Document ID: SEC-2022-1198-0002
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2022-11-18T05:00Z

[Federal Register Volume 87, Number 222 (Friday, November 18, 2022)]
[Notices]
[Pages 69352-69353]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25098]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-811, OMB Control No. 3235-0767]

Submission for OMB Review; Comment Request; Extension: Rule 204-5

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 (the ``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 204-5 under 
the Investment Advisers Act of 1940.'' Rule 204-5 requires an 
investment adviser to deliver an electronic or paper version of the 
relationship summary to each retail investor before or at the time the 
adviser enters into an investment advisory contract with the retail 
investor. The purpose of the relationship summary is to assist retail 
investors in making an informed choice when choosing an investment firm 
and professional, and type of account. Retail investors can use the 
information required in the relationship summary to determine whether 
to hire or retain an investment adviser, as well as what types of 
accounts and services are appropriate for their needs.
    We estimate the total collection of information burden for rule 
204-5 to be 1,137,413 annual aggregate hours per year, or 124 hours per 
respondent, for a total annual aggregate monetized cost of $77,344,061, 
or $8,402 per adviser.
    The likely respondents to this information collection are 
approximately 9,205 investment advisers registered with the Commission 
that are required to deliver a relationship summary to retail investors 
pursuant to rule 204-5. We also note

[[Page 69353]]

that these figures include the 325 registered broker-dealers that are 
dually registered as investment advisers.
    The requirements of this collection of information are mandatory. 
Responses will not be 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 December 19, 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: November 14, 2022.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-25098 Filed 11-17-22; 8:45 am]
BILLING CODE 8011-01-P