[Federal Register Volume 88, Number 142 (Wednesday, July 26, 2023)]
[Notices]
[Pages 48276-48277]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-15827]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-636, OMB Control No. 3235-0679]
Proposed Collection; Comment Request; Extension: Form PF and Rule
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 burden of 15 hours for each of the
next three years; (c) for smaller private funds, 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 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 122.86 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
[[Page 48277]]
unless it displays a currently valid OMB 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 September 25, 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, 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: July 21, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-15827 Filed 7-25-23; 8:45 am]
BILLING CODE 8011-01-P