[Federal Register Volume 60, Number 57 (Friday, March 24, 1995)]
[Notices]
[Page 15613]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-7236]



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SECURITIES AND EXCHANGE COMMISSION


Under Review by Office of Management and Budget

Acting Agency Clearance Officer: David T. Copenhafer, (202) 942-8800.
Upon Written Request, Copy Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, 450 Fifth 
Street NW., Washington, D.C. 20549.
Proposed Rule and Form: Rule 204-4--File No. 270-398; Form ADV-B--File 
No. 270-398.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1980 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission has submitted for OMB approval Rule 204-4 and Form ADV-B 
under the Investment Advisers Act of 1940 (the ``Advisers Act'').

    The proposed rule would require each investment adviser, registered 
or required to be registered under the Adviser Act, that has the 
discretion to direct client brokerage transactions and receives 
services other than execution in exchange for that brokerage, to 
provide its clients with a report that would contain information about 
its use of client brokerage. The proposed form would set forth the 
information required to be included in the annual report. The proposed 
rule does not involve any burden separate from the requirement to 
prepare and file the proposed form.

    It is estimated that approximately 6,000 advisers would be required 
to file Form ADV-B with the Commission, and that each adviser 
completing the form would incur 20 burden hours in its preparation. The 
estimate of burden hours is made solely for the purposes of the 
Paperwork Reduction Act and is not derived from a comprehensive or even 
representative survey or study of the cost of SEC rules and forms.

    General comments may be directed to the OMB Clearance Officer for 
the Securities and Exchange Commission at the address below. Comments 
concerning the accuracy of the estimated average burden hours for 
compliance with Commission rules and forms should be directed to David 
T. Copenhafer, Acting Director, Office of Information Technology, 
Securities and Exchange Commission, 450 Fifth Street NW., Washington, 
D.C. 20549, and to the OMB Clearance Officer for the SEC, Office of 
Information and Regulatory Affairs (Paperwork Reduction Act numbers 
3235--new (for Rule 204-4), 3235--new (for Form ADV-B), Office of 
Management and Budget, Room 3208, New Executive Office Building, 
Washington, D.C. 20543.

    Dated: March 9, 1995.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95-7236 Filed 3-23-95; 8:45 am]

BILLING CODE 8010-01-M