Submission for OMB Review; Comment Request, 61410 [E7-21282]

Download as PDF 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 E:\FR\FM\30OCN1.SGM 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