[Federal Register Volume 86, Number 226 (Monday, November 29, 2021)]
[Notices]
[Page 67780]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-25912]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-523, OMB Control No. 3235-0585]


Submission for OMB Review; Comment Request, Extension: Rule 
206(4)-7

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    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.'' This collection of information is found at 17 CFR 
275.206(4)-7, and is mandatory. Rule 206(4)-7 under the Investment 
Advisers Act of 1940 (``Advisers Act'') requires each investment 
adviser registered with the Commission to (1) adopt and implement 
written policies and procedures reasonably designed to prevent 
violations of the Advisers Act and its rules, (2) review those 
compliance policies and procedures annually, and (3) designate a chief 
compliance officer who is responsible for administering the compliance 
policies and procedures. 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 help ensure that 
investment advisers maintain comprehensive internal programs that 
promote the advisers' compliance with the Advisers Act and its rules. 
The Commission's examination and oversight staff may review the 
information collected to assess investment advisers' compliance 
programs. Responses provided to the Commission pursuant to the rule in 
the context of the Commission's examination and oversight program are 
generally kept confidential.\1\ 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 control number.
---------------------------------------------------------------------------

    \1\ See section 210(b) of the Advisers Act (15 U.S.C. 80b-
10(b)).
---------------------------------------------------------------------------

    The respondents to this information collection are investment 
advisers registered with the Commission. Updated data indicate that 
there were 14,376 advisers registered with the Commission as of August 
2021. Each respondent would produce one response, per year. Commission 
staff has estimated that compliance with rule 206(4)-7 imposes an 
annual burden of approximately 90 hours per response. Based on this 
figure, Commission staff estimates a total annual burden of 1,293,840 
hours for this collection of information.
    Written comments are invited on: (1) 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; (2) the accuracy of the agency's estimate of the burden of the 
collection of information; (3) ways to enhance the quality, utility, 
and clarity of the information collected; and (4) 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 David Bottom, Director/Chief 
Information Officer, Securities and Exchange Commission, C/O John R. 
Pezzullo, 100 F Street NE, Washington, DC 20549; or send an email to: 
[email protected].

    Dated: November 23, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-25912 Filed 11-26-21; 8:45 am]
BILLING CODE 8011-01-P


