Form ADV

Forms and Documents

Document Name	Status
Form SEC 1707 Form ADV Form and Instruction	Modified
Form ADV_Supporting Statement.pdf Supporting Statement A	2023-12-05

IC Document Collections

IC ID	Document Title	Status
34137	Form ADV Form and Instruction	Modified

ICR Details

OMB Control No: 3235-0049	ICR Reference No: 202311-3235-026
Status: Received in OIRA	Previous ICR Reference No: 202108-3235-017
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: 12/06/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2024
Responses	21,539	18,179
Time Burden (Hours)	299,274	433,004
Cost Burden (Dollars)	27,425,548	14,125,083

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Abstract: In connection with amendments proposed on July 26, 2023 to rule 203A-2(e), the exemption for advisers operating exclusively through the internet, the Commission proposed to amend Form ADV to conform certain instructions and definitions to the amended rule. The proposal would amend Form ADV to require that an adviser relying on the rule as a basis for registration to represent on Schedule D of its Form ADV that, among other things, it has an operational interactive website. This amendment would require internet investment advisers, as an initial matter and periodically thereafter, to provide an additional affirmative representation on Form ADV that more clearly notes the requirements of the exemption, thus reinforcing the conditions of the exemption for the internet 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-AN31	Proposed rulemaking	88 FR 50076	08/01/2023

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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	21,539	18,179	0	0	3,360	0
Annual Time Burden (Hours)	299,274	433,004	0	0	-133,730	0
Annual Cost Burden (Dollars)	27,425,548	14,125,083	0	0	13,300,465	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 annual burden hours associated with Form ADV has decreased from 433,004 hours to 299,273.65 hours (a decrease of 133,730.79). In addition, the external cost burden associated with Form ADV has increased from $14,125,083 to $27,425,547.66 (an increase of $13,300,464.66). The proposed amendments to Form ADV have no impact on the estimated burdens. The changes in annual burden hours and external cost burden are due to increases in the estimated number of respondents, adjustments for inflation, and previously proposed changes to the methodology for calculation of the form ADV burdens.

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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: 12/06/2023

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