Submission for OMB Review; Comment Request, 61410 [E7-21282]
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61410
Federal Register / Vol. 72, No. 209 / Tuesday, October 30, 2007 / Notices
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
sroberts on PROD1PC70 with NOTICES
Extension: Rule 206(4)–7, SEC File No. 270–
523, OMB Control No. 3235–0585.
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’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
The title for the collection of
information is ‘‘Investment Advisers Act
rule 206(4)–7 (17 CFR 275.206(4)–7),
Compliance procedures and practices.’’
Rule 206(4)–7 requires each investment
adviser registered with the Commission
to (i) adopt and implement internal
compliance policies and procedures, (ii)
review those policies and procedures
annually, (iii) designate a chief
compliance officer, and (iv) maintain
certain compliance records. The rule is
designed to protect investors by
fostering better compliance with the
securities laws. The collection of
information under rule 206(4)–7 is
necessary to assure that investment
advisers maintain comprehensive
internal programs that promote the
advisers’ compliance with the Advisers
Act. The information collected under
this rule may also assist Commission
staff in assessing investment advisers’
compliance programs.
This collection of information is
mandatory. The information collected
pursuant to the rule 206(4)–7 is
reviewed by the Commission’s
examination staff. It will be accorded
the same level of confidentiality
accorded to other responses provided to
the Commission in the context of its
examination and oversight program.
The respondents are investment
advisers registered with the
Commission. Our latest data indicate
that there were 10,817 advisers
registered with the Commission as of
September 30, 2007. The Commission
has estimated that compliance with rule
206(4)–7 imposes a burden of
approximately 80 hours per respondent.
Based on this figure, the Commission
estimates a total annual burden of
VerDate Aug<31>2005
20:46 Oct 29, 2007
Jkt 214001
865,360 hours for this documentation of
information.
Written comments are invited on: (a)
Whether the documentation of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
Please direct your written comments
to R. Corey Booth, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Shirley
Martinson, 6432 General Green Way,
Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov.
Dated: October 24, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7–21282 Filed 10–29–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension: Rule 206(4)–3, SEC File No. 270–
218, OMB Control No. 3235–0242.
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’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 206(4)–3 (17 CFR 275.206(4)–3),
which is entitled ‘‘Cash Payments for
Client Solicitations,’’ provides
restrictions on cash payments for client
solicitations. The rule requires that an
adviser pay all solicitors’ fees pursuant
to a written agreement. When an adviser
will provide only impersonal advisory
services to the prospective client, the
PO 00000
Frm 00087
Fmt 4703
Sfmt 4703
rule imposes no disclosure
requirements. When the solicitor is
affiliated with the adviser and the
adviser will provide individualized
services, the solicitor must, at the time
of the solicitation, indicate to
prospective clients that he is affiliated
with the adviser. When the solicitor is
not affiliated with the adviser and the
adviser will provide individualized
services, the solicitor must, at the time
of the solicitation, provide the
prospective client with a copy of the
adviser’s brochure and a disclosure
document containing information
specified in rule 206(4)–3. The
information rule 206(4)–3 requires is
necessary to inform advisory clients
about the nature of the solicitor’s
financial interest in the
recommendation so they may consider
the solicitor’s potential bias, and to
protect investors against solicitation
activities being carried out in a manner
inconsistent with the adviser’s fiduciary
duty to clients. Rule 206(4)–3 is
applicable to all Commission registered
investment advisers. The Commission
believes that approximately 2,163 of
these advisers have cash referral fee
arrangements. The rule requires
approximately 7.04 burden hours per
year per adviser and results in a total of
approximately 15,228 total burden
hours (7.04 × 2,163) for all advisers.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
Please direct your written comments
to R. Corey Booth, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Shirley
Martinson, 6432 General Green Way,
Alexandria, VA, 22312; or send an email to: PRA_Mailbox@sec.gov.
Dated: October 24, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7–21283 Filed 10–29–07; 8:45 am]
BILLING CODE 8011–01–P
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30OCN1
]]>Agencies
[Federal Register Volume 72, Number 209 (Tuesday, October 30, 2007)]
[Notices]
[Page 61410]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-21282]
[[Page 61410]]
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SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension: Rule 206(4)-7, SEC File No. 270-523, OMB Control No.
3235-0585.
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'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
The title for the collection of information is ``Investment
Advisers Act rule 206(4)-7 (17 CFR 275.206(4)-7), Compliance procedures
and practices.'' Rule 206(4)-7 requires each investment adviser
registered with the Commission to (i) adopt and implement internal
compliance policies and procedures, (ii) review those policies and
procedures annually, (iii) designate a chief compliance officer, and
(iv) maintain certain compliance records. The rule is designed to
protect investors by fostering better compliance with the securities
laws. The collection of information under rule 206(4)-7 is necessary to
assure that investment advisers maintain comprehensive internal
programs that promote the advisers' compliance with the Advisers Act.
The information collected under this rule may also assist Commission
staff in assessing investment advisers' compliance programs.
This collection of information is mandatory. The information
collected pursuant to the rule 206(4)-7 is reviewed by the Commission's
examination staff. It will be accorded the same level of
confidentiality accorded to other responses provided to the Commission
in the context of its examination and oversight program.
The respondents are investment advisers registered with the
Commission. Our latest data indicate that there were 10,817 advisers
registered with the Commission as of September 30, 2007. The Commission
has estimated that compliance with rule 206(4)-7 imposes a burden of
approximately 80 hours per respondent. Based on this figure, the
Commission estimates a total annual burden of 865,360 hours for this
documentation of information.
Written comments are invited on: (a) Whether the documentation of
information is necessary for the proper performance of the functions of
the agency, including whether the information will have practical
utility; (b) the accuracy of the agency's estimate of the burden of the
collection of information; (c) ways to enhance the quality, utility,
and clarity of the information collected; and (d) ways to minimize the
burden of the collection of information on respondents, including
through the use of automated collection techniques or other forms of
information technology. Consideration will be given to comments and
suggestions submitted in writing within 60 days of this publication.
Please direct your written comments to R. Corey Booth, Director/
Chief Information Officer, Securities and Exchange Commission, C/O
Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312; or
send an e-mail to: PRA--Mailbox@sec.gov.
Dated: October 24, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7-21282 Filed 10-29-07; 8:45 am]
BILLING CODE 8011-01-P
