Submission for OMB Review; Comment Request, 28821 [2011-12207]

Download as PDF Federal Register / Vol. 76, No. 96 / Wednesday, May 18, 2011 / Notices The Commission may not conduct or sponsor a collection of information unless it displays a currently valid control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a valid Office of Management and Budget (OMB) control number. The public may view the background documentation for this information collection at the following Web site, http://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: Shagufta_Ahmed@omb.eop.gov ; and (ii) Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, VA 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. Dated: May 13, 2011. Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–12208 Filed 5–17–11; 8:45 am] BILLING CODE 8011–01–P 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. srobinson on DSKHWCL6B1PROD with NOTICES Extension: Rule 203A–2(f); SEC File No. 270–501; OMB Control No. 3235–0559. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (‘‘PRA’’), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget requests for extension of the previously approved collection of information discussed below. estimated cost figures for an in-house attorney and an assistant compliance director. These figures are from SIFMA’s Management & Professional Earnings in the Securities Industry 2010, modified by Commission staff for an 1800-hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. VerDate Mar<15>2010 16:31 May 17, 2011 Jkt 223001 Rule 203A–2(f),1 which is entitled ‘‘Internet Investment Advisers,’’ exempts from the prohibition on Commission registration an Internet investment adviser who provides investment advice to all of its clients exclusively through computer software-based models or applications termed under the rule as ‘‘interactive Web sites.’’ These advisers generally would not meet the statutory thresholds currently set out in section 203A of the Advisers Act 2 or the thresholds set out in section 203A as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (‘‘Dodd-Frank Act’’) beginning on July 21, 2011 3— they do not manage $25 million or more in assets and do not advise registered investment companies,4 or they manage between $25 million and $100 million in assets, do not advise registered investment companies or business development companies, and are required to be registered as investment advisers with the states in which they maintain their principal offices and places of business and are subject to examination as an adviser by such states.5 Eligibility under rule 203A–2(f) is conditioned on an adviser maintaining in an easily accessible place, for a period of not less than five years from the filing of Form ADV relying on the rule,6 a record demonstrating that the adviser’s advisory business has been conducted through an interactive Web site in accordance with the rule.7 This record maintenance requirement is a ‘‘collection of information’’ for PRA purposes. The Commission believes that approximately 58 advisers are registered with the Commission under rule 203A– 2(f), which involves a recordkeeping requirement manifesting in approximately four burden hours per year per adviser and results in an 1 17 CFR 275.203A–2(f). Included in rule 203A– 2(f) is a limited exception to the interactive Web site requirement which allows these advisers to provide investment advice to no more than 14 clients through other means on an annual basis. 17 CFR 275.203A–2(f)(1)(i). The rule also precludes advisers in a control relationship with the SECregistered Internet adviser from registering with the Commission under the common control exemption provided by rule 203A–2(c) (17 CFR 275.203A– 2(c)). 17 CFR 275.203A–2(f)(1)(iii). 2 15 U.S.C. 80b–3a(a). 3 Public Law 111–203, 124 Stat. 1376 (2010). 4 15 U.S.C. 80b–3a(a). 5 See section 410 of the Dodd-Frank Act. A midsized adviser managing between $25 million and $100 million also will be permitted to register with the Commission if it would be required to register with 15 or more states. These amendments are effective on July 21, 2011. 6 The five-year record retention period is a similar recordkeeping retention period as imposed on all advisers under rule 204–2 of the Adviser Act. See rule 204–2 (17 CFR 275.204–2). 7 17 CFR 275.203A–2(f)(1)(ii). PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 28821 estimated 232 of total time burden (4 × 58) for all advisers. This collection of information is mandatory, as it is used by Commission staff in its examination and oversight program in order to determine continued Commission registration eligibility of advisers registered under this rule. Responses generally are kept confidential pursuant to section 210(b) of the Advisers Act.8 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 Web site, http://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: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, VA 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: May 13, 2011. Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–12207 Filed 5–17–11; 8:45 am] BILLING CODE 8011–01–P 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 19b–1; SEC File No. 270–312; OMB Control No. 3235–0354. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3520), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. 8 15 U.S.C. 80b–10(b). E:\FR\FM\18MYN1.SGM 18MYN1

