Form ADV

Forms and Documents

Document	Type	Status	Availability
Form SEC 1707 Form ADV	Form and Instruction	Modified	Repair queued
Form ADV Supporting Statement (IAA).pdf	Supporting Statement A	Uploaded 2020-11-25	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
34137	Form ADV	Form and Instruction	Modified

ICR Details

OMB Control No: 3235-0049	ICR Reference No: 202011-3235-028
Status: Received in OIRA	Previous ICR Reference No: 202005-3235-004
Agency/Subagency: SEC	Agency Tracking No: IM-270-039
Title: Form ADV
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 11/27/2020

	Requested	Previously Approved
Expiration Date	36 Months From Approved	11/30/2023
Responses	17,800	17,800
Time Burden (Hours)	390,383	383,652
Cost Burden (Dollars)	13,822,389	13,822,389

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Abstract: The proposed amendments to Form ADV to add a subsection L to Item 5 of Part 1A (“Advertising Activities”) would require the reporting of information about an adviser’s use in its advertisements of performance results, testimonials, endorsements, third-party ratings and its previous investment advice. The Commission uses the information on Form ADV to determine eligibility for registration and to manage regulatory and examination programs. Clients use the information required in Form ADV to determine whether to hire or retain an investment adviser.

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Authorizing Statute(s): US Code: 15 USC 80b-1 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:
3235-AM08	Proposed rulemaking	84 FR 67518	12/10/2019

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Form ADV	SEC 1707, SEC 1707, SEC 1707, SEC 1707, SEC 1707	Form ADV instructions ,   Form ADV Part1a ,   Form ADV Part 1B ,   Form ADV ,   Form ADV Execution

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ICR Summary of Burden

	Total Request	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	17,800	17,800	0	0	0	0
Annual Time Burden (Hours)	390,383	383,652	0	6,731	0	0
Annual Cost Burden (Dollars)	13,822,389	13,822,389	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: We estimate that the proposed amendments to Form ADV will result in a the revised annual aggregate burden hours for Form ADV (Parts 1, 2 and 3) for all registered advisers and exempt reporting advisers would be 390,383 hours per year, with a monetized value of $107,470,792. This would be an aggregate increase of 6,731 hours, or $2,013,666 in the monetized value of the hour burden, from the currently approved annual aggregate burden estimates, increases which are attributed to the factors described in the supporting statement

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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.     Yes

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.     Yes

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? No

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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: 11/27/2020

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