Investment Advisers Act rule 206(4)-10, 17 C.F.R. 275.206(4)-10, Private fund adviser audits.

ICR 202210-3235-009

OMB: 3235-0795

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2022-10-05
Supplementary Document
2022-10-04
ICR Details
202210-3235-009
Received in OIRA
SEC
Investment Advisers Act rule 206(4)-10, 17 C.F.R. 275.206(4)-10, Private fund adviser audits.
New collection (Request for a new OMB Control Number)   No
Regular 10/17/2022
  Requested Previously Approved
36 Months From Approved
5,037 0
92,480 0
2,719,980,000 0

Rule 206(4)-10 would require investment advisers that are registered or required to be registered to cause each private fund they advise, directly or indirectly, to undergo a financial statemetn audit at least annually and upon liquidation.

US Code: 15 USC 80b-6 Name of Law: Investment Advisers Act of 1940
  
None

3235-AN07 Proposed rulemaking 87 FR 16886 03/24/2022

No

1
IC Title Form No. Form Name
Investment Advisers Act rule 206(4)-10, 17 C.F.R. Sec. 275.206(4)-10, Private fund adviser audits.

  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 5,037 0 0 5,037 0 0
Annual Time Burden (Hours) 92,480 0 0 92,480 0 0
Annual Cost Burden (Dollars) 2,719,980,000 0 0 2,719,980,000 0 0
Yes
Miscellaneous Actions
No
The estimated annual burden hours associated with rule 206(4)-10 would be 92,479.32 hours. In addition, the external cost burden associated with rule 206(4)-10 would be $2,719,980,000. These annual burden hours and external cost burden are due to the fact that rule 206(4)-10 would require an adviser to cause each private fund that it advises, directly or indirectly, to undergo a financial statement audit at least annually and upon liquidation. This estimate also takes into account that the financial statements must be distributed to investors in each private fund.

No
    No
    No
No
No
No
No
Shane Cox 202 304-3391

  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.
10/17/2022


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