Document ID: SEC-2019-0718-0004
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2022-09-02T04:00Z

[Federal Register Volume 87, Number 170 (Friday, September 2, 2022)]
[Notices]
[Pages 54273-54274]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-18978]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-42, OMB Control No. 3235-0047]

Submission for OMB Review; Comment Request; Extension: Rule 204-3

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    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'') has submitted to the Office of Management and Budget a 
request for extension of the previously approved collection of 
information discussed below.
    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 
brochures or a summary of material changes to their brochures. The rule 
also requires that advisers deliver amended brochures or brochure

[[Page 54274]]

supplements (or just a statement describing the amendments) to clients 
only when disciplinary information in the brochures or supplements 
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 certain 
investment advisers registered with the Commission. The Commission has 
estimated that compliance with rule 204-3 imposes a burden of 
approximately 3.9 hours annually based on advisers having a median of 
92 clients each. Our latest data indicate that there were 14,777 
advisers registered with the Commission as of March 31, 2022. Based on 
this figure, the Commission estimates a total annual burden of 57,589 
hours for this collection of information.
    Rule 204-3 does not require recordkeeping or record retention. The 
collection of information requirements under the rule are mandatory. 
The information collected pursuant to the rule is not filed with the 
Commission, but rather takes the form of disclosures to clients and 
prospective clients. Accordingly, these disclosures are not kept 
confidential. An agency may not conduct or sponsor, and a person is not 
required to respond to, a collection of information unless it displays 
a currently valid control number.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
by October 3, 2022 to (i) [email protected] and 
(ii) David Bottom, Director/Chief Information Officer, Securities and 
Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 
20549, or by sending an email to: [email protected].

    Dated: August 29, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-18978 Filed 9-1-22; 8:45 am]
BILLING CODE 8011-01-P