[Federal Register Volume 83, Number 50 (Wednesday, March 14, 2018)]
[Notices]
[Pages 11266-11267]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-05171]
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SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736.
Extension:
Form PF, SEC File No. 270-636, OMB Control No. 3235-0679.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.) (``Paperwork Reduction Act''), the
Securities and Exchange Commission (the ``Commission'') has submitted
to the Office of Management and Budget (``OMB'') 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
[[Page 11267]]
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
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 23 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 large hedge fund advisers making their first Form PF filing, an
estimated amortized average annual burden of 610 hours for each of the
first three years;
(d) For large hedge fund advisers that already make Form PF filings, an
estimated amortized average annual burden of 560 hours for each of the
next three years;
(e) For large liquidity fund advisers making their first Form PF
filing, an estimated amortized average annual burden of 588 hours for
each of the first three years;
(f) 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;
(g) For large private equity advisers making their first Form PF
filing, an estimated amortized average annual burden of 67 hours for
each of the first three years; and
(h) For large private equity advisers that already make Form PF
filings, an estimated amortized average annual burden of 50 hours for
each of the next three years.
With respect to annual internal costs, the Commission estimates the
collection of information will result in 92 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. 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 collection at
the following website, www.reginfo.gov. Please direct your written
comments to Pamela Dyson, Director/Chief Information Officer,
Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 F Street
NE, Washington, DC 20549; or send an email to: [email protected].
Comments must be submitted to OMB within 30 days of this notice.
Dated: March 8, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-05171 Filed 3-13-18; 8:45 am]
BILLING CODE 8011-01-P