Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.
Inventory as of this Action
Requested
Previously Approved
36 Months From Approved
0
0
0
0
0
0
0
0
0
The proposed Form PF under the Investment Advisers Act of 1940 would be filed by registered investment advisers that advise one or more private funds. These advisers would report information regarding their private funds for use by the Financial Stability Oversight Council in monitoring systemic risk. Private fund advisers with $1 billion or more in hedge fund, liquidity fund or private equity fund assets under management would file Form PF on a quarterly basis, and all other private fund advisers would file on an annual basis. A private fund adviser would also be required to file very limited information on Form PF if it is no longer required to report on the form, if it is transitioning from quarterly to annual filing or if it is requesting a hardship exemption. This collection of information would implement the requirements of Sections 404 and 406 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
On January 26, 2011, in a joint release with the Commodity Futures Trading Commission, the SEC proposed a new rule 204(b) 1 under the Investment Advisers Act of 1940. This rule would implement sections 404 and 406 of the Dodd-Frank Wall Street Reform and Consumer Protection Act by requiring private fund advisers to report certain information regarding the private funds they advise. Under the proposal, registered investment advisers would periodically file with the SEC all or part of a new reporting form, titled Form PF, and the information would be made available to the Financial Stability Oversight Council for use in monitoring systemic risk.
Because Form PF is a new information collection, there is no previously approved hour burden or cost burden associated with it. If Form PF is adopted, the SEC estimates that it would result in an aggregate of 68,905 burden hours per year for all private fund advisers for each of the first three years. Under the proposal, advisers filing Form PF would be required to pay fees to the operator of the Form PF filing system that reflect the reasonable costs associated with the filings and the establishment and maintenance of the filing system, but the amount of these fees has not yet been determined. The SEC expects that, other than the burden hours and filing fees described above, the costs of preparing and filing Form PF would generally be incurred as a part of customary and usual business practices and so are not attributable to the proposed information collection.
No
No
No
Yes
No
Uncollected
David Bartels 202 551-6388
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form SEC2048 Form PF
Supporting Statement for Form PF (2011-03-07).docx
Form PF