View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3235-0679
ICR Reference No:
201103-3235-001
Status:
Historical Inactive
Previous ICR Reference No:
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-636
Title:
Form PF
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule
Conclusion Date:
05/19/2011
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/07/2011
Terms of Clearance:
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
Expiration Date
36 Months From Approved
Responses
0
0
0
Time Burden (Hours)
0
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
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.
Authorizing Statute(s):
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
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 404 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AK92
Proposed rulemaking
76 FR 8068
02/11/2011
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Form PF
SEC2048
Form PF
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:
No
Burden Reduction Due to:
Short Statement:
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.
Annual Cost to Federal Government:
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
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]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
David Bartels 202 551-6388
Common Form ICR:
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:
(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:
03/07/2011
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