Rule 204-5 under the Investment Advisers Act of 1940

ICR 201805-3235-017

OMB: 3235-0767

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2019-05-29
IC Document Collections
ICR Details
3235-0767 201805-3235-017
Historical Inactive
SEC IM-270-811
Rule 204-5 under the Investment Advisers Act of 1940
New collection (Request for a new OMB Control Number)   No
Regular
Comment filed on proposed rule 06/04/2019
Retrieve Notice of Action (NOA) 02/07/2019
OMB files this comment in accordance with 5 CFR 1320.11(c). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.
  Inventory as of this Action Requested Previously Approved
36 Months From Approved
0 0 0
0 0 0
0 0 0

On April 18, 2018, the Securities and Exchange Commission (the “Commission” or “SEC”) issued a release proposing, among other things, new rule 204-5 and amendments to Form ADV under the Investment Advisers Act of 1940. The proposal would require registered broker-dealers and registered investment advisers to provide a brief relationship summary to retail investors to inform them about certain aspects of the relationships and services the firm offers (the “relationship summary”). Proposed rule 204-5 would require that an investment adviser: (i) deliver the relationship summary to each retail investor before or at the time the adviser enters into an investment advisory agreement as well as to existing clients one time within a specified time period after the effective date of the proposed amendments; (ii) deliver the relationship summary to existing clients before or at the time (a) a new account is opened that is different from the retail investor’s existing account(s), or (b) changes are made to the retail investor’s existing account(s) that would materially change the nature and scope of the adviser’s relationship with the retail investor; (iii) post a current version of their relationship summary prominently on their public website (if they have one); and (iv) communicate any changes in an updated relationship summary to retail investors who are existing clients or customers of the firm within 30 days after the updates are required to be made and without charge. A firm would be permitted to deliver the relationship summary (including updates) electronically, consistent with the Commission’s guidance regarding electronic delivery.

US Code: 15 USC 80b-11(a) Name of Law: Investment Advisers Act of 1940
   US Code: 15 USC 80b-11(h) Name of Law: Investment Advisers Act of 1940
   US Code: 15 USC 80b-4 Name of Law: Investment Advisers Act of 1940
   PL: Pub.L. 111 - 203 913 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  
US Code: 15 USC 80b Name of Law: Investment Advisers Act of 1940

3235-AL27 Proposed rulemaking 83 FR 21416 04/18/2018

No

1
IC Title Form No. Form Name
Rule 204-5 under the Investment Advisers Act of 1940

No
No
This is the first request for approval of the collection of information for this rule.

No
    No
    No
No
No
No
Uncollected
Emily Rowland 202 551-8645

  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.
02/07/2019


© 2024 OMB.report | Privacy Policy