Rule 204-3 (17 CFR 275.204-3) under the Investment Advisers Act of 1940

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Rule 204-3 30 day (2019 Extension) Draft 20190508.pdf	Supplementary Document	Uploaded 2019-08-06	Available
Rule 204-3 60 day (2019 Extension) Draft 20190508.doc	Supplementary Document	Uploaded 2019-08-06	Available
UPDATED Rule 204-3 Supporting Statement (2019 Extension) 20191016.pdf	Supporting Statement A	Uploaded 2019-11-08	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
34124	Rule 204-3 under the Investment Advisers Act of 1940 -- Written Disclosure Statements		Modified

ICR Details

OMB Control No: 3235-0047	ICR Reference No: 201905-3235-011
Status: Active	Previous ICR Reference No: 201602-3235-006
Agency/Subagency: SEC	Agency Tracking No: IM-270-42
Title: Rule 204-3 (17 CFR 275.204-3) under the Investment Advisers Act of 1940
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 11/13/2019
	Date Received in OIRA: 08/06/2019
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2022	36 Months From Approved	11/30/2019
Responses	13,832	0	12,554
Time Burden (Hours)	49,090	0	466,145
Cost Burden (Dollars)	0	0	0

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Abstract: The rule requires investment advisers to deliver to their clients a written disclosure statement, or "brochure," of specified information concerning the background and business practices of the investment adviser. Investors use the information to determine whether to retain or continue to employ the investment adviser.

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Authorizing Statute(s): US Code: 15 USC 80b Name of Law: Investment Advisers Act of 1940
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 24563	05/28/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 37363	07/31/2019
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Rule 204-3 under the Investment Advisers Act of 1940 -- Written Disclosure Statements

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ICR Summary of Burden

table that charts list of burden

	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	13,832	12,554	0	0	1,278	0
Annual Time Burden (Hours)	49,090	466,145	0	0	-417,055	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: The estimated total burden hours has decreased from 466,145 to 49,090 hours per year in aggregate, representing a decrease of 417,055 hours per year from the currently approved burden. This revised estimate is primarily due to (i) changing how we estimate the number of clients of each adviser by using the median number of clients rather than an average number of clients and (ii) new information on the number of SEC-registered investment advisers that we obtained from Form ADVs filed through the IARD as of March 31, 2019. The estimated number of annual responses has increased from approximately 12,554 to 13,382, representing an increase of 1,278 responses from the currently approved number of responses. This revised estimate is primarily due to new information on the number of SEC-registered investment advisers that we obtained from Form ADVs filed through the IARD as of March 31, 2019.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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: 08/06/2019

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