80 FR 50064 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 159 (August 18, 2015)

Page Range		50064-50064
FR Document		2015-20327

Federal Register, Volume 80 Issue 159 (Tuesday, August 18, 2015)

[Federal Register Volume 80, Number 159 (Tuesday, August 18, 2015)]
[Notices]
[Page 50064]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-20327]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-218, OMB Control No. 3235-0242]


Submission for OMB Review; Comment Request

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

Extension:
    Rule 206(4)-3.

    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 a request for approval of extension of the previously 
approved collection of information discussed below.
    Rule 206(4)-3 (17 CFR 275.206(4)-3) under the Investment Advisers 
Act of 1940, which is entitled ``Cash Payments for Client 
Solicitations,'' provides restrictions on cash payments for client 
solicitations. The rule requires that an adviser pay all solicitors' 
fees pursuant to a written agreement. When an adviser will provide only 
impersonal advisory services to the prospective client, the rule 
imposes no disclosure requirements. When the solicitor is affiliated 
with the adviser and the adviser will provide individualized advisory 
services to the prospective client, the solicitor must, at the time of 
the solicitation or referral, indicate to the prospective client that 
he is affiliated with the adviser. When the solicitor is not affiliated 
with the adviser and the adviser will provide individualized advisory 
services to the prospective client, the solicitor must, at the time of 
the solicitation or referral, provide the prospective client with a 
copy of the adviser's brochure and a disclosure document containing 
information specified in rule 206(4)-3. Amendments to rule 206(4)-3, 
adopted in 2010 in connection with rule 206(4)-5, specify that 
solicitation activities involving a government entity, as defined in 
rule 206(4)-5, are subject to the additional limitations of rule 
206(4)-5. The information rule 206(4)-3 requires is necessary to inform 
advisory clients about the nature of the solicitor's financial interest 
in the recommendation so the prospective clients may consider the 
solicitor's potential bias, and to protect clients against solicitation 
activities being carried out in a manner inconsistent with the 
adviser's fiduciary duty to clients. Rule 206(4)-3 is applicable to all 
Commission registered investment advisers. The Commission believes that 
approximately 4,422 of these advisers have cash referral fee 
arrangements. The rule requires approximately 7.04 burden hours per 
year per adviser and results in a total of approximately 31,130 total 
burden hours (7.04 x 4,422) for all advisers.
    The disclosure requirements of rule 206(4)-3 do not require 
recordkeeping or record retention. The collections of information 
requirements under the rules are mandatory. Information subject to the 
disclosure requirements of rule 206(4)-3 is not submitted to the 
Commission. The disclosures pursuant to the rule 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 OMB control number.
    The public may view the background documentation for this 
information collection at the following Web site, www.reginfo.gov. 
Comments should be directed to: (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 by sending an email to: 
Shagufta_Ahmed@omb.eop.gov; and (ii) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send an email 
to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 
days of this notice.

    Dated: August 13, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-20327 Filed 8-17-15; 8:45 am]
 BILLING CODE 8011-01-P

