
[Federal Register Volume 79, Number 23 (Tuesday, February 4, 2014)]
[Notices]
[Pages 6659-6660]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-02244]


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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 203A-2(d), OMB Control No. 3235-0689, SEC File No. 270-630.

    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 
(the ``Commission'') is soliciting comments on the collections of 
information summarized below. The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    The title of the collection of information is: ``Exemption for 
Certain Multi-State Investment Advisers (Rule 203A-2(d)).'' Its 
currently approved OMB control number is 3235-0689. 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 OMB 
control number.
    Pursuant to section 203A of the Investment Advisers Act of 1940 
(the ``Act'') (15 U.S.C. 80b-3a), an investment adviser that is 
regulated or required to be regulated as an investment adviser in the 
state in which it maintains its principal office and place of business 
is prohibited from registering with the Commission unless that adviser 
has at least $25 million in assets under management or advises a 
Commission-registered investment company. Section 203A also prohibits 
from Commission registration an adviser that: (i) Has assets under 
management between $25 million and $100 million; (ii) is required to be 
registered as an investment adviser with the state in which it 
maintains its principal office and place of business; and (iii) if 
registered, would be subject to examination as an adviser by that state 
(a ``mid-sized adviser''). A mid-sized adviser that otherwise would be 
prohibited may register with the Commission if it would be required to 
register with 15 or more states. Similarly, Rule 203A-2(d) under the 
Act (17 CFR 275.203a-2(d)) provides that the prohibition on 
registration with the Commission does not apply to an investment 
adviser that is required to register in 15 or more states. An 
investment adviser relying on this exemption also must: (i) Include a 
representation on Schedule D of Form ADV that the investment adviser 
has concluded that it must register as an investment adviser with the 
required number of states; (ii) undertake to withdraw from registration 
with the Commission if the adviser indicates on an annual updating 
amendment to Form ADV that it would be required by the laws of fewer 
than 15 states to register as an investment adviser with the state; and 
(iii) maintain in an easily accessible place a record of the states in 
which the investment adviser has determined it would, but for the 
exemption, be required to register for a period of not less than five 
years from the filing of a Form ADV relying on the rule.
    Respondents to this collection of information are investment 
advisers required to register in 15 or more states absent the exemption 
that rely on rule 203A-2(d) to register with the Commission. The 
information collected under rule 203A-2(d) permits the Commission's 
examination staff to determine an adviser's eligibility for 
registration with the Commission under this exemptive rule and is also 
necessary for the Commission staff to use in its examination and 
oversight program. This collection of information is codified at 17 CFR 
275.203a-2(d) and is mandatory to qualify for and maintain Commission 
registration eligibility under rule 203A-2(d). Responses to the 
recordkeeping requirements under rule 203A-2(d) in the context of the 
Commission's examination and oversight program are generally kept 
confidential.
    The estimated number of investment advisers subject to the 
collection of information requirements under the rule is 152. These 
advisers will incur an average one-time initial burden of approximately 
8 hours, and an average ongoing burden of approximately 8 hours per 
year, to keep records sufficient to demonstrate that they meet the 15-
state threshold. These estimates are based on an estimate that each 
year an investment adviser will spend approximately 0.5 hours creating 
a record of its determination whether it must register as an investment 
adviser with each of the 15 states required to rely on the exemption, 
and approximately 0.5 hours to maintain these records. Accordingly, we 
estimate that rule 203A-2(d) results in an annual aggregate burden of 
collection for SEC-registered investment advisers of a total of 1,216 
hours. Estimates of average burden hours are made solely for the 
purposes of the Paperwork Reduction Act, and are not derived from a 
comprehensive or even a representative

[[Page 6660]]

survey or study of the costs of Commission rules and forms.
    Written comments are invited on: (a) Whether the proposed 
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, 100 F Street NE., Washington, DC 20549; or send an email 
to: PRA_Mailbox@sec.gov.

    Dated: January 29, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-02244 Filed 2-3-14; 8:45 am]
BILLING CODE 8011-01-P


