Exemption for Certain Investment Advisers Operating Through the Internet (Rule 203A-2(e))

Forms and Documents

Document Name	Status
Supporting Statement_Rule 203A-2(e).pdf Supporting Statement A	2023-11-19

IC Document Collections

IC ID	Document Title	Status
35391	Exemption for Certain Investment Advisers Operating through the Internet (Rule 203A-2(e))	Modified

ICR Details

OMB Control No: 3235-0559	ICR Reference No: 202311-3235-029
Status: Received in OIRA	Previous ICR Reference No: 202301-3235-006
Agency/Subagency: SEC	Agency Tracking No: IM-270-501
Title: Exemption for Certain Investment Advisers Operating Through the Internet (Rule 203A-2(e))
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 11/19/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	05/31/2026
Responses	266	231
Time Burden (Hours)	1,064	924
Cost Burden (Dollars)	0	0

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Abstract: Rule 203A-2(e) of the Investment Advisers Act of 1940 sets forth an exemption from the prohibition on Commission registration for certain advisers operating through the internet.

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Authorizing Statute(s): US Code: 15 USC 80b-1 et seq. 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-AN31	Proposed rulemaking	88 FR 50076	08/01/2023

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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
Exemption for Certain Investment Advisers Operating through the Internet (Rule 203A-2(e))

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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	266	231	0	35	0	0
Annual Time Burden (Hours)	1,064	924	0	140	0	0
Annual Cost Burden (Dollars)	0	0	0	0	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: The revised burden for the proposed amendments to rule 203A-2(e) results from an increase in the number of advisers relying on the rule for Commission registration eligibility. The annual recordkeeping burden under the rule previously was 924 hours, or four hours per adviser for 231 advisers in total. Adjusting this number for the thirty-five additional advisers relying on the rule, the annual recordkeeping burden is revised from 924 hours to 1,024 hours.

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Annual Cost to Federal Government: $0

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: 11/19/2023

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