Document ID: SEC-2008-1224-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2008-09-05T04:00Z

[Federal Register: September 5, 2008 (Volume 73, Number 173)]
[Notices]               
[Page 51862-51863]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr05se08-85]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor

[[Page 51863]]

Education and Advocacy, Washington, DC 20549-0213.

Revision and Extension:
    Rule 203A-2, SEC File No. 270-501, OMB Control No. 3235-0559.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.) (``PRA'') 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.
    Rule 203A-2(f),\1\ which is entitled ``Internet Investment 
Advisers,'' exempts from the prohibition on Commission registration an 
Internet investment adviser who provides investment advice to all of 
its clients exclusively through computer software-based models or 
applications termed under the rule as ``interactive Web sites.'' These 
advisers generally would not meet the statutory thresholds set out in 
section 203A of the Advisers Act \2\--they do not manage $25 million or 
more in assets and do not advise registered investment companies. 
Eligibility under rule 203A-2(f) is conditioned on an adviser 
maintaining in an easily accessible place, for a period of not less 
than five years from the filing of Form ADV relying on the rule,\3\ a 
record demonstrating that the adviser's advisory business has been 
conducted through an interactive Web site in accordance with the 
rule.\4\
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    \1\ 17 CFR 275.203A-2(f). Included in rule 203A-2(f) is a 
limited exception to the interactive Web site requirement which 
allows these advisers to provide investment advice to no more than 
14 clients through other means on an annual basis. 17 CFR 275.203A-
2(f)(1)(i). The rule also precludes advisers in a control 
relationship with the SEC-registered Internet adviser from 
registering with the Commission under the common control exemption 
provided by rule 203A-2(c) (17 CFR 275.203A-2(c)). 17 CFR 275.203A-
2(f)(1)(iii).
    \2\ 15 U.S.C. 80b-3a(a).
    \3\ The five-year record retention period is the same 
recordkeeping retention period for all advisers imposed under rule 
204-2 of the Adviser Act. See rule 204-2 (17 CFR 275.204-2).
    \4\ 17 CFR 275.203A-2(f)(1)(ii).
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    This record maintenance requirement is a ``collection of 
information'' for PRA purposes. The Commission believes that 
approximately 39 advisers are registered with the Commission under rule 
203A-2(f), which involves a recordkeeping requirement manifesting in 
approximately four burden hours per year per adviser and results in an 
estimated 156 total burden hours (4 x 39) for all advisers.
    This collection of information is mandatory, as it is used by 
Commission staff in its examination and oversight program in order to 
determine continued Commission registration eligibility of advisers 
registered under this rule. Responses generally are kept confidential 
pursuant to section 210(b) of the Advisers Act.\5\ 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.
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    \5\ 15 U.S.C. 80b-10(b).
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    Please direct general comments regarding the above information to 
the following persons: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Management and Budget, Room 10102, New Executive 
Office Building, Washington, DC 20503 or e-mail to: Alexander_T._
Hunt@omb.eop.gov; and (ii) Lewis W. Walker, Acting Director/Chief 
Information Officer, Securities and Exchange Commission, C/O Shirley 
Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an e-
mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: August 27, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-20618 Filed 9-4-08; 8:45 am]

BILLING CODE 8010-01-P