Document ID: SEC-2014-0603-0002
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2020-05-13T04:00Z

[Federal Register Volume 85, Number 93 (Wednesday, May 13, 2020)]
[Notices]
[Pages 28685-28686]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-10276]

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SECURITIES AND EXCHANGE COMMISSION

[OMB Control No. 3235-0049, SEC File No. 270-39]

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:
    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 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 under the 
Investment Advisers Act of 1940.'' Form ADV is a three-part investment 
adviser registration form. Part 1 of Form ADV contains information used 
primarily by the Securities and Exchange Commission (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, post to the 
adviser's website (if it has one), and deliver to retail investors a 
relationship summary. The Commission uses the information on Form ADV 
to determine eligibility for registration with us and to manage our 
regulatory and examination programs. Clients use the information 
required in Form ADV to determine whether to hire or retain an 
investment adviser, as well as what types of accounts and services are 
appropriate for their needs.
    This collection of information is found at 17 CFR 279.1, 17 CFR 
275.203-1, 17 CFR 275.204-1 and 17 CFR 275.204-4 and is mandatory. The 
Commission's examination staff use the information to determine 
eligibility for registration with us and to manage our

[[Page 28686]]

regulatory, examination, and enforcement programs; it will be accorded 
the same level of confidentiality accorded to other responses provided 
to the Commission in the context of its examination and oversight 
program.
    The respondents to this information collection are investment 
advisers registered with the Commission. Our latest data indicate that 
there were 13,520 advisers registered with the Commission as of January 
30, 2020. The Commission has estimated that Form ADV imposes an annual 
burden of approximately 26.19 hours per respondent. Based on this 
figure, the Commission estimates a total annual burden of 466,505 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. 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, 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.

    Dated: May 8, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-10276 Filed 5-12-20; 8:45 am]
 BILLING CODE 8011-01-P