[Federal Register Volume 84, Number 147 (Wednesday, July 31, 2019)]
[Notices]
[Page 37363]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-16291]



[[Page 37363]]

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SECURITIES AND EXCHANGE COMMISSION

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


Submission for OMB Review; Comment Request

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

Extension:
    Rule 204-3

    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 a 
request for extension of the previously approved collection of 
information discussed below.
    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 
brochures or a summary of material changes to their brochures. The rule 
also requires that advisers deliver amended brochures or brochure 
supplements (or just a statement describing the amendments) to clients 
only when disciplinary information in the brochures or supplements 
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. The Commission has estimated 
that compliance with rule 204-3 imposes a burden of approximately 3.7 
hours annually based on advisers having a median of 78 clients each. 
Our latest data indicate that there were 13,173 advisers registered 
with the Commission as of March 31, 2019. Based on this figure, the 
Commission estimates a total annual burden of 49,090 hours for this 
collection of information.
    Rule 204-3 does not require recordkeeping or record retention. The 
collection of information requirements under the rule are mandatory. 
The information collected pursuant to the rule is not filed with the 
Commission, but rather takes the form of disclosures to clients and 
prospective clients. Accordingly, these disclosures are not kept 
confidential. 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.
    The public may view the background documentation for this 
information collection at the following website, 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: 
lindsay.m.abate@omb.eop.gov; and (ii) Charles Riddle, Information 
Officer, Securities and Exchange Commission, c/o Candace Kenner, 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.

    Dated: July 26, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-16291 Filed 7-30-19; 8:45 am]
 BILLING CODE 8011-01-P


