View Information Collection Request (ICR) Package

OMB Control No: 3235-0679	ICR Reference No: 201111-3235-001
Status: Historical Active	Previous ICR Reference No: 201103-3235-001
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: Approved without change	Conclusion Date: 12/22/2011
Retrieve Notice of Action (NOA)	Date Received in OIRA: 11/16/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2014	36 Months From Approved
Responses	4,879	0	0
Time Burden (Hours)	258,000	0	0
Cost Burden (Dollars)	25,684,000	0	0

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.

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	Final or interim final rulemaking	76 FR 71128	11/16/2011

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? Yes

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

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

ICR Summary of Burden

	Total Approved	Change Due to New Statute
Annual Number of Responses	4,879	4,879
Annual Time Burden (Hours)	258,000	258,000
Annual Cost Burden (Dollars)	25,684,000	25,684,000

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 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.

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

View ICR - OIRA Conclusion