Submission for OMB Review; Comment Request; Extension: Form PF and Rule 204(b)-1, 67393-67394 [2023-21430]

Agencies

• SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 88, Number 188 (Friday, September 29, 2023)]
[Notices]
[Pages 67393-67394]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[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: www.reginfo.gov. 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) [email protected] 
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: [email protected] .

    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