Document ID: SEC-2020-1261-0002
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2023-03-01T05:00Z

[Federal Register Volume 88, Number 40 (Wednesday, March 1, 2023)]
[Notices]
[Pages 12998-12999]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-04210]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-481, OMB Control No. 3235-0538]

Proposed Collection; Comment Request; Extension: Form ADV-H

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'') 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 (``OMB'') for extension and approval.
    The title for the collection of information is ``Form ADV-H under 
the Investment Advisers Act of 1940.'' Form ADV-H (17 CFR 279.3) under 
the

[[Page 12999]]

Investment Advisers Act of 1940 (``Advisers Act'') is the application 
that investment advisers use to request a hardship exemption from 
making Advisers Act filings electronically with the Investment Adviser 
Registration Depository (``IARD'').
    There are two types of hardship exemptions from making Advisers Act 
filings through IARD: a temporary hardship exemption and a continuing 
hardship exemption. Advisers Act rule 203-3 (17 CFR 275.203-3) sets 
forth requirements for both temporary hardship exemptions and 
continuing hardship exemptions for advisers registered or registering 
with the Commission. Advisers Act rule 204-4(e) (17 CFR 275.204-4(e)) 
sets forth requirements for temporary hardship exemptions for exempt 
reporting advisers.
    A temporary hardship exemption is available to advisers registered 
or registering with the Commission, as well as exempt reporting 
advisers, if the adviser has unanticipated technical difficulties that 
prevent it from submitting a filing to the IARD system. To apply for a 
temporary hardship exemption, the adviser must file Form ADV-H in paper 
format no later than one business day after the subject filing was due, 
and submit the subject filing electronically through IARD no later than 
seven business days after the subject filing was due. The temporary 
hardship exemption is granted when the adviser files the completed Form 
ADV-H.
    A continuing hardship exemption provides an exemption from 
electronic filing for no more than one year. It is available to certain 
advisers registered or registering with the Commission; it is not 
available to exempt reporting advisers. Such adviser must be a small 
business and be able to demonstrate that the electronic filing 
requirements are prohibitively burdensome or expensive. To apply for a 
continuing hardship exemption, an adviser must file Form ADV-H at least 
ten business days before a filing is due. The Commission will grant or 
deny the application within ten business days after the adviser files 
Form ADV-H. If the Commission approves the application, the adviser may 
submit filings to FINRA in paper format for the period of time for 
which the exemption is granted.
    The purpose of the collection of information is to enable the 
Commission to process requests for temporary hardship exemptions and to 
determine whether to grant a continuing hardship exemption from the 
requirement for advisers to make Advisers Act filings electronically 
through IARD.
    Respondents are investment advisers registered or registering with 
the Commission, as well as exempt reporting advisers. Based on our 
experience and data, we estimate that there are 20,926 respondents, 
consisting of 15,414 registered investment advisers and 5,512 exempt 
reporting advisers. Of those respondents, we estimate that we would 
receive one response annually, and each response would take 
approximately one hour to complete. Therefore, we estimate an annual 
aggregate burden of one hour for this collection of information.
    The collection of information does not require recordkeeping or 
records retention. The collection of information requirements are 
mandatory. The information collected is a filing with the Commission, 
and is 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.
    Written comments are invited on: (a) whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission'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 by May 1, 2023.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    Please direct your written comments to: David Bottom, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549 or send an 
email to: [email protected].

    Dated: February 23, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-04210 Filed 2-28-23; 8:45 am]
BILLING CODE 8011-01-P