The Department's regulation at 29 CFR
2510.3-38 provides that, in order to meet the definition of
investment manager in section 3(38) of the Employee Retirement
Income Security Act of 1974, state-registered investment advisers
must register electronically through a centralized electronic
filing system established by the SEC and state investment
authorities called the Investment Adviser Registration Depository
("IARD") rather than providing a paper copy of their state
registration to the Secretary of Labor.
US Code:
29 USC 1003(38)(B) Name of Law: Employee Retirement Income
Security Act of 1974
The Department has not made any
program changes to this information collection since the prior PRA
renewal in 2007. The burden estimates have been adjusted to take
into account the fact that most investment advisers that are
affected already have invested in the systems necessary to make use
of electronic methods of communication through the Internet).
Therefore, capital investments previously assumed to be required
have been eliminated, reducing the annual hour and cost burdens of
this information collection. Since 2007, most of the states that
were listed as not requiring the Investment Adviser Registration
Depository ("IARD") now do (including California and Florida which
comprised 95% of the cost burden in the previous estimates). Only
South Carolina and West Virginia do not require the IARD for their
investment advisors. Thus, the Departments requirement only
imposes a burden upon a small set of investment advisors in two
states. The Department has updated the IARD fee numbers, which were
calculated previously to be $150 for all initial registers and $100
in subsequent years. Wage rates have also been updated.
$0
No
No
Uncollected
Uncollected
No
Uncollected
Chris Cosby 202
693-8540
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:
(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;
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.