Document ID: SEC-2020-1031-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2020-07-01T04:00Z

[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: 
PRA_Mailbox@sec.gov.

[[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