Rule 206(4)-1 Under the Investment Advisers Act of 1940

Forms and Documents

Document Name	Status
Rule 206(4)-1 Supporting Statement Adoption.pdf Supporting Statement A	2021-08-23

IC Document Collections

IC ID	Document Title	Status
245918	Rule 206(4)-1 Under the Investment Advisers Act of 1940	Modified

ICR Details

OMB Control No: 3235-0784	ICR Reference No: 202108-3235-016
Status: Received in OIRA	Previous ICR Reference No: 202102-3235-006
Agency/Subagency: SEC	Agency Tracking No:
Title: Rule 206(4)-1 Under the Investment Advisers Act of 1940
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 08/23/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	425,994	0
Time Burden (Hours)	1,414,291	0
Cost Burden (Dollars)	4,460,200	0

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Abstract: Advisers are required to include certain information in advertisements that include testimonials or endorsements, third-party ratings, or performance information. The purpose of the information collection is to better inform prospective advisory clients about the utility and limitations of information in investment adviser advertisements, and to facilitate the SEC's examination and oversight program in determining compliance with the Advisers Act.

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Authorizing Statute(s): US Code: 15 USC 80b-1 Name of Law: Investment Advisers Act of 1940
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AM08	Final or interim final rulemaking	86 FR 13024	03/05/2021

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Rule 206(4)-1 Under the Investment Advisers Act of 1940

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	425,994	0	0	425,994	0	0
Annual Time Burden (Hours)	1,414,291	0	0	1,414,291	0	0
Annual Cost Burden (Dollars)	4,460,200	0	0	4,460,200	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new information collection

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 08/23/2021

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