[Federal Register Volume 86, Number 28 (Friday, February 12, 2021)]
[Notices]
[Page 9415]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-02962]



[[Page 9415]]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-636, OMB Control No. 3235-0679]


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

    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 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 658 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 600 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 133 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 100 hours 
for each of the next three years.

    With respect to annual internal costs, the Commission estimates the 
collection of information will result in 127.06 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 the background documentation for this 
information collection at the following website, www.reginfo.gov. 
Comments should be directed to: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503, or by sending an email to: 
Lindsay.M.Abate@omb.eop.gov; and (ii) David Bottom, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Cynthia 
Roscoe, 100 F Street NE, Washington, DC 20549 or send an email to: 
PRA_Mailbox@sec.gov. Written comments and recommendations for the 
proposed information collection should be sent within 30 days of 
publication of this notice to www.reginfo.gov/public/do/PRAMain. Find 
this particular information collection by selecting ``Currently under 
30-day Review--Open for Public Comments'' or by using the search 
function.

    Dated: February 9, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-02962 Filed 2-11-21; 8:45 am]
BILLING CODE 8011-01-P


