Notice2023-21430
Submission for OMB Review; Comment Request; Extension: Form PF and Rule 204(b)-1
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 29, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 188 (Friday, September 29, 2023)</title>
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[Federal Register Volume 88, Number 188 (Friday, September 29, 2023)]
[Notices]
[Pages 67393-67394]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-21430]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-636, OMB Control No. 3235-0679]
Submission for OMB Review; Comment Request; Extension: Form PF
and Rule 204(b)-1
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 (``Commission'') has submitted to the Office of Management
and Budget a request for extension of the previously approved
collection of information discussed below.
Rule 204(b)-1 (17 CFR 275.204(b)-1) under the Investment Advisers
Act of 1940 (15 U.S.C. 80b-1 et seq.) implements sections 404 and 406
of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the
``Dodd-Frank Act'') by requiring private fund advisers that have at
least $150 million in private fund assets under management to report
certain information regarding the private funds they advise on Form PF.
These advisers are the respondents to the collection of information.
Form PF is designed to facilitate the Financial Stability Oversight
Council's (``FSOC'') monitoring of systemic risk in the private fund
industry and to assist FSOC in determining whether and how to deploy
its regulatory tools with respect to nonbank financial companies. The
Commission and the Commodity Futures Trading Commission may also use
information collected on Form PF in their regulatory programs,
including examinations, investigations and investor protection efforts
relating to private fund advisers.
Form PF divides respondents into two broad groups, Large Private
Fund Advisers and smaller private fund advisers. ``Large Private Fund
Advisers'' are advisers with at least $1.5 billion in assets under
management attributable to hedge funds (``large hedge fund advisers''),
advisers that manage ``liquidity funds'' and have at least $1 billion
in combined assets under management attributable to liquidity funds and
registered money market funds (``large liquidity fund advisers''), and
advisers with at least $2 billion in assets under management
attributable to private equity funds (``large private equity fund
advisers''). All other respondents are considered smaller private fund
advisers.
The Commission estimates that most filers of Form PF have already
made their first filing, and so the burden hours applicable to those
filers will reflect only ongoing burdens, and not start-up burdens.
Accordingly, the Commission estimates the total annual reporting and
recordkeeping burden of the collection of information for each
respondent is as follows:
(a) For smaller private fund advisers making their first Form PF
filing, an estimated amortized average annual burden of 13 hours for
each of the first three years
(b) for smaller private fund advisers that already make Form PF
filings, an estimated amortized average annual
[[Page 67394]]
burden of 15 hours for each of the next three years;
(c) for smaller private fund advisers, an estimated average annual
burden of 5 hours for event reporting for smaller private equity fund
advisers for each of the next three years;
(d) for large hedge fund advisers making their first Form PF
filing, an estimated amortized average annual burden of 108 hours for
each of the first three years;
(e) for large hedge fund advisers that already make Form PF
filings, an estimated amortized average annual burden of 600 hours for
each of the next three years;
(f) for large hedge fund advisers, an estimated average annual
burden of 10 hours for current reporting for each of the next three
years;
(g) for large liquidity fund advisers making their first Form PF
filing, an estimated amortized average annual burden of 67 hours for
each of the first three years;
(h) for large liquidity fund advisers that already make Form PF
filings, an estimated amortized average annual burden of 280 hours for
each of the next three years;
(i) for large private equity fund advisers making their first Form
PF filing, an estimated amortized average annual burden of 84 hours for
each of the first three years;
(j) for large private equity fund advisers that already make Form
PF filings, an estimated amortized average annual burden of 100 hours
for each of the next three years; and
(k) for large private equity fund advisers, an estimated average
annual burden of 5 hours for event reporting for each of the next three
years.
With respect to annual internal costs, the Commission estimates the
collection of information will result in 122.86burden hours per year on
average for each respondent. With respect to external cost burdens, the
Commission estimates a range from $0 to $50,000 per adviser. Estimates
of average burden hours and costs are made solely for the purposes of
the Paperwork Reduction Act and are not derived from a comprehensive or
even representative survey or study of the costs of Commission rules
and forms. The changes in burden hours are due to the staff's estimates
of the time costs and external costs that result from the adopted
amendments, the use of updated data, and the use of different
methodologies to calculate certain estimates. Compliance with the
collection of information requirements of Form PF is mandatory for
advisers that satisfy the criteria described in Instruction 1 to the
Form. Responses to the collection of information will be kept
confidential to the extent permitted by law. The Commission does not
intend to make public information reported on Form PF that is
identifiable to any particular adviser or private fund, although the
Commission may use Form PF information in an enforcement action. 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 OMB control number.
The public may view background documentation for this information
collection at the following website: <a href="http://www.reginfo.gov">www.reginfo.gov</a>. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
by October 30, 2023 to (i) <a href="/cdn-cgi/l/email-protection#6e232c364021232c4021273c2f403d2b2d310a0b1d0531010808070d0b1c2e01030c400b011e40090118"><span class="__cf_email__" data-cfemail="9bd6d9c3b5d4d6d9b5d4d2c9dab5c8ded8c4fffee8f0c4f4fdfdf2f8fee9dbf4f6f9b5fef4ebb5fcf4ed">[email protected]</span></a>
and (ii) David Bottom, Director/Chief Information Officer, Securities
and Exchange Commission, c/o John Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an email to: <a href="/cdn-cgi/l/email-protection#653537243a28040c09070a1d251600064b020a13"><span class="__cf_email__" data-cfemail="a8f8fae9f7e5c9c1c4cac7d0e8dbcdcb86cfc7de">[email protected]</span></a> .
Dated: September 26, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-21430 Filed 9-28-23; 8:45 am]
BILLING CODE 8011-01-P
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