Document ID: SEC-2006-1005-0001
Agency: sec
Document Type: Notice
Title: Agency information collection activities; proposals, submissions, and approvals
Posted Date: 2006-08-07T04:00Z

[Federal Register: August 7, 2006 (Volume 71, Number 151)]
[Notices]               
[Page 44728]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr07au06-108]                         

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

 
Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, DC 
20549.

Extension: Rule 202(a)(11)-1; SEC File No. 270-471; OMB Control No. 
3235-0532.

    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'') has submitted to the Office of Management 
and Budget (``OMB'') a request for extension of the previously approved 
collection of information discussed below.
    The title for the collection of information is ``Certain Broker-
Dealers Deemed Not To Be Investment Advisers.'' Rule 202(a)(11)-1 (17 
CFR 275.202(a)(11)-1) under the Investment Advisers Act of 1940 (15 
U.S.C. 80b-1 et seq.) (``Advisers Act'') addresses the application of 
the Advisers Act to broker-dealers offering accounts charging an asset-
based fee. The rule is intended to clarify when brokers offering these 
programs are subject to the provisions of the Advisers Act. The rule 
requires that all advertisements for brokerage accounts charging an 
asset-based fee and all agreements and contracts governing the 
operation of those accounts contain a certain prominent statement that 
the accounts are brokerage accounts and not advisory accounts. This 
collection of information is necessary so that customers are not 
confused with respect to the services that they are receiving, i.e., to 
prevent customers and prospective customers from mistakenly believing 
that the account is an advisory account subject to the Advisers Act. 
The collection assists customers in making informed decisions regarding 
whether to establish accounts.
    The respondents to this collection of information are all broker-
dealers that are registered with the Commission. The Commission has 
estimated that the average annual burden for ensuring compliance with 
the disclosure element of the rule is 5 minutes per broker-dealer 
taking advantage of the rule. If all of the approximately 6,158 broker-
dealers registered with the Commission took advantage of the rule, the 
total estimated annual burden would be 511 hours (.083 hours x 6,158 
brokers).
    The rule imposes no additional requirements regarding record 
retention. The collection of information requirements under the rule 
are mandatory. Any information received by the Commission related to 
the rule would be kept confidential, subject to the provisions of the 
Freedom of Information Act, 5 U.S.C. 552. 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.
    General comments regarding the above information should be directed 
to the following persons: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503 or e-mail to: 
David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief 

Information Officer, Securities and Exchange Commission, C/O Shirley 
Martinson, 6432 General Green Way, Alexandria, Virginia 22312, or send 
an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB 
within 30 days of this notice.

    Dated: July 31, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6-12698 Filed 8-4-06; 8:45 am]

BILLING CODE 8010-01-P