Form PF and Rule 204(b)-1

Forms and Documents

Document	Type	Status	Availability
Form SEC2048 Form PF	Form	Modified	Repair queued
3235-0679 30 Day Notice.pdf	Supplementary Document	Uploaded 2021-02-12	Repair queued
3235-0679 60 Day Notice.pdf	Supplementary Document	Uploaded 2021-02-12	Repair queued
Form PF Supporting Statement 2020 (11-2-20 version).pdf	Supporting Statement A	Uploaded 2020-11-24	Missing upstream

IC Document Collections

IC ID	Collection	Type	Status	Form
196787	Form PF	Form	Modified

ICR Details

OMB Control No: 3235-0679	ICR Reference No: 202011-3235-019
Status: Received in OIRA	Previous ICR Reference No: 201711-3235-007
Agency/Subagency: SEC	Agency Tracking No: IM-270-636
Title: Form PF and Rule 204(b)-1
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 02/12/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	05/31/2021
Responses	5,056	4,025
Time Burden (Hours)	409,768	427,394
Cost Burden (Dollars)	3,628,850	3,532,550

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Abstract: 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.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 404 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 18 USC 80a-1 et seq. Name of Law: Investment Advisers Act of 1940
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 404 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 77475	12/02/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 9415	02/12/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Form PF	SEC2048	Form PF

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	5,056	4,025	0	1,031	0	0
Annual Time Burden (Hours)	409,768	427,394	0	-17,626	0	0
Annual Cost Burden (Dollars)	3,628,850	3,532,550	0	96,300	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The total annual hour burden of 409,768.75 hours represents a decrease of 17,625.25 hours from the previous approved burden hour estimate of 427,394 hours. The total annual burden cost of $122,152,100.25 represents an increase of $3,257,254.25 over the previous approved burden cost of $118,894,846. The annual external cost burden of $3,628,850 represents an increase of $96,300 over the previous annual external cost burden estimate of $3,532,550. The changes in burden hours and external cost burdens are due to the estimated change in the number of advisers filing Form PF, whether as an initial filing or subsequent filing, and the estimated change in the wages paid.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 02/12/2021

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