Rule 204-3, Delivery of brochures and brochure supplements

Forms and Documents

Document Name	Status
2025 07 02_90 FR 29097_3235-0047_30-Day Submission Notice.pdf.pdf Supplementary Document	2025-07-02
2025 04 10_90 FR 15376_3235-0047_60-Day Collection Notice.pdf Supplementary Document	2025-04-10
Supporting Statement_Rule 204-3 (2025).pdf Supporting Statement A	2025-04-04

IC Document Collections

IC ID	Document Title	Status
34124	Rule 204-3, Written Disclosure Statements	Modified

ICR Details

OMB Control No: 3235-0047	ICR Reference No: 202504-3235-005
Status: Received in OIRA	Previous ICR Reference No: 202207-3235-019
Agency/Subagency: SEC	Agency Tracking No: IM
Title: Rule 204-3, Delivery of brochures and brochure supplements
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 07/02/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2025
Responses	16,237	15,516
Time Burden (Hours)	62,525	57,589
Cost Burden (Dollars)	0	0

---

Abstract: Rule 204-3 under the Investment Advisers Act of 1940 (17 CFR 275.204-3) requires SEC-registered investment advisers to deliver written disclosure statements ("brochures and brochure supplements") to clients and prospective clients containing specified information about the adviser's background, business practices, services, fees, and key supervised personnel. The SEC needs this information collection to ensure investors receive information necessary to make informed decisions about retaining or continuing to employ investment advisers, while the SEC uses the disclosed information in its enforcement, regulatory, and examination programs to monitor adviser compliance and protect investors. Respondents are SEC-registered investment advisers who must deliver current brochures before or when entering into advisory contracts, provide annual updates when there are material changes, deliver brochure supplements for key supervised personnel, and promptly notify clients of disciplinary information changes. This collection fulfills a disclosure requirement where investment advisers provide the brochures and supplements directly to their clients and prospective clients. The brochure is filed with the SEC electronically on IARD, but the brochure supplements are not. The SEC reviews these disclosure documents during examinations to assess compliance with investor protection requirements.

---

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

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 15376	04/10/2025
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 29097	07/01/2025
Did the Agency receive public comments on this ICR? No

---

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

IC Title	Form No.	Form Name
Rule 204-3, Written Disclosure Statements

---

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	16,237	15,516	0	0	721	0
Annual Time Burden (Hours)	62,525	57,589	0	0	4,936	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: The estimated total burden hours has increased from 57,589 to 62,525 hours per year in aggregate, representing an increase of 4,936 hours per year from the currently approved burden. This revised estimate is primarily due to updated information on the number of SEC-registered investment advisers that we obtained from Form ADVs filed through the IARD as of March 31, 2024.1 The estimated number of annual responses has increased from approximately 15,516 to 16,237, representing an increase of 721 responses from the currently approved number of responses. This revised estimate is primarily due to new information on the number of SEC-registered investment advisers that we obtained from Form ADVs filed through the IARD as of March 31, 2024.

---

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

---

Common Form ICR:  No

---

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: 07/02/2025

---