[Federal Register Volume 88, Number 40 (Wednesday, March 1, 2023)]
[Notices]
[Pages 12998-12999]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-04210]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-481, OMB Control No. 3235-0538]
Proposed Collection; Comment Request; Extension: Form ADV-H
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
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 (the ``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 (``OMB'') for extension and approval.
The title for the collection of information is ``Form ADV-H under
the Investment Advisers Act of 1940.'' Form ADV-H (17 CFR 279.3) under
the
[[Page 12999]]
Investment Advisers Act of 1940 (``Advisers Act'') is the application
that investment advisers use to request a hardship exemption from
making Advisers Act filings electronically with the Investment Adviser
Registration Depository (``IARD'').
There are two types of hardship exemptions from making Advisers Act
filings through IARD: a temporary hardship exemption and a continuing
hardship exemption. Advisers Act rule 203-3 (17 CFR 275.203-3) sets
forth requirements for both temporary hardship exemptions and
continuing hardship exemptions for advisers registered or registering
with the Commission. Advisers Act rule 204-4(e) (17 CFR 275.204-4(e))
sets forth requirements for temporary hardship exemptions for exempt
reporting advisers.
A temporary hardship exemption is available to advisers registered
or registering with the Commission, as well as exempt reporting
advisers, if the adviser has unanticipated technical difficulties that
prevent it from submitting a filing to the IARD system. To apply for a
temporary hardship exemption, the adviser must file Form ADV-H in paper
format no later than one business day after the subject filing was due,
and submit the subject filing electronically through IARD no later than
seven business days after the subject filing was due. The temporary
hardship exemption is granted when the adviser files the completed Form
ADV-H.
A continuing hardship exemption provides an exemption from
electronic filing for no more than one year. It is available to certain
advisers registered or registering with the Commission; it is not
available to exempt reporting advisers. Such adviser must be a small
business and be able to demonstrate that the electronic filing
requirements are prohibitively burdensome or expensive. To apply for a
continuing hardship exemption, an adviser must file Form ADV-H at least
ten business days before a filing is due. The Commission will grant or
deny the application within ten business days after the adviser files
Form ADV-H. If the Commission approves the application, the adviser may
submit filings to FINRA in paper format for the period of time for
which the exemption is granted.
The purpose of the collection of information is to enable the
Commission to process requests for temporary hardship exemptions and to
determine whether to grant a continuing hardship exemption from the
requirement for advisers to make Advisers Act filings electronically
through IARD.
Respondents are investment advisers registered or registering with
the Commission, as well as exempt reporting advisers. Based on our
experience and data, we estimate that there are 20,926 respondents,
consisting of 15,414 registered investment advisers and 5,512 exempt
reporting advisers. Of those respondents, we estimate that we would
receive one response annually, and each response would take
approximately one hour to complete. Therefore, we estimate an annual
aggregate burden of one hour for this collection of information.
The collection of information does not require recordkeeping or
records retention. The collection of information requirements are
mandatory. The information collected is a filing with the Commission,
and is 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.
Written comments are invited on: (a) whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission'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 by May 1, 2023.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
Please direct your written comments to: David Bottom, Acting
Director/Chief Information Officer, Securities and Exchange Commission,
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549 or send an
email to: [email protected].
Dated: February 23, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-04210 Filed 2-28-23; 8:45 am]
BILLING CODE 8011-01-P