Agencies

[Federal Register Volume 76, Number 96 (Wednesday, May 18, 2011)]
[Notices]
[Page 28821]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-12207]


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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 203A-2(f); SEC File No. 270-501; OMB Control No. 3235-0559.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and 
Exchange Commission (``Commission'') has submitted to the Office of 
Management and Budget requests for extension of the previously approved 
collection of information discussed below.
    Rule 203A-2(f),\1\ which is entitled ``Internet Investment 
Advisers,'' exempts from the prohibition on Commission registration an 
Internet investment adviser who provides investment advice to all of 
its clients exclusively through computer software-based models or 
applications termed under the rule as ``interactive Web sites.'' These 
advisers generally would not meet the statutory thresholds currently 
set out in section 203A of the Advisers Act \2\ or the thresholds set 
out in section 203A as amended by the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (``Dodd-Frank Act'') beginning on July 21, 2011 
\3\-- they do not manage $25 million or more in assets and do not 
advise registered investment companies,\4\ or they manage between $25 
million and $100 million in assets, do not advise registered investment 
companies or business development companies, and are required to be 
registered as investment advisers with the states in which they 
maintain their principal offices and places of business and are subject 
to examination as an adviser by such states.\5\ Eligibility under rule 
203A-2(f) is conditioned on an adviser maintaining in an easily 
accessible place, for a period of not less than five years from the 
filing of Form ADV relying on the rule,\6\ a record demonstrating that 
the adviser's advisory business has been conducted through an 
interactive Web site in accordance with the rule.\7\
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    \1\ 17 CFR 275.203A-2(f). Included in rule 203A-2(f) is a 
limited exception to the interactive Web site requirement which 
allows these advisers to provide investment advice to no more than 
14 clients through other means on an annual basis. 17 CFR 275.203A-
2(f)(1)(i). The rule also precludes advisers in a control 
relationship with the SEC-registered Internet adviser from 
registering with the Commission under the common control exemption 
provided by rule 203A-2(c) (17 CFR 275.203A-2(c)). 17 CFR 275.203A-
2(f)(1)(iii).
    \2\ 15 U.S.C. 80b-3a(a).
    \3\ Public Law 111-203, 124 Stat. 1376 (2010).
    \4\ 15 U.S.C. 80b-3a(a).
    \5\ See section 410 of the Dodd-Frank Act. A mid-sized adviser 
managing between $25 million and $100 million also will be permitted 
to register with the Commission if it would be required to register 
with 15 or more states. These amendments are effective on July 21, 
2011.
    \6\ The five-year record retention period is a similar 
recordkeeping retention period as imposed on all advisers under rule 
204-2 of the Adviser Act. See rule 204-2 (17 CFR 275.204-2).
    \7\ 17 CFR 275.203A-2(f)(1)(ii).
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    This record maintenance requirement is a ``collection of 
information'' for PRA purposes. The Commission believes that 
approximately 58 advisers are registered with the Commission under rule 
203A-2(f), which involves a recordkeeping requirement manifesting in 
approximately four burden hours per year per adviser and results in an 
estimated 232 of total time burden (4 x 58) for all advisers.
    This collection of information is mandatory, as it is used by 
Commission staff in its examination and oversight program in order to 
determine continued Commission registration eligibility of advisers 
registered under this rule. Responses generally are kept confidential 
pursuant to section 210(b) of the Advisers Act.\8\ 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.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 80b-10(b).
---------------------------------------------------------------------------

    The public may view the background documentation for this 
information collection at the following Web site, http://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: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312 or send an 
e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB 
within 30 days of this notice.

    Dated: May 13, 2011.
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-12207 Filed 5-17-11; 8:45 am]
BILLING CODE 8011-01-P