60 day notice

Rule 206(4)-7 60 Day Notice 2018 (12.7.18).pdf

Investment Advisers Act rule 206(4)-7, 17 C.F.R. Sec. 275.206(4)- 7, Compliance procedures and practices.

60 day notice

OMB: 3235-0585

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SECURITIES AND EXCHANGE COMMISSION
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 206(4)-7
SEC File No. 270-523, OMB Control No. 3235-0585
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”) is soliciting comments
on the collection of information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and Budget for extension and
approval.
The title for the collection of information is “Investment Advisers Act rule 206(4)-7 (17
CFR 275.206(4)-7), Compliance procedures and practices.”

Rule 206(4)-7 requires each

investment adviser registered with the Commission to (i) adopt and implement internal
compliance policies and procedures, (ii) review those policies and procedures annually, (iii)
designate a chief compliance officer, and (iv) maintain certain compliance records. The rule is
designed to protect investors by fostering better compliance with the securities laws. The
collection of information under rule 206(4)-7 is necessary to assure that investment advisers
maintain comprehensive internal programs that promote the advisers’ compliance with the

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Investment Advisers Act of 1940. The information collected under this rule may also assist
Commission staff in assessing investment advisers’ compliance programs.
This collection of information is mandatory. The Commission’s examination staff review
the information collected pursuant to the rule 206(4)-7; it will be accorded the same level of
confidentiality accorded to other responses provided to the Commission in the context of its
examination and oversight program.
The respondents to this information collection are investment advisers registered with the
Commission.

Our latest data indicate that there were 13,249 advisers registered with the

Commission as of October 31, 2018. The Commission has estimated that compliance with rule
206(4)-7 imposes an annual burden of approximately 87 hours per respondent. Based on this
figure, the Commission estimates a total annual burden of 1,152,663 hours for this collection of
information.
Written comments are invited on: (a) whether the collection of information is necessary
for the proper performance of the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of
information; (c) ways to enhance the quality, utility, and clarity of the information collected; and
(d) ways to minimize the burden of the collection of information on respondents, including
through the use of automated collection techniques or other forms of information technology.
Consideration will be given to comments and suggestions submitted in writing within 60 days of
this publication. An agency may not conduct or sponsor a collection of information unless it
displays a currently valid OMB control number. No person shall be subject to any penalty for

-3failing to comply with a collection of information subject to the PRA that does not display a
valid OMB control number.
Please direct your written comments to Charles Riddle, Acting Director/Chief
Information Officer, Securities and Exchange Commission, C/O Candace Kenner, 100 F Street,
NE, Washington, DC 20549; or send an email to: [email protected].

Eduardo A. Aleman
Deputy Secretary
February 11, 2019


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