatory,
and examination programs. This collection of information is found at 17
CFR 275.204-3 and is mandatory.
The respondents to this information collection are investment
advisers registered with the Commission. Our latest data indicate that
there were 10,754 advisers registered with the Commission as of January
2, 2013. The Commission has estimated that compliance with rule 204-3
imposes a burden of approximately 31 hours annually based on an average
adviser having 1,200 clients. Based on this figure, the Commission
estimates a total annual burden of 331,456 hours for this collection of
information.
Written comments are invited on: (a) Whether the collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information will have practical
utility; (b) the accuracy of the agency's estimate of the burden of the
collection of information; (c) ways to enhance the quality, utility,
and clarity of the information collected; and (d) ways to minimize the
burden of the collection of information on respondents, including
through the use of automated collection techniques or other forms of
information technology. Consideration will be given to comments and
suggestions submitted in writing within 60 days of this publication.
Please direct your written comments to Thomas Bayer, Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312, or send an
email to: [email protected].
Dated: April 11, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-08977 Filed 4-16-13; 8:45 am]
BILLING CODE 8011-01-P