
[Federal Register Volume 78, Number 74 (Wednesday, April 17, 2013)]
[Notices]
[Pages 22921-22922]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-08978]


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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; OMB Control No. 3235-0585; SEC File 
No. 270-523.

    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 Investment 
Advisers Act of 1940. 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 to this information collection are investment 
advisers registered with the Commission. Our latest data indicate that 
there were 10,773 advisers registered with the Commission as of 
February 1, 2013. The Commission has estimated that compliance with 
rule 206(4)-7 imposes an annual burden of approximately 87 hours per 
respondent. Based on this figure, the Commission estimates a total

[[Page 22922]]

annual burden of 937,251 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. An 
agency may not conduct or sponsor a collection of information unless it 
displays a currently valid OMB control number. No person shall be 
subject to any penalty for failing to comply with a collection of 
information subject to the PRA that does not display a valid OMB 
control number.
    Please direct your written comments to Thomas Bayer, Director/Chief 
Information Officer, Securities and Exchange Commission, C/O Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an 
email to: PRA_Mailbox@sec.gov.

    Dated: April 11, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-08978 Filed 4-16-13; 8:45 am]
BILLING CODE 8011-01-P


