[Federal Register Volume 85, Number 127 (Wednesday, July 1, 2020)]
[Notices]
[Pages 39639-39640]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-14106]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-39, OMB Control No. 3235-0049]
Proposal for OMB Review; 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:
Form ADV
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 is issuing this Notice in
order to supplement the Notice it issued on May 12, soliciting comments
on the collection of information. The Commission is issuing this
supplemental Notice to update the approximate average per adviser
burden based on data as of March 31, 2020. 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 ``Form ADV'' (17 CFR
279.1). Form ADV is the investment adviser registration form and exempt
reporting adviser reporting form filed electronically with the
Commission pursuant to rules 203-1 (17 CFR 275.203-1), 204-1 (17 CFR
275.204-1) and 204-4 (17 CFR 275.204-4) under the Investment Advisers
Act of 1940 (15 U.S.C. 80b-1 et seq.) by advisers registered with the
Commission or applying for registration with the Commission or by
exempt reporting advisers filing reports with the Commission. The
information collected takes the form of disclosures to the adviser's
clients and potential clients. The purpose of this collection of
information is to provide advisory clients, prospective clients, and
the Commission with information about the adviser, its business, its
conflicts of interest and personnel. Clients use certain of the
information to determine whether to hire or retain an adviser.
The information collected provides the Commission with knowledge
about the adviser, its business, its conflicts of interest and
personnel. The Commission uses the information to determine eligibility
for registration with the Commission and to manage its regulatory,
examination, and enforcement programs. Part 1 of Form ADV contains
information used primarily by the Commission staff and Part 2 is the
client brochure. Part 3 requires registered investment advisers that
offer services to retail investors to prepare and file with the
Commission a relationship summary.
The respondents to this information collection are investment
advisers registered with the Commission or applying for registration
with the Commission and exempt reporting advisers filing reports with
the Commission. Our latest data indicate that there were 13,500
advisers registered with the Commission as of March 31, 2020. The
Commission has estimated that Form ADV imposes an annual blended
average per adviser burden of approximately 21.55 hours per respondent.
Based on this figure, the Commission estimates a total annual burden of
383,652 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 45 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 David Bottom, Director/Chief
Information Officer, Securities and Exchange Commission, C/O Cynthia
Roscoe, 100 F Street NE, Washington, DC 20549; or send an email to:
[email protected].
[[Page 39640]]
Dated: June 25, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-14106 Filed 6-30-20; 8:45 am]
BILLING CODE 8011-01-P