Form PF and Rule 204(b)-1

Forms and Documents

Document	Type	Status	Availability
Form SEC2048 Form PF	Form	Modified	Repair queued
3235-0679.pdf	Supplementary Document	Uploaded 2023-09-29	Repair queued
3235-0679.pdf	Supplementary Document	Uploaded 2023-09-29	Missing upstream
Supporting Statement_Form PF_(2023).pdf	Supporting Statement A	Uploaded 2023-07-17	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
196787	Form PF	Form	Modified

ICR Details

OMB Control No: 3235-0679	ICR Reference No: 202305-3235-023
Status: Received in OIRA	Previous ICR Reference No: 202011-3235-019
Agency/Subagency: SEC	Agency Tracking No: IM-270-636
Title: Form PF and Rule 204(b)-1
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 09/29/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	04/30/2024
Responses	5,907	5,056
Time Burden (Hours)	451,012	409,768
Cost Burden (Dollars)	1,610,828	3,628,850

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Abstract: Form PF and rule 204(b)-1 under the Investment Advisers Act of 1940 (“Advisers Act”) require certain investment advisers registered with the SEC to report confidential information about the private funds they advise. The rules implement provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), which amended the Advisers Act to require the SEC to, among other things, establish reporting requirements for advisers to private funds. The information collected on Form PF is designed to facilitate the Financial Stability Oversight Council’s (“FSOC”) monitoring of systemic risk in the private fund industry and assist FSOC in determining whether and how to deploy its regulatory tools with respect to nonbank financial companies. The SEC and the Commodity Futures Trading Commission (“CFTC”) also may use information collected on Form PF in their regulatory programs, including examinations, investigations, and investor protection efforts relating to private fund advisers. Form PF is a joint form between the SEC and the CFTC with respect to sections 1 and 2; the SEC solely adopted the other sections of the form.

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Authorizing Statute(s): US Code: 18 USC 80a-1 et seq. Name of Law: Investment Advisers Act of 1940
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AM75	Final or interim final rulemaking	88 FR 38146	06/12/2023

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 48276	07/26/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 67393	09/29/2023
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	5,907	5,056	0	851	0	0
Annual Time Burden (Hours)	451,012	409,768	0	41,244	0	0
Annual Cost Burden (Dollars)	1,610,828	3,628,850	0	-2,018,022	0	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The total annual hour burden of 451,012 hours represents an increase of 41,244 hours over the previous burden hour estimate of 409,768 hours. In addition, the annual external cost burden of $1,610,828 represents a decrease of $2,018,022 over the previous annual external cost burden estimate of $3,628,850. The changes in burden hours and external cost burdens are due to the staff’s estimates of the time costs and external costs that result from the adopted amendments, the use of updated data, and the use of different methodologies to calculate certain estimates.

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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: 09/29/2023

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