Document ID: SEC-2022-1198-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2022-09-13T04:00Z

[Federal Register Volume 87, Number 176 (Tuesday, September 13, 2022)]
[Notices]
[Pages 56096-56097]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-19671]

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SECURITIES AND EXCHANGE COMMISSION

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

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

[[Page 56097]]

of information to the Office of Management and Budget for extension and 
approval.
    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 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. 
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 November 14, 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, 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: September 7, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-19671 Filed 9-12-22; 8:45 am]
BILLING CODE 8011-01-P