50064 Federal Register / Vol. 80, No. 159 / Tuesday, August 18, 2015 / Notices

For the Commission, by the Division of the additional limitations of rule Commission, Office of FOIA Services,
Trading and Markets, pursuant to delegated 206(4)–5. The information rule 206(4)– 100 F Street NE., Washington, DC
authority.15 3 requires is necessary to inform 20549–2736.
Brent J. Fields, advisory clients about the nature of the Extension:
Secretary. solicitor’s financial interest in the Form N–8B–2. SEC File No. 270–186, OMB
[FR Doc. 2015–20281 Filed 8–17–15; 8:45 am] recommendation so the prospective Control No. 3235–0186.
BILLING CODE 8011–01–P clients may consider the solicitor’s Notice is hereby given that, pursuant
potential bias, and to protect clients to the Paperwork Reduction Act of 1995
against solicitation activities being (44 U.S.C. 3501 et seq.), the Securities
SECURITIES AND EXCHANGE carried out in a manner inconsistent and Exchange Commission (the
COMMISSION with the adviser’s fiduciary duty to ‘‘Commission’’) has submitted to the
clients. Rule 206(4)–3 is applicable to Office of Management and Budget a
[SEC File No. 270–218, OMB Control No.
3235–0242] all Commission registered investment request for extension of the previously
advisers. The Commission believes that approved collection of information
Submission for OMB Review; approximately 4,422 of these advisers discussed below.
Comment Request have cash referral fee arrangements. The Form N–8B–2 (17 CFR 274.12) is the
rule requires approximately 7.04 burden form used by unit investment trusts
Upon Written Request, Copies Available hours per year per adviser and results in (‘‘UITs’’) other than separate accounts
From: Securities and Exchange a total of approximately 31,130 total that are currently issuing securities,
Commission, Office of FOIA Services, burden hours (7.04 × 4,422) for all including UITs that are issuers of
100 F Street NE., Washington, DC advisers. periodic payment plan certificates and
20549–2736. The disclosure requirements of rule
UITs of which a management
Extension: 206(4)–3 do not require recordkeeping
investment company is the sponsor or
Rule 206(4)–3. or record retention. The collections of
depositor, to comply with the filing and
information requirements under the
Notice is hereby given that, pursuant disclosure requirements imposed by
rules are mandatory. Information subject
to the Paperwork Reduction Act of 1995 section 8(b) of the Investment Company
to the disclosure requirements of rule
(44 U.S.C. 3501 et seq.), the Securities 206(4)–3 is not submitted to the Act of 1940 (15 U.S.C. 80a–8(b)). Form
and Exchange Commission Commission. The disclosures pursuant N–8B–2 requires disclosure about the
(‘‘Commission’’) has submitted to the to the rule are not kept confidential. An organization of a UIT, its securities, the
Office of Management and Budget a agency may not conduct or sponsor, and personnel and affiliated persons of the
request for approval of extension of the a person is not required to respond to, depositor, the distribution and
previously approved collection of a collection of information unless it redemption of securities, the trustee or
information discussed below. displays a currently valid OMB control custodian, and financial statements. The
Rule 206(4)–3 (17 CFR 275.206(4)–3) number. Commission uses the information
under the Investment Advisers Act of The public may view the background provided in the collection of
1940, which is entitled ‘‘Cash Payments documentation for this information information to determine compliance
for Client Solicitations,’’ provides collection at the following Web site, with section 8(b) of the Investment
restrictions on cash payments for client www.reginfo.gov. Comments should be Company Act.
solicitations. The rule requires that an directed to: (i) Desk Officer for the Each registrant subject to the Form N–
adviser pay all solicitors’ fees pursuant Securities and Exchange Commission, 8B–2 filing requirement files Form N–
to a written agreement. When an adviser Office of Information and Regulatory 8B–2 for its initial filing and does not
will provide only impersonal advisory Affairs, Office of Management and file post-effective amendments on Form
services to the prospective client, the Budget, Room 10102, New Executive N–8B–2.1 The Commission staff
rule imposes no disclosure Office Building, Washington, DC 20503, estimates that approximately four
requirements. When the solicitor is or by sending an email to: Shagufta_ respondents each file one Form N–8B–
affiliated with the adviser and the Ahmed@omb.eop.gov; and (ii) Pamela 2 filing annually with the Commission.
adviser will provide individualized Dyson, Director/Chief Information Staff estimates that the burden for
advisory services to the prospective Officer, Securities and Exchange compliance with Form N–8B–2 is
client, the solicitor must, at the time of Commission, c/o Remi Pavlik-Simon, approximately 10 hours per filing. The
the solicitation or referral, indicate to 100 F Street NE., Washington, DC 20549 total hour burden for the Form N–8B–
the prospective client that he is or send an email to: PRA_Mailbox@ 2 filing requirement therefore is 40
affiliated with the adviser. When the sec.gov. Comments must be submitted to hours in the aggregate (4 respondents ×
solicitor is not affiliated with the OMB within 30 days of this notice. one filing per respondent × 10 hours per
adviser and the adviser will provide filing).
Dated: August 13, 2015. Estimates of the burden hours are
individualized advisory services to the
Brent J. Fields, made solely for the purposes of the PRA
prospective client, the solicitor must, at
the time of the solicitation or referral, Secretary. and are not derived from a
provide the prospective client with a [FR Doc. 2015–20327 Filed 8–17–15; 8:45 am] comprehensive or even a representative
copy of the adviser’s brochure and a BILLING CODE 8011–01–P survey or study of the costs of SEC rules
disclosure document containing and forms. The information provided on
asabaliauskas on DSK5VPTVN1PROD with NOTICES

information specified in rule 206(4)–3. Form N–8B–2 is mandatory. The
Amendments to rule 206(4)–3, adopted SECURITIES AND EXCHANGE information provided on Form N–8B–2
in 2010 in connection with rule 206(4)– COMMISSION will not be kept confidential. An agency
5, specify that solicitation activities Submission for OMB Review; 1 Post-effective amendments are filed with the
involving a government entity, as Comment Request Commission on the UIT’s Form S–6. Hence,
defined in rule 206(4)–5, are subject to respondents only file Form N–8B–2 for their initial
Upon Written Request, Copies Available registration statement and not for post-effective
15 17 CFR 200.30–3(a)(12). From: Securities and Exchange amendments.

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Document Created: 2015-12-15 12:04:33
Document Modified: 2015-12-15 12:04:33

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 50064