Proposed Collection; Comment Request; Extension: Form PF and Rule and Rule 204(b)-1, 48276-48277 [2023-15827]

Agencies

• SECURITIES AND EXCHANGE COMMISSION

[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]


-----------------------------------------------------------------------

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