[Federal Register Volume 81, Number 3 (Wednesday, January 6, 2016)]
[Notices]
[Page 541]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-33210]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0585, SEC File No. 270-523]
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC
20549-2736.
Extension: Rule 206(4)-7.
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 ``Investment
Advisers Act rule 206(4)-7 (17 CFR 275.206(4)-7), Compliance procedures
and practices.'' Rule 206(4)-7 requires each investment adviser
registered with the Commission to (i) adopt and implement internal
compliance policies and procedures, (ii) review those policies and
procedures annually, (iii) designate a chief compliance officer, and
(iv) maintain certain compliance records. The rule is designed to
protect investors by fostering better compliance with the securities
laws. The collection of information under rule 206(4)-7 is necessary to
assure that investment advisers maintain comprehensive internal
programs that promote the advisers' compliance with the Investment
Advisers Act of 1940. The information collected under this rule may
also assist Commission staff in assessing investment advisers'
compliance programs.
This collection of information is mandatory. The information
collected pursuant to the rule 206(4)-7 is reviewed by the Commission's
examination staff; it will be accorded the same level of
confidentiality accorded to other responses provided to the Commission
in the context of its examination and oversight program.
The respondents to this information collection are investment
advisers registered with the Commission. Our latest data indicate that
there were 12,026 advisers registered with the Commission as of
November 1, 2015. The Commission has estimated that compliance with
rule 206(4)-7 imposes an annual burden of approximately 87 hours per
respondent. Based on this figure, the Commission estimates a total
annual burden of 1,046,262 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. An
agency may not conduct or sponsor a collection of information unless it
displays a currently valid OMB control number. No person shall be
subject to any penalty for failing to comply with a collection of
information subject to the PRA that does not display a valid OMB
control number.
Please direct your written comments to Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549; or send an email
to: [email protected].
Dated: December 30, 2015.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-33210 Filed 1-5-16; 8:45 am]
BILLING CODE 8011-01-P