[Federal Register Volume 72, Number 213 (Monday, November 5, 2007)]
[Notices]
[Page 62499]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-21663]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Rule 204A-1, SEC File No. 270-536, OMB Control No. 3235-0596.

    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 
(the ``Commission'') is soliciting comments on the collections of 
information summarized below. The Commission plans to submit these 
existing collections of information to the Office of Management and 
Budget for extension and approval.
    The title for the collection of information is ``Rule 204A-1 (17 
CFR 275.204A-1) under the Investment Advisers Act of 1940'' (15 U.S.C. 
80b-1 et seq.). Rule 204A-1, the Code of Ethics Rule, requires 
investment advisers registered with the Commission to (i) set forth 
standards of conduct expected of advisory personnel (including 
compliance with the federal securities laws), (ii) safeguard material 
nonpublic information about client transactions, and (iii) requires the 
adviser's ``access persons'' to report their personal securities 
transactions, including transactions in any mutual fund managed by the 
adviser. The code of ethics also requires access persons to obtain the 
adviser's approval before investing in an initial public offering or 
private placement. The code of ethics also requires prompt reporting, 
to the adviser's chief compliance officer or another person designated 
in the code of ethics, of any violations of the code. Finally, the code 
of ethics requires the adviser to provide each supervised person with a 
copy of the code and any amendments, and requires the supervised 
persons to acknowledge, in writing, their receipt of these copies.
    The purposes of the information collection requirements are: (i) To 
ensure that advisers maintain codes of ethics applicable to their 
supervised persons; (ii) to provide advisers with information about the 
personal securities transactions of their access persons for purposes 
of monitoring such transactions; (iii) to provide advisory clients with 
information with which to evaluate advisers' codes of ethics; and (iv) 
to assist the Commission's examination staff in assessing the adequacy 
of advisers' codes of ethics and assessing personal trading activity by 
advisers' supervised persons.
    The respondents to this information collection are investment 
advisers registered with the Commission. The Commission has estimated 
that compliance with rule 204A-1 imposes a burden of approximately 117 
hours per adviser annually for an estimated total annual burden of 
1,265,865 hours.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information collected; and (d) 
ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology. Consideration will 
be given to comments and suggestions submitted in writing within 60 
days of this publication.
    Please direct your written comments to R. Corey Booth, Director/
Chief Information Officer, Securities and Exchange Commission, c/o 
Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312 or send 
an e-mail to: [email protected].

    October 29, 2007.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-21663 Filed 11-2-07; 8:45 am]
BILLING CODE 8011-01-P