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.
PL:
Pub.L. 111 - 203 404 Name of Law: Dodd-Frank Wall Street Reform
and Consumer Protection Act
US Code:
15 USC 80a-1 et seq. Name of Law: Investment Advisers Act of
1940
PL: Pub.L. 111 - 203 404 Name of Law:
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
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