82 FR 11394 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 34 (February 22, 2017)

Page Range		11394-11395
FR Document		2017-03425
Federal Register, Volume 82 Issue 34 (Wednesday, February 22, 2017)
[Federal Register Volume 82, Number 34 (Wednesday, February 22, 2017)]
[Notices]
[Pages 11394-11395]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-03425]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; 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 203A-2(d), SEC File No. 270-630, OMB Control No. 3235-0689.

    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 this 
existing collection of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    The title of the collection of information is: ``Exemption for 
Certain Multi-State Investment Advisers (Rule 203A-2(d)).'' Its 
currently approved OMB control number is 3235-0689. 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.
    Pursuant to section 203A of the Investment Advisers Act of 1940 
(the ``Act'') (15 U.S.C. 80b-3a), an investment adviser that is 
regulated or required to be regulated as an investment adviser in the 
state in which it maintains its principal office and place of business 
is prohibited from registering with the Commission unless that adviser 
has at least $25 million in assets under management or advises a 
Commission-registered investment company. Section 203A also prohibits 
from Commission registration an adviser that: (i) Has assets under 
management between $25 million and $100 million; (ii) is required to be 
registered as an investment adviser with the state in which it 
maintains its principal office and place of business; and (iii) if 
registered, would be subject to examination as an adviser by that state 
(a ``mid-sized adviser''). A mid-sized adviser that otherwise would be 
prohibited may register with the Commission if it would be required to 
register with 15 or more states. Similarly, Rule 203A-2(d) under the 
Act (17 CFR 275.203a-2(d)) provides that the prohibition on 
registration with the Commission does not apply to an investment 
adviser that is required to register in 15 or more states. An 
investment adviser relying on this exemption also must: (i) Include a 
representation on Schedule D of Form ADV that the investment adviser 
has concluded that it must register as an investment adviser with the 
required number of states; (ii) undertake to withdraw from registration 
with the Commission if the adviser indicates on an annual updating 
amendment to Form ADV that it would be required by the laws of fewer 
than 15 states to register as an investment adviser with the state; and 
(iii) maintain in an easily accessible place a record of the states in 
which the investment adviser has determined it would, but for the 
exemption, be required to register for a period of not less than five 
years from the filing of a Form ADV relying on the rule.
    Respondents to this collection of information are investment 
advisers required to register in 15 or more states absent the exemption 
that rely on rule 203A-2(d) to register with the Commission. The 
information collected under rule 203A-2(d) permits the Commission's 
examination staff to determine an adviser's eligibility for 
registration with the Commission under this exemptive rule and is also 
necessary for the Commission staff to use in its examination and 
oversight program. This collection of information is codified at 17 CFR 
275.203a-2(d) and is mandatory to qualify for and maintain Commission 
registration eligibility under rule 203A-2(d). Responses to the 
recordkeeping requirements under rule 203A-2(d) in the context of the 
Commission's examination and oversight program are generally kept 
confidential.
    The estimated number of investment advisers subject to the 
collection of information requirements under the rule is 142. These 
advisers will incur an average one-time initial burden of approximately 
8 hours, and an average ongoing burden of approximately 8 hours per 
year, to keep records sufficient to demonstrate that they meet the 15-
state threshold. These estimates are based on an estimate that each 
year an investment adviser will spend approximately 0.5 hours creating 
a record of its determination whether it must register as an investment 
adviser with each of the 15 states required to rely on the exemption, 
and approximately 0.5 hours to maintain these records. Accordingly, we 
estimate that rule 203A-2(d) results in an annual aggregate burden of 
collection for SEC-registered investment advisers of a total of 1,136 
hours. Estimates of average burden hours are made solely for the 
purposes of the Paperwork Reduction Act, and are not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules and forms.
    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 Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, C/O Remi 
Pavlik-Simon, 100 F Street NE.,

[[Page 11395]]

Washington, DC 20549; or send an email to: [email protected].

    Dated: February 15, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-03425 Filed 2-21-17; 8:45 am]
 BILLING CODE 8011-01-P
11394 Federal Register / Vol. 82, No. 34 / Wednesday, February 22, 2017 / Notices

