30 day notice

SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; 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 204-3
SEC File No. 270-42, OMB Control No. 3235-0047
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 (“Commission”) has submitted to the
Office of Management and Budget a request for extension of the previously approved collection
of information discussed below.
The title for the collection of information is “Rule 204-3 (17 CFR 275.204-3) under the
Investment Advisers Act of 1940.” (15 U.S.C. 80b). Rule 204-3, the “brochure rule,” requires
advisers to deliver their brochures and brochure supplements at the start of an advisory
relationship and to deliver annually thereafter the full updated brochures or a summary of
material changes to their brochures.

The rule also requires that advisers deliver amended

brochures or brochure supplements (or just a statement describing the amendments) to clients
only when disciplinary information in the brochures or supplements becomes materially
inaccurate.
The brochure assists the client in determining whether to retain, or continue employing, the
adviser. The information that rule 204-3 requires to be contained in the brochure is also used by
the Commission and staff in its enforcement, regulatory, and examination programs.
collection of information is found at 17 CFR 275.204-3 and is mandatory.

This

The respondents to this information collection are investment advisers registered with the
Commission. The Commission has estimated that compliance with rule 204-3 imposes a burden
of approximately 3.7 hours annually based on advisers having a median of 78 clients each. Our
latest data indicate that there were 13,173 advisers registered with the Commission as of March
31, 2019. Based on this figure, the Commission estimates a total annual burden of 49,090 hours
for this collection of information.
Rule 204-3 does not require recordkeeping or record retention.

The collection of

information requirements under the rule are mandatory. The information collected pursuant to
the rule is not filed with the Commission, but rather takes the form of disclosures to clients and
prospective clients. Accordingly, these disclosures are not kept confidential. 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 control number.
The public may view the background documentation for this information collection at the
following website, www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the
Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of
Management and Budget, Room 10102, New Executive Office Building, Washington, DC
20503, or by sending an e-mail to: lindsay.m.abate@omb.eop.gov; and (ii) Charles Riddle,

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Acting Director/Chief Information Officer, Securities and Exchange Commission, c/o Candace
Kenner,

100

F

Street,

NE,

Washington,

DC

20549

or

send

an

email

to:

PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice.

JILL
PETERSON

Digitally signed by JILL
PETERSON
Date: 2019.07.26
10:36:23 -04'00'

Jill M. Peterson
Assistant Secretary
July 26, 2019

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