
[Federal Register Volume 79, Number 69 (Thursday, April 10, 2014)]
[Notices]
[Pages 19932-19933]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-07998]


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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 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 
(``Commission'') has submitted to the Office of Management and Budget 
(``OMB'') a request for extension of the previously approved collection 
of information discussed below.
    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 survey or study of the costs of 
Commission rules and forms.
    The public may view the background documentation for this 
information collection at the following Web site, www.reginfo.gov. 
Comments should be directed to: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503, or by sending an email to: Shagufta_Ahmed@omb.eop.gov; and (ii) 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. 
Comments must be submitted to OMB within 30 days of this notice.


[[Page 19933]]


    Dated: April 4, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-07998 Filed 4-9-14; 8:45 am]
BILLING CODE 8011-01-P


