Rule 204-2 under the Investment Advisers Act of 1940

ICR 201010-3235-003

OMB: 3235-0278

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2010-10-06
IC Document Collections
ICR Details
3235-0278 201010-3235-003
Historical Active 201007-3235-032
SEC IM-270-215
Rule 204-2 under the Investment Advisers Act of 1940
Revision of a currently approved collection   No
Regular
Approved without change 11/26/2010
Retrieve Notice of Action (NOA) 10/06/2010
  Inventory as of this Action Requested Previously Approved
11/30/2013 36 Months From Approved 10/31/2013
11,658 0 11,607
2,115,376 0 2,106,046
34,965,063 0 34,661,509

Rule 204-2 sets forth the books and records that SEC-registered investment advisers must maintain and preserve.

US Code: 15 USC 80b-4 Name of Law: Investment Advisers Act of 1940
  
None

3235-AI17 Final or interim final rulemaking 75 FR 49234 08/12/2010

No

1
IC Title Form No. Form Name
Rule 204-2, Books and records to Be Maintained by Investment Advisers

  Total Approved 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 11,658 11,607 0 0 51 0
Annual Time Burden (Hours) 2,115,376 2,106,046 0 9,330 0 0
Annual Cost Burden (Dollars) 34,965,063 34,661,509 0 303,554 0 0
Yes
Changing Regulations
No
There are three reasons for the estimated increase in burden hours from the current approved total burden of 2,106,046 to 2,115,376 hours: (1) the amendments to the rule require all advisers to maintain copies of their brochure supplements in addition to maintaining copies of their brochures, as required under the previous rule, (2) advisers are required to maintain a copy of any summary of material changes in their brochure that is separate from the brochure and (3) the amendments require advisers, including small advisers, to maintain certain records if they determine that a disciplinary event that is presumptively material does not have to be disclosed, or if they calculate their managed assets for purpose of their brochures differently than in Part 1A of Form ADV. The revised average burden per Commission-registered adviser however would remain the same at 181.45 hours. The reasons for the estimated increase in cost burden from the current approved total burden results from our anticipation that only a relatively small number of advisers will be subject to the new recordkeeping provisions, and we expect that the cost of maintaining these records will be relatively minimal. As stated above, we estimate that certain investment advisers may incur one-time outside legal fees in connection with preparing a memorandum explaining their basis for not disclosing a legal event listed in Part 2 in their brochures and supplements. We estimate these outside legal fees to be $150,000. Finally, as described above, we estimate that the non-labor cost burden imposed by the rule would increase by $153,554 as a result of the increase in the number of registered advisers since the last burden was approved.

$0
No
No
No
No
No
Uncollected
Don Evans 202 551-6787

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
10/06/2010


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