response of approximately $1267.21 Multi-State Investment Advisers (Rule determine an adviser’s eligibility for
(i.e., $1,964,170.00/1550 responses). 203A–2(d)).’’ Its currently approved registration with the Commission under
Written comments are invited on: (a) OMB control number is 3235–0689. An this exemptive rule and is also
Whether the proposed collection of agency may not conduct or sponsor, and necessary for the Commission staff to
information is necessary for the proper a person is not required to respond to, use in its examination and oversight
performance of the functions of the a collection of information unless it program. This collection of information
Commission, including whether the displays a currently valid OMB control is codified at 17 CFR 275.203a–2(d) and
information shall have practical utility; number. is mandatory to qualify for and maintain
(b) the accuracy of the Commission’s Pursuant to section 203A of the Commission registration eligibility
estimates of the burden of the proposed Investment Advisers Act of 1940 (the under rule 203A–2(d). Responses to the
collection of information; (c) ways to ‘‘Act’’) (15 U.S.C. 80b–3a), an recordkeeping requirements under rule
enhance the quality, utility, and clarity investment adviser that is regulated or 203A–2(d) in the context of the
of the information collected; and (d) required to be regulated as an Commission’s examination and
ways to minimize the burden of the investment adviser in the state in which oversight program are generally kept
collection of information on it maintains its principal office and confidential.
respondents, including through the use place of business is prohibited from The estimated number of investment
of automated collection techniques or registering with the Commission unless advisers subject to the collection of
other forms of information technology. that adviser has at least $25 million in information requirements under the rule
Consideration will be given to assets under management or advises a is 142. These advisers will incur an
comments and suggestions submitted in Commission-registered investment average one-time initial burden of
writing within 60 days of this company. Section 203A also prohibits approximately 8 hours, and an average
publication. from Commission registration an adviser ongoing burden of approximately 8
An agency may not conduct or that: (i) Has assets under management hours per year, to keep records
sponsor, and a person is not required to between $25 million and $100 million; sufficient to demonstrate that they meet
respond to, a collection of information (ii) is required to be registered as an the 15-state threshold. These estimates
under the PRA unless it displays a investment adviser with the state in are based on an estimate that each year
currently valid OMB control number. which it maintains its principal office an investment adviser will spend
Please direct your written comments and place of business; and (iii) if approximately 0.5 hours creating a
to: Pamela Dyson, Director/Chief registered, would be subject to record of its determination whether it
Information Officer, Securities and examination as an adviser by that state must register as an investment adviser
Exchange Commission, c/o Remi Pavlik- (a ‘‘mid-sized adviser’’). A mid-sized with each of the 15 states required to
Simon, 100 F Street NE., Washington, adviser that otherwise would be rely on the exemption, and
DC 20549 or send an email to: PRA_ prohibited may register with the
approximately 0.5 hours to maintain
Mailbox@sec.gov. Commission if it would be required to
these records. Accordingly, we estimate
register with 15 or more states.
Dated: February 15, 2017. that rule 203A–2(d) results in an annual
Similarly, Rule 203A–2(d) under the Act
Eduardo A. Aleman, aggregate burden of collection for SEC-
(17 CFR 275.203a–2(d)) provides that
Assistant Secretary. registered investment advisers of a total
the prohibition on registration with the
of 1,136 hours. Estimates of average
[FR Doc. 2017–03395 Filed 2–21–17; 8:45 am] Commission does not apply to an
burden hours are made solely for the
BILLING CODE 8011–01–P investment adviser that is required to
purposes of the Paperwork Reduction
register in 15 or more states. An
Act, and are not derived from a
investment adviser relying on this
SECURITIES AND EXCHANGE exemption also must: (i) Include a comprehensive or even a representative
COMMISSION representation on Schedule D of Form survey or study of the costs of
ADV that the investment adviser has Commission rules and forms.
Proposed Collection; Comment concluded that it must register as an Written comments are invited on: (a)
Request investment adviser with the required Whether the proposed collection of
number of states; (ii) undertake to information is necessary for the proper
Upon Written Request, Copies Available performance of the functions of the
From: Securities and Exchange withdraw from registration with the
Commission if the adviser indicates on agency, including whether the
Commission, Office of FOIA Services, information will have practical utility;
100 F Street NE., Washington, DC an annual updating amendment to Form
ADV that it would be required by the (b) the accuracy of the agency’s estimate
20549–2736. of the burden of the collection of
laws of fewer than 15 states to register
Extension: as an investment adviser with the state; information; (c) ways to enhance the
Rule 203A–2(d), SEC File No. 270–630, quality, utility, and clarity of the
and (iii) maintain in an easily accessible
OMB Control No. 3235–0689. information collected; and (d) ways to
place a record of the states in which the
Notice is hereby given that pursuant investment adviser has determined it minimize the burden of the collection of
to the Paperwork Reduction Act of 1995 would, but for the exemption, be information on respondents, including
(44 U.S.C. 3501 et seq.) the Securities required to register for a period of not through the use of automated collection
and Exchange Commission (the less than five years from the filing of a techniques or other forms of information
‘‘Commission’’) is soliciting comments Form ADV relying on the rule. technology. Consideration will be given
to comments and suggestions submitted
sradovich on DSK3GMQ082PROD with NOTICES

on the collections of information Respondents to this collection of
summarized below. The Commission information are investment advisers in writing within 60 days of this
plans to submit this existing collection required to register in 15 or more states publication.
of information to the Office of absent the exemption that rely on rule Please direct your written comments
Management and Budget (‘‘OMB’’) for 203A–2(d) to register with the to Pamela Dyson, Director/Chief
extension and approval. Commission. The information collected Information Officer, Securities and
The title of the collection of under rule 203A–2(d) permits the Exchange Commission, C/O Remi
information is: ‘‘Exemption for Certain Commission’s examination staff to Pavlik-Simon, 100 F Street NE.,

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Document Created: 2017-02-22 00:08:22
Document Modified: 2017-02-22 00:08:22
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		82 FR 11394