Document ID: SEC-2019-0718-0003
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2022-06-29T04:00Z

[Federal Register Volume 87, Number 124 (Wednesday, June 29, 2022)]
[Notices]
[Pages 38794-38795]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-13810]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-42, OMB Control No. 3235-0047]

Proposed Collection; Comment Request; Extension: Rule 204-3

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 
(``Commission'') is soliciting comments on the collection of 
information summarized below. The Commission plans to submit this 
existing collection

[[Page 38795]]

of information to the Office of Management and Budget for extension and 
approval.
    The title for the collection of information is ``Rule 204-3 (17 CFR 
275.204-3) under the Investment Advisers Act of 1940.'' (15 U.S.C. 
80b). Rule 204-3, the ``brochure rule,'' requires advisers to deliver 
their brochures and brochure supplements at the start of an advisory 
relationship and to deliver annually thereafter the full updated 
brochure or a summary of material changes to their brochure. The rule 
also requires that advisers deliver an amended brochure or brochure 
supplement (or just a statement describing the amendment) to clients 
only when disciplinary information in the brochure or supplement 
becomes materially inaccurate. The brochure assists the client in 
determining whether to retain, or continue employing, the adviser. The 
information that Rule 204-3 requires to be contained in the brochure is 
also used by the Commission and staff in its enforcement, regulatory, 
and examination programs. This collection of information is found at 17 
CFR 275.204-3 and is mandatory.
    The respondents to this information collection are certain 
investment advisers registered with the Commission. Our latest data 
indicate that there were 14,777 advisers registered with the Commission 
as of March 31, 2022. The Commission has estimated that compliance with 
Rule 204-3 imposes a burden of approximately 3.9 hours annually based 
on advisers having a median of 92 clients each. Based on this figure, 
the Commission estimates a total annual burden of 57,589 hours for this 
collection of information.
    Rule 204-3 does not require recordkeeping or record retention. The 
collection of information requirements under the rule are mandatory. 
The information collected pursuant to the rule is not filed with the 
Commission, but rather takes the form of disclosures to clients and 
prospective clients. Accordingly, these disclosures are 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 August 29, 2022.
    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: June 23, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-13810 Filed 6-28-22; 8:45 am]
BILLING CODE 8011-01-P