[Federal Register Volume 89, Number 145 (Monday, July 29, 2024)]
[Notices]
[Pages 60944-60945]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-16567]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-523, OMB Control No. 3235-0585]


Proposed Collection; Comment Request; Extension: Rule 206(4)-7

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    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'') is soliciting comments on the collection of 
information summarized below. The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget for extension and approval.
    The title for the collection of information is ``Investment 
Advisers Act rule 206(4)-7, 17 CFR 275.206(4)-7, Compliance procedures 
and practices.'' This collection of information is found at 17 CFR 
275.206(4)-7, and is mandatory. Rule 206(4)-7 under the Investment 
Advisers Act of 1940 (``Advisers Act'') requires each investment 
adviser registered with the Commission to (1) adopt and implement 
written policies and procedures reasonably designed to prevent 
violations of the Advisers Act and its rules, (2) review those 
compliance policies and procedures annually, and (3) designate a chief 
compliance officer who is responsible for administering the compliance 
policies and procedures. The rule is designed to protect investors by 
fostering better compliance with the securities laws. The collection of 
information under rule 206(4)-7 is necessary to help ensure that 
investment advisers maintain comprehensive internal programs that 
promote the advisers' compliance with the Advisers Act and its rules. 
The Commission's examination and oversight staff may review the 
information collected to assess investment advisers' compliance 
programs. Responses provided to the Commission pursuant to the rule in 
the context of the Commission's examination and oversight program are 
generally kept confidential.\1\ 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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    \1\ See section 210(b) of the Advisers Act (15 U.S.C. 80b-
10(b)).
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    The respondents to this information collection are investment 
advisers registered with the Commission. Updated data indicate that 
there were 15,441 advisers registered with the Commission as of 
December 31, 2023. Each respondent would produce one response, per 
year. Commission staff has estimated that compliance with rule 206(4)-7 
imposes an annual burden of approximately 90 hours per response. Based 
on this figure, Commission staff estimates a total annual burden of 
1,389,690 hours for this collection of information.
    Written comments are invited on: (a) whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission'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 by September 27, 2024.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    Please direct your written comments to: Austin Gerig, Director/
Chief Data Officer, Securities and Exchange Commission, c/o Oluwaseun 
Ajayi, 100 F Street NE, Washington, DC 20549 or send an email to: 
[email protected].


[[Page 60945]]


    Dated: July 23, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-16567 Filed 7-26-24; 8:45 am]
BILLING CODE 8011-01-P