[Federal Register Volume 68, Number 76 (Monday, April 21, 2003)]
[Notices]
[Pages 19585-19586]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-9700]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, 
DC 20549.
Extension:
    Rule 204-3, SEC File No. 270-42, OMB Control No. 3235-0047
    Rule 203-2 and Form ADV-W, SEC File No. 270-40, OMB Control No. 
3235-0313
    Rule 203-3 and Form ADV-H, SEC File No. 270-481, OMB Control No. 
3235-0538
    Rule 0-2 and Form ADV-NR, SEC File No. 270-241, OMB Control No. 
3235-0240

    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'') has submitted to the Office of Management and Budget 
requests for extension of the previously approved collections of 
information discussed below.
    The title for the collection of information is ``Rule 204-3 under 
the Investment Advisers Act of 1940.'' Rule 204-3, the ``brochure 
rule,'' currently requires an investment adviser to deliver, or offer, 
to prospective clients a disclosure statement containing specified 
information as to the business practices and background of the adviser. 
The brochure assists the client in determining whether to retain, or 
continue employing, the adviser. Rule 204-3 also currently requires 
that an investment adviser deliver, or offer, its brochure on an annual 
basis to existing clients in order to provide them with current 
information about the adviser. On April 5, 2000, the Commission 
proposed amendments to rule 204-3 in conjunction with amendments to 
Form ADV. The proposed amendments to rule 204-3 would require SEC-
registered advisers to deliver their brochure and appropriate brochure 
supplements at the start of the advisory relationship, and to offer to 
deliver the brochure and brochure supplements annually. The proposed 
rule amendments also would require that advisers deliver updates to the 
brochure and brochure supplements to clients whenever information in 
the brochure becomes materially inaccurate. The updates could take the 
form of a reprinted brochure or a ``sticker'' containing the updated 
information.
    The respondents to this information collection would be each 
investment

[[Page 19586]]

adviser registered with the Commission. The Commission has estimated 
that compliance with proposed rule 204-3 would impose a burden of 
approximately 694 hours annually based on an average adviser having 670 
clients. Based on this figure, the Commission estimates a total annual 
burden of 5,412,643 hours for this collection of information.
    Rule 204-3 does not require recordkeeping or record retention. The 
collection of information requirements under the rule are mandatory. 
The information collected pursuant to the rule are not filed with the 
Commission, but rather take the form of disclosures to clients. 
Accordingly, these filings are not kept confidential. An agency may not 
conduct or sponsor, and a person is not required to respond to, a 
collection of information unless it displays a currently valid control 
number.
    The title for the collection of information is ``Rule 203-2 and 
Form ADV-W under the Investment Advisers Act of 1940.'' Rule 203-2 
under the Investment Advisers Act of 1940 establishes procedures for an 
investment adviser to withdraw its registration with the Commission. 
Rule 203-2 requires every person withdrawing from investment adviser 
registration with the Commission to file Form ADV-W electronically on 
the Investment Adviser Registration Depository (``IARD''). The purpose 
of the information collection is to notify the Commission and the 
public when an investment adviser withdraws its pending or approved SEC 
registration. Typically, an investment adviser files a Form ADV-W when 
it ceases doing business or when it is ineligible to remain registered 
with the Commission.
    The respondents to the collection of information are all investment 
advisers that are registered with the Commission or have applications 
pending for registration. The Commission has estimated that compliance 
with the requirement to complete Form ADV-W imposes a total burden of 
approximately 0.75 hours (45 minutes) for an adviser filing for full 
withdrawal and approximately 0.25 hours (15 minutes) for an adviser 
filing for partial withdrawal. Based on historical filings, the 
Commission estimates that there are approximately 500 respondents 
annually filing for full withdrawal and approximately 500 respondents 
annually filing for partial withdrawal. Based on these estimates, the 
total estimated annual burden would be 500 hours ((500 respondents x 
.75 hours) + (500 respondents x .25 hours)).
    Rule 203-2 and Form ADV-W do not require recordkeeping or records 
retention. The collection of information requirements under the rule 
and form are mandatory. The information collected pursuant to the rule 
and Form ADV-W are filings with the Commission. These filings are not 
kept confidential.
    The title for the collection of information is ``Rule 203-3 and 
Form ADV-H under the Investment Advisers Act of 1940.'' Rule 203-3 
under the Investment Advisers Act of 1940 establishes procedures for an 
investment adviser to obtain a hardship exemption from the electronic 
filing requirements of the Investment Advisers Act. Rule 203-3 requires 
every person requesting a hardship exemption to file Form ADV-H with 
the Commission. The purpose of this collection of information is to 
permit advisers to obtain a hardship exemption, on a permanent or 
temporary basis, to not complete an electronic filing. The temporary 
hardship exemption permits advisers to make late filings due to 
unforeseen computer or software problems, while the continuing hardship 
exemption permits advisers to submit all required electronic filings on 
hard copy for data entry by the operator of the IARD.
    The respondents to the collection of information are all investment 
advisers that are registered with the Commission. The Commission has 
estimated that compliance with the requirement to complete Form ADV-H 
imposes a total burden of approximately 1 hour for an adviser. Based on 
our experience with hardship filings, we estimate that we will receive 
10 Form ADV-H filings annually. Based on the 60 minute per respondent 
estimate, the Commission estimates a total annual burden of 10 hours 
for this collection of information.
    Rule 203-3 and Form ADV-H do not require recordkeeping or records 
retention. The collection of information requirements under the rule 
and form are mandatory. The information collected pursuant to the rule 
and Form ADV-H are filings with the Commission. These filings are not 
kept confidential.
    The title for the collection of information is ``Rule 0-2 and Form 
ADV-NR under the Investment Advisers Act of 1940.'' Rule 0-2 and Form 
ADV-NR facilitate service of process to non-resident investment 
advisers and their non-resident general partners or non-resident 
managing agents. The Form requires these persons to designate the 
Commission as agent for service of process. The purpose of this 
collection of information is to enable the commencement of legal and/or 
regulatory actions against investment advisers that are doing business 
in the United States, but are not residents.
    The respondents to this information collection would be each non-
resident general partner or managing agent of an SEC-registered 
adviser. The Commission has estimated that compliance with the 
requirement to complete Form ADV-NR imposes a total burden of 
approximately 1 hour for an adviser. Based on our experience with these 
filings, we estimate that we will receive 15 Form ADV-NR filings 
annually. Based on the 60 minute per respondent estimate, the 
Commission estimates a total annual burden of 15 hours for this 
collection of information.
    Rule 0-2 and Form ADV-NR do not require recordkeeping or records 
retention. The collection of information requirements under the rule 
and form are mandatory. The information collected pursuant to the rule 
and Form ADV-NR are filings with the Commission. These filings are not 
kept confidential.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless it displays a 
currently valid control number.
    Written comments regarding the above information should be directed 
to the following persons: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10202, New Executive Office 
Building, Washington, DC 20503; and (ii) Kenneth A. Fogash, Acting 
Associate Executive Director/CIO, Office of Information Technology, 
Securities and Exchange Commission, 450 Fifth Street, NW., Washington, 
DC 20549. Comments must be submitted to OMB within 30 days of this 
notice.

    Dated: April 14, 2003.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-9700 Filed 4-18-03; 8:45 am]
BILLING CODE 8010-01-P