Federal Register / Vol. 85, No. 232 / Wednesday, December 2, 2020 / Notices 77475 

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7611, Washington, DC 20044–7611. 

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Henry S. Friedman, 

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Enforcement Section, Environment and 

Natural Resources Division. 

[FR Doc. 2020–26545 Filed 12–1–20; 8:45 am] 

BILLING CODE 4410–15–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Form PF, [SEC File No. 270–636, OMB 

Control No. 3235–0679] 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.) (‘‘Paperwork 

Reduction Act’’), the Securities and 

Exchange Commission (the 

‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

Rule 204(b)–1 (17 CFR 275.204(b)–1) 

under the Investment Advisers Act of 

1940 (15 U.S.C. 80b–1 et seq.) 

implements sections 404 and 406 of the 

Dodd-Frank Wall Street Reform and 

Consumer Protection Act (the ‘‘DoddFrank Act’’) by requiring private fund 

advisers that have at least $150 million 

in private fund assets under 

management to report certain 

information regarding the private funds 

they advise on Form PF. These advisers 

are the respondents to the collection of 

information. 

Form PF is designed to facilitate the 

Financial Stability Oversight Council’s 

(‘‘FSOC’’) monitoring of systemic risk in 

the private fund industry and to assist 

FSOC in determining whether and how 

to deploy its regulatory tools with 

respect to nonbank financial companies. 

The Commission and the Commodity 

Futures Trading Commission may also 

use information collected on Form PF in 

their regulatory programs, including 

examinations, investigations and 

investor protection efforts relating to 

private fund advisers. 

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. 

The Commission estimates that most 

filers of Form PF have already made 

their first filing, and so the burden 

hours applicable to those filers will 

reflect only ongoing burdens, and not 

start-up burdens. Accordingly, the 

Commission estimates the total annual 

reporting and recordkeeping burden of 

the collection of information for each 

respondent is as follows: 

(a) For smaller private fund advisers 

making their first Form PF filing, an 

estimated amortized average annual 

burden of 23 hours for each of the first 

three years; 

(b) for smaller private fund advisers 

that already make Form PF filings, an 

estimated amortized average annual 

burden of 15 hours for each of the next 

three years; 

(c) for large hedge fund advisers 

making their first Form PF filing, an 

estimated amortized average annual 

burden of 658 hours for each of the first 

three years; 

(d) for large hedge fund advisers that 

already make Form PF filings, an 

estimated amortized average annual 

burden of 600 hours for each of the next 

three years; 

(e) for large liquidity fund advisers 

making their first Form PF filing, an 

estimated amortized average annual 

burden of 588 hours for each of the first 

three years; 

(f) for large liquidity fund advisers 

that already make Form PF filings, an 

estimated amortized average annual 

burden of 280 hours for each of the next 

three years; 

(g) for large private equity advisers 

making their first Form PF filing, an 

estimated amortized average annual 

burden of 133 hours for each of the first 

three years; and 

(h) for large private equity advisers 

that already make Form PF filings, an 

estimated amortized average annual 

burden of 100 hours for each of the next 

three years. 

With respect to annual internal costs, 

the Commission estimates the collection 

of information will result in 127.06 

burden hours per year on average for 

each respondent. With respect to 

external cost burdens, the Commission 

estimates a range from $0 to $50,000 per 

adviser. 

Estimates of average burden hours 

and costs are made solely for the 

purposes of the Paperwork Reduction 

Act and are not derived from a 

comprehensive or even representative 

survey or study of the costs of 

Commission rules and forms. 

Compliance with the collection of 

information requirements of Form PF is 

mandatory for advisers that satisfy the 

criteria described in Instruction 1 to the 

Form. Responses to the collection of 

information will be kept confidential to 

the extent permitted by law. The 

Commission does not intend to make 

public information reported on Form PF 

that is identifiable to any particular 

adviser or private fund, although the 

Commission may use Form PF 

information in an enforcement action. 

An agency may not conduct or sponsor, 

and a person is not required to respond 

to, a collection of information unless it 

displays a currently valid OMB control 

number. 

Written comments are invited on: (a) 

Whether the collection of information is 

necessary for the proper performance of 

the functions of the Commission, 

including whether the information has 

practical utility; (b) the accuracy of the 

Commission’s estimate of the burden of 

the collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing within 60 days of this 

publication. 

Please direct your written comments 

to David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, C/O Cynthia 

Roscoe, 100 F Street NE, Washington, 

DC 20549; or send an email to: PRA_

Mailbox@sec.gov. 

Dated: November 27, 2020. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26591 Filed 12–1–20; 8:45 am] 

BILLING CODE 8011–01–P