Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.
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If adopted as proposed, rule 203A-2(d) under the Investment Advisers Act of 1940 would permit all investment advisers required to register as advisers with 15 or more states to register with the Commission, and would require any adviser relying on the rule to maintain a record of the states in an accessible place, in which the investment adviser has determined it would be required to register for a period of not less than five years from the filing of a Form ADV relying on the proposed rule 203A-2(d)(3).
US Code:
15 USC 80b-11(a)
Name of Law: Investment Advisers Act of 1940
PL:
Pub.L. 111 - 203 410
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
15 USC 80b-3a(c)
Name of Law: Investment Advisers Act of 1940
PL: Pub.L. 111 - 203 410 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
We are requesting 320 hours for the 40 investment advisers that we believe currently rely on this rule that existed without an OMB control number. From reviewing our records, we believe that this was an oversight when it was first adopted in 1998 and since then has not been amended. We estimate that approximately 95 additional advisers may rely on the provision the Dodd-Frank Act added to the Advisers Act that permits an adviser with between $25 million and $100 million of assets under management to register with the Commission if the adviser is required to register as an adviser with 15 or more states. This would increase the burden of rule 203A-2(d) by 760 hours. We also estimate that 15 small advisers with assets under management of $25 million or less would newly be eligible for the amended multi-state exemption, further increasing the burden by 120 hours.
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.
Rule 203A-2(d) Supporting Statement (FINAL).docx
Exemption for Certain Multi-State Investment Advisers (Rule 203A-2(d))