Form PF will be filed by registered investment advisers that have at least $150 million in private fund assets under management. These advisers must report information regarding their private funds for use by the Financial Stability Oversight Council in monitoring systemic risk.
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. Smaller private fund advisers must report annually and provide only basic information regarding their operations and the private funds they advise. Large private equity advisers also must report on an annual basis but are required to provide additional information with respect to the private equity funds they manage. Finally, large hedge fund advisers and large liquidity fund advisers must report on a quarterly basis and provide more information than other private fund advisers.
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 October 26, 2011, in a joint release with the Commodity Futures Trading Commission, the SEC adopted a new rule 204(b) 1 under the Investment Advisers Act of 1940. This rule implements sections 404 and 406 of the Dodd-Frank Wall Street Reform and Consumer Protection Act by requiring registered investment advisers that have at least $150 million in private fund assets under management to report certain information regarding the private funds they advise. Under the rule, such private fund advisers will periodically file with the SEC all or part of a new reporting form, titled Form PF, and the information will 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. The SEC estimates that Form PF will result in an aggregate of 258,000 burden hours per year for all private fund advisers for each of the first three years. Monetizing the hour burdens and adding filing fees, this suggests an annual cost of $108,000,000 for the first year that the Form is in effect.
In addition, the SEC estimates that advisers may incur between $0 and $25,000,000 in hardware costs in the first year of reporting. The actual hardware costs are likely to fall between these end points, but we have used the high end of this range in the PRA submission because ROCIS requires a single cost number.
The SEC expects that, other than the hour and cost burdens 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 information collection.
No
No
No
Yes
No
Uncollected
David Bartels 202 551-6388
Reginfo record details
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
Adoption_-_Supporting_Statement_for_Form_PF_(2011-11-02)[1].pdf
Form PF