Proposed Collection; Comment Request

Published date28 May 2019
Citation84 FR 24562
Record Number2019-10981
SectionNotices
CourtSecurities And Exchange Commission
Federal Register, Volume 84 Issue 102 (Tuesday, May 28, 2019)
[Federal Register Volume 84, Number 102 (Tuesday, May 28, 2019)]
                [Notices]
                [Pages 24562-24563]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2019-10981]
                -----------------------------------------------------------------------
                SECURITIES AND EXCHANGE COMMISSION
                [SEC File No. 270-42, OMB Control No. 3235-0047]
                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 204-3
                 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 13,173 advisers registered with the Commission as of March
                31, 2019. The Commission has estimated that compliance with rule 204-3
                imposes a burden of approximately 3.7 hours annually based on advisers
                having a median of 78 clients each. Based on this figure, the
                Commission estimates a total annual burden of 49,090 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 Charles Riddle, Acting
                Director/Chief Information Officer, Securities and Exchange Commission,
                C/O Candace Kenner, 100 F Street NE, Washington, DC 20549; or send an
                email to: [email protected].
                [[Page 24563]]
                 Dated: May 21, 2019.
                Eduardo A. Aleman,
                Deputy Secretary.
                [FR Doc. 2019-10981 Filed 5-24-19; 8:45 am]
                 BILLING CODE 8011-01-P
                

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