[Federal Register Volume 75, Number 147 (Monday, August 2, 2010)]
[Notices]
[Pages 45178-45179]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-18896]
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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 204A-1; SEC File No. 270-536; OMB Control No. 3235-0596.
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
collections of information summarized below. The Commission plans to
submit these existing collections of information to the Office of
Management and Budget for extension and approval.
The title for the collection of information is ``Rule 204A-1 (17
CFR 275.204A-1) under the Investment Advisers Act of 1940'' (15 U.S.C.
[[Page 45179]]
80b-1 et seq.) Rule 204A-1, the Code of Ethics Rule, requires
investment advisers registered with the Commission to (i) Set forth
standards of conduct expected of advisory personnel (including
compliance with the federal securities laws), (ii) safeguard material
nonpublic information about client transactions, and (iii) require the
adviser's ``access persons'' to report their personal securities
transactions, including transactions in any mutual fund managed by the
adviser. The code of ethics also requires access persons to obtain the
adviser's approval before investing in an initial public offering or
private placement. The code of ethics also requires prompt reporting,
to the adviser's chief compliance officer or another person designated
in the code of ethics, of any violations of the code. Finally, the code
of ethics requires the adviser to provide each supervised person with a
copy of the code and any amendments, and require the supervised persons
to acknowledge, in writing, their receipt of these copies.
The purposes of the information collection requirements is: (i) To
ensure that advisers maintain codes of ethics applicable to their
supervised persons; (ii) to provide advisers with information about the
personal securities transactions of their access persons for purposes
of monitoring such transactions; (iii) to provide advisory clients with
information with which to evaluate advisers' codes of ethics; and (iv)
to assist the Commission's examination staff in assessing the adequacy
of advisers' codes of ethics and assessing personal trading activity by
advisers' supervised persons.
The respondents to this information collection are investment
advisers registered with the Commission. The Commission has estimated
that compliance with rule 204A-1 imposes a burden of approximately 118
hours per adviser annually for an estimated total annual burden of
1,391,456 hours.
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 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 Charles Boucher, Director/
CIO, Securities and Exchange Commission, C/O Shirley Martinson, 6432
General Green Way, Alexandria, VA 22312; or send an e-mail to: [email protected].
Dated: July 26, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-18896 Filed 7-30-10; 8:45 am]
BILLING CODE 8010-01-P