[Federal Register Volume 70, Number 176 (Tuesday, September 13, 2005)]
[Notices]
[Pages 54095-54096]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-4977]


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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.

Revision and Extension: Rule 203A-2; SEC File No. 270-501; OMB 
Control No. 3235-0559

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.) (``PRA'') the Securities and 
Exchange Commission (``Commission'') has submitted to the Office of 
Management and Budget requests for extension of the previously approved 
collection of information discussed below.
    Rule 203A-2(f), which is entitled ``Internet Investment Advisers,'' 
exempts from the prohibition on Commission registration an Internet 
investment adviser who provides investment advice to all of its clients 
exclusively through computer software-based models or applications 
termed under the rule as ``interactive websites.'' \1\ These advisers 
generally would not meet the statutory thresholds set out in section 
203A of the Advisers Act--they do not manage $25 million or more in 
assets and do not advise registered investment companies.\2\ 
Eligibility under rule 203A-2(f) is conditioned on an adviser 
maintaining in an easily accessible place, for a period of not less 
than five years from the filing of Form ADV relying on the rule,\3\ a 
record demonstrating that the adviser's advisory business has been 
conducted through an interactive website in accordance with the rule.
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    \1\ 17 CFR 275.203A-2(f). Included in rule 203A-2(f) is a 
limited exception to the interactive website requirement which 
allows these advisers to provide investment advice to no more than 
14 clients through other means on an annual basis. 17 CFR 275.203A-
2(f)(1)(i). The rule also precludes advisers in a control 
relationship with the SEC-registered Internet adviser from 
registering with the Commission under the common control exemption 
provided by rule 203A-2(c) [17 CFR 275.203A-2(c)]. 17 CFR 275.203A-
2(f)(1)(iii).
    \2\ 15 U.S.C. 80b-3a(a).
    \3\ The five-year record retention period is the same 
recordkeeping retention period for all advisers imposed under rule 
204-2 of the Adviser Act. See rule 204-2 [17 CFR 275.204-2].
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    This record maintenance requirement is a ``collection of 
information'' for PRA purposes. The Commission believes that 
approximately 25 advisers are registered with the Commission under rule 
203A-2(f), which involves a recordkeeping requirement manifesting in 
approximately four burden hours per year per adviser and results in an 
estimated 100 of total burden hours (4x25) for all advisers.
    This collection of information is mandatory, as it is used by 
Commission staff in its examination and oversight program in order to 
determine continued Commission registration eligibility of advisers 
registered under this rule. Responses generally are kept confidential 
pursuant to section 210(b) of the Advisers Act.\4\ 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.
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    \4\ 15 U.S.C. 80b-10(b).
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    General 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 10102, New Executive Office 
Building, Washington, DC 20503 or e-mail to: [email protected]; and (ii) R. Corey Booth, Director/Chief 
Information Officer, Office of Information Technology, Securities and 
Exchange Commission, 100 F Street, NE., Washington, DC 20549. Comments 
must

[[Page 54096]]

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be submitted to OMB within 30 days of this notice.

    Dated: September 6, 2005.
Jonathan G. Katz,
Secretary.
[FR Doc. E5-4977 Filed 9-12-05; 8:45 am]
BILLING CODE 8010-01-P