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.
US Code:
15
USC 80b-1 Name of Law: Investment Advisers Act of 1940
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
$0
No
Yes
Yes
No
No
No
No
Aaron Russ 202 551-5783
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.