

[Federal Register: October 10, 2007 (Volume 72, Number 195)]
[Notices]               
[Page 57609-57610]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr10oc07-119]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Rule 204-3, SEC File No. 270-42, OMB Control No. 3235-0047.

    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 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 an investment adviser to 
deliver their brochure to their new clients or prospective clients 
before or at the start of the advisory relationship. The brochure 
assists the client in determining whether to retain, or continue 
employing, the adviser. Rule 204-3 also requires that an investment 
adviser deliver, or offer in writing to deliver upon written request, 
the brochure to their existing clients annually in order to provide 
them with current information about the adviser. Under rule 204-3, the 
investment adviser must furnish the required information to clients and 
prospective clients by providing either a copy of Part II of Form ADV, 
the investment adviser registration form, or a written document 
containing at least the information required by Part II of Form ADV. 
This collection of information is found at 17 CFR 275.204-3 and is 
mandatory.
    The respondents to this information collection are investment 
advisers registered with the Commission. Our latest data indicate that 
there were

[[Page 57610]]

10,787 advisers registered with the Commission as of August 31, 2007. 
The Commission has estimated that compliance with rule 204-3 imposes a 
burden of approximately 639.87 hours annually based on an average 
adviser having 670 clients. Based on this figure, the Commission 
estimates a total annual burden of 6,902,278 hours for this collection 
of information.
    Written comments are invited on: (a) Whether the collection of 
information is necessary for the proper performance of the functions of 
the agency, including whether the information will have practical 
utility; (b) the accuracy of the agency'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 in writing within 60 days of this publication.
    Please direct your written comments to R. Corey Booth, Director/
Chief Information Officer, Securities and Exchange Commission, C/O 
Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312; or 
send an e-mail to: PRA_Mailbox@sec.gov.

    October 1, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7-19855 Filed 10-9-07; 8:45 am]

BILLING CODE 8011-01-P
