Notice2024-06629
Submission for OMB Review; Comment Request; Extension: Form PF & 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
March 28, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 61 (Thursday, March 28, 2024)</title>
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[Federal Register Volume 89, Number 61 (Thursday, March 28, 2024)]
[Notices]
[Pages 21585-21586]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-06629]
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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 &
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
[[Page 21586]]
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 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 284 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 128 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 approximately 122.89 burden
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 April 29, 2024 to (i) <a href="/cdn-cgi/l/email-protection#c78a859fe9888a85e9888e9586e994828498a3a2b4ac98a8a1a1aea4a2b587a8aaa5e9a2a8b7e9a0a8b1"><span class="__cf_email__" data-cfemail="f6bbb4aed8b9bbb4d8b9bfa4b7d8a5b3b5a99293859da99990909f959384b6999b94d8939986d8919980">[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#d28280938d9fb3bbbeb0bdaa92a1b7b1fcb5bda4"><span class="__cf_email__" data-cfemail="2b7b796a74664a42474944536b584e48054c445d">[email protected]</span></a>.
Dated: March 25, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-06629 Filed 3-27-24; 8:45 am]
BILLING CODE 8011-01-P
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