Submission for OMB Review; Comment Request; Extension: Form PF & Rule 204(b)-1, 21585-21586 [2024-06629]
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Federal Register / Vol. 89, No. 61 / Thursday, March 28, 2024 / Notices
rule change (File No. SR–NYSEARCA–
2023–63).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–06575 Filed 3–27–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–821, OMB Control No.
3235–0776]
ddrumheller on DSK120RN23PROD with NOTICES1
Submission for OMB Review;
Comment Request; Extension: Rule
18f–4
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 (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 18f–4 (17 CFR 270.18f–4) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) (the
‘‘Investment Company Act’’) permits a
fund to enter into derivatives
transactions, notwithstanding the
prohibitions and restrictions on the
issuance of senior securities under
section 18 of the Investment Company
Act. A fund that relies on rule 18f–4 to
enter into derivatives transactions
generally is required to: adopt a
derivatives risk management program;
have its board of directors approve the
fund’s designation of a derivatives risk
manager and receive direct reports from
the derivatives risk manager about the
derivatives risk management program;
and comply with a VaR-based test
designed to limit a fund’s leverage risk
consistent with the investor protection
purposes underlying section 18 of the
Investment Company Act. Rule 18f–4
includes an exception from the
derivatives risk management program
requirement and limit on fund leverage
risk if a fund limits its derivatives
exposure to 10% of its net assets (the
fund may exclude from this calculation
derivatives transactions that it uses to
hedge certain currency and interest rate
risks). A fund relying on this exception
11 17
CFR 200.30–3(a)(57).
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20:27 Mar 27, 2024
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will be required to adopt policies and
procedures that are reasonably designed
to manage its derivatives risks.
Rule 18f–4 also includes an exception
from the VaR-based limit on leverage
risk for a leveraged/inverse fund that
cannot comply with rule 18f–4’s limit
on fund leverage risk and that, as of
October 28, 2020, is: (1) in operation, (2)
has outstanding shares issued in one or
more public offerings to investors, and
(3) discloses in its prospectus that it has
a leverage multiple or inverse multiple
that exceeds 200% of the performance
or the inverse of the performance of the
underlying index (for purposes of this
Supporting Statement, such a fund is an
‘‘over-200% leveraged/inverse fund’’). A
fund relying on this exception must
disclose in its prospectus that it is not
subject to rule 18f–4’s limit on fund
leverage risk.
Finally, rule 18f–4 permits funds to
enter into reverse repurchase
agreements (and similar financing
transactions) and ‘‘unfunded
commitments’’ to make certain loans or
investments, and to invest in securities
on a when-issued or forward-settling
basis, or with a non-standard settlement
cycle, subject to conditions tailored to
these transactions.
The respondents to rule 18f–4 are
registered open- and closed-end
management investment companies and
BDCs. Compliance with rule 18f–4 is
mandatory for all funds that seek to
engage, in reliance on the rule, in
derivatives transactions and certain
other transactions that the rule
addresses, which would otherwise be
subject to the restrictions of section 18
of the Investment Company Act.
The information collection
requirements of rule 18f–4 are designed
to ensure that funds maintain the
required written derivatives risk
management programs that promote
compliance with the federal securities
laws and protect investors, and
otherwise comply with the requirements
of the rule. The information collections
also assist the Commission’s
examination staff in assessing the
adequacy of funds’ derivatives risk
management programs and their
compliance with the other requirements
of the rule, and identifying weaknesses
in a fund’s derivatives risk management
if violations occur or are uncorrected.
The respondents to rule 18f–4 are
registered open- and closed-end
management investment companies and
BDCs. Compliance with rule 18f–4 is
mandatory for all funds that seek to
engage, in reliance on the rule, in
derivatives transactions and certain
other transactions that the rule
addresses, which would otherwise be
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Fmt 4703
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21585
subject to the restrictions of section 18
of the Investment Company Act. To the
extent that records required to be
created and maintained by funds under
the rule are provided to the Commission
in connection with examinations or
investigations, such information will be
kept confidential subject to the
provisions of applicable law.
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 April 29, 2024 to (i)
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov 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: PRA_Mailbox@sec.gov.
Dated: March 25, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–06628 Filed 3–27–24; 8:45 am]
BILLING CODE 8011–01–P
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 ‘‘DoddFrank Act’’) by requiring private fund
advisers that have at least $150 million
in private fund assets under
management to report certain
E:\FR\FM\28MRN1.SGM
28MRN1
ddrumheller on DSK120RN23PROD with NOTICES1
21586
Federal Register / Vol. 89, No. 61 / Thursday, March 28, 2024 / Notices
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
VerDate Sep<11>2014
20:27 Mar 27, 2024
Jkt 262001
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.
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
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 April 29, 2024 to (i)
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov 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: PRA_Mailbox@sec.gov.
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
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99845; File No. SR–FICC–
2024–802]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing and Extension of Review Period
of Advance Notice To Modify the GSD
Rules (i) Regarding the Separate
Calculation, Collection and Holding of
Margin for Proprietary Transactions
and That for Indirect Participant
Transactions, and (ii) To Address the
Conditions of Note H to Rule 15c3–3a
March 22, 2024.
Pursuant to section 806(e)(1) of Title
VIII of the Dodd-Frank Wall Street
Reform and Consumer Protection Act
entitled the Payment, Clearing, and
Settlement Supervision Act of 2010
(‘‘Clearing Supervision Act’’) 1 and Rule
19b–4(n)(1)(i) under the Securities
Exchange Act of 1934 (‘‘Act’’),2 notice is
hereby given that on March 14, 2024,
Fixed Income Clearing Corporation
(‘‘FICC’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the advance notice as described in Items
I, II and III below, which Items have
been prepared by the clearing agency.3
The Commission is publishing this
notice to solicit comments on the
1 12
U.S.C. 5465(e)(1).
CFR 240.19b–4(n)(1)(i).
3 On March 14, 2024, FICC filed this advance
notice as a proposed rule change (SR–FICC–2024–
007) with the Commission pursuant to Section
19(b)(1) of the Act, 15 U.S.C. 78s(b)(1), and Rule
19b–4 thereunder, 17 CFR 240.19b–4. A copy of the
proposed rule change is available at dtcc.com/legal/
sec-rule-filings.
2 17
E:\FR\FM\28MRN1.SGM
28MRN1
]]>Agencies
[Federal Register Volume 89, Number 61 (Thursday, March 28, 2024)]
[Notices]
[Pages 21585-21586]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-06629]
-----------------------------------------------------------------------
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: 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 April 29, 2024 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: March 25, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-06629 Filed 3-27-24; 8:45 am]
BILLING CODE 8011-01-P
