

[Federal Register: October 30, 2007 (Volume 72, Number 209)]
[Notices]               
[Page 61410]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30oc07-72]                         


[[Page 61410]]

=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

 
Submission for OMB Review; Comment Request

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

Extension: Rule 206(4)-7, SEC File No. 270-523, OMB Control No. 
3235-0585.

    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 ``Investment 
Advisers Act rule 206(4)-7 (17 CFR 275.206(4)-7), Compliance procedures 
and practices.'' Rule 206(4)-7 requires each investment adviser 
registered with the Commission to (i) adopt and implement internal 
compliance policies and procedures, (ii) review those policies and 
procedures annually, (iii) designate a chief compliance officer, and 
(iv) maintain certain compliance records. The rule is designed to 
protect investors by fostering better compliance with the securities 
laws. The collection of information under rule 206(4)-7 is necessary to 
assure that investment advisers maintain comprehensive internal 
programs that promote the advisers' compliance with the Advisers Act. 
The information collected under this rule may also assist Commission 
staff in assessing investment advisers' compliance programs.
    This collection of information is mandatory. The information 
collected pursuant to the rule 206(4)-7 is reviewed by the Commission's 
examination staff. It will be accorded the same level of 
confidentiality accorded to other responses provided to the Commission 
in the context of its examination and oversight program.
    The respondents are investment advisers registered with the 
Commission. Our latest data indicate that there were 10,817 advisers 
registered with the Commission as of September 30, 2007. The Commission 
has estimated that compliance with rule 206(4)-7 imposes a burden of 
approximately 80 hours per respondent. Based on this figure, the 
Commission estimates a total annual burden of 865,360 hours for this 
documentation of information.
    Written comments are invited on: (a) Whether the documentation 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.

    Dated: October 24, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7-21282 Filed 10-29-07; 8:45 am]

BILLING CODE 8011-01-P
