
[Federal Register Volume 78, Number 74 (Wednesday, April 17, 2013)]
[Notices]
[Page 22918]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-08977]


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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.
    OMB Control No. 3235-0047, SEC File No. 270-42.

    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 advisers to deliver 
their brochures and brochure supplements at the start of an advisory 
relationship and to deliver annually thereafter the full updated 
brochure or a summary of material changes to their brochure. The rule 
also requires that advisers deliver an amended brochure or brochure 
supplement (or just a statement describing the amendment) to clients 
only when disciplinary information in the brochure or supplement 
becomes materially inaccurate. The brochure assists the client in 
determining whether to retain, or continue employing, the adviser. The 
information that Rule 204-3 requires to be contained in the brochure is 
also used by the Commission and staff in its enforcement, regulatory, 
and examination programs. 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 10,754 advisers registered with the Commission as of January 
2, 2013. The Commission has estimated that compliance with rule 204-3 
imposes a burden of approximately 31 hours annually based on an average 
adviser having 1,200 clients. Based on this figure, the Commission 
estimates a total annual burden of 331,456 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 Thomas Bayer, 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. 2013-08977 Filed 4-16-13; 8:45 am]
BILLING CODE 8011-01-P


