Temporary rule for principal trades with certain advisory clients, rule 206(3)-3T

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
17cfr275.206(3)-3T.pdf	Supplementary Document	Uploaded 2008-07-10	Available
Rule 206(3)-3T Supporting Statement.doc	Supporting Statement A	Uploaded 2008-07-10	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
182044	Temporary rule for principal trades with certain advisory clients, rule 206(3)-3T		Modified

ICR Details

OMB Control No: 3235-0630	ICR Reference No: 200807-3235-015
Status: Historical Inactive	Previous ICR Reference No: 200711-3235-001
Agency/Subagency: SEC	Agency Tracking No: 270-571
Title: Temporary rule for principal trades with certain advisory clients, rule 206(3)-3T
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Preapproved	Conclusion Date: 08/30/2008
	Date Received in OIRA: 07/14/2008
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2011	36 Months From Approved	05/31/2011
Responses	19,185	0	19,000
Time Burden (Hours)	496,290	0	494,440
Cost Burden (Dollars)	13,272,300	0	13,050,300

---

Abstract: Temporary rule 206(3)-3T provides investment advisers who are registered with the Commission as broker-dealers relief by establishing an optional, alternative means for them to meet the requirements of section 206(3) of the Advisers Act when they act in a principal capacity in transactions with certain of their advisory clients. The Commission also adopted temporary rule 206(3)-3T to enable fee-based brokerage customers to make an informed choice between fee-based advisory accounts and commission-based brokerage accounts, while continuing to have access to certain securities held in the principal accounts of certain advisory firms. The temporary rule, and its attendant paperwork burdens, will expire and no longer be effective on December 31, 2009

---

Authorizing Statute(s): US Code: 15 USC 80b-6A Name of Law: Investment Advisers Act of 1940
   US Code: 15 USC 80b-11(a) Name of Law: Investment Advisers Act of 1940
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AK19	Proposed rulemaking	73 FR 40124	07/11/2008

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Temporary rule for principal trades with certain advisory clients, rule 206(3)-3T

---

ICR Summary of Burden

table that charts list of burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	19,185	19,000	0	185	0	0
Annual Time Burden (Hours)	496,290	494,440	0	1,850	0	0
Annual Cost Burden (Dollars)	13,272,300	13,050,300	0	222,000	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Commission proposed amendments to rule 206(3)-3(T) that would modify the definition of “investment grade security,” thereby eliminating an adviser’s ability to rely exclusively on NRSRO ratings to determine whether a security is investment grade for purposes of the rule.

---

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

---

Common Form ICR:  No

---

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 07/14/2008

---