Federal Register / Vol. 86, No. 28 / Friday, February 12, 2021 / Notices 9415 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–636, OMB Control No. 

3235–0679] 

Submission for OMB Review; 

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 

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’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for extension of the 

previously approved collection of 

information discussed below. 

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. 

The public may view the background 

documentation for this information 

collection at the following website, 

www.reginfo.gov. Comments should be 

directed to: (i) Desk Officer for the 

Securities and Exchange Commission, 

Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, Room 10102, New Executive 

Office Building, Washington, DC 20503, 

or by sending an email to: 

Lindsay.M.Abate@omb.eop.gov; and (ii) 

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. Written comments 

and recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to www.reginfo.gov/public/do/ 

PRAMain. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. 

Dated: February 9, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–02962 Filed 2–11–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–613, OMB Control No. 

3235–0712] 

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: 

Credit Risk Retention—Regulation RR 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘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 for extension 

and approval. 

9416 Federal Register / Vol. 86, No. 28 / Friday, February 12, 2021 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(a). 

4 17 CFR 240.19b–4(f)(2). 

5Capitalized terms used but not defined herein 

have the meanings specified in the ICE Clear 

Europe Clearing Rules. 

Credit Risk Retention (‘‘Regulation 

RR’’) (17 CFR 246.1 through 246.22) 

recordkeeping and disclosure 

requirements implement Section 15G of 

the Securities Exchange Act of 1934 (15 

U.S.C. 78o–11) Section 15G clarifies the 

scope and application of Section 306(a) 

of the Sarbanes-Oxley Act of 2002 (15 

U.S.C. 7244(a)). Section 306(a) of the 

Sarbanes-Oxley Act requires, among 

other things, an issuer to provide timely 

notice to its directors and executive 

officers and to the Commission of the 

imposition of a blackout period that 

would trigger a trading prohibition 

under Section 306(a)(1) of the SarbanesOxley Act. Section 306(a)(1) prohibits 

any director or executive officer of an 

issuer of any equity security, from 

directly or indirectly, purchasing, 

selling or otherwise acquiring or 

transferring any equity security of that 

issuer during the blackout period with 

respect to such equity security, if the 

director or executive officer acquired 

the equity security in connection with 

his or her service or employment. 

Approximately 1,647 issuers file using 

Regulation RR responses and it takes 

approximately 14.389 hours per 

response. We estimate that 75% of the 

14.389 hours per response (10.792 

hours) is prepared by the registrant for 

a total annual reporting burden of 

17,774 hours (10.792 hours per response 

× 1,647 responses). 

Written comments are invited on: (a) 

Whether this proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden imposed by 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. 

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 

control number. 

Please direct your written comment 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: February 8, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–02861 Filed 2–11–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91076; File No. SR–ICEEU– 

2021–001] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Amendments to Clearing Fees for ICE 

Futures Europe Three Month Swiss 

Average Rate Overnight (SARON®) 

Index Futures Contract 

February 8, 2021. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on February 

1, 2021, ICE Clear Europe Limited (‘‘ICE 

Clear Europe’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

changes described in Items I, II and III 

below, which Items have been primarily 

prepared by ICE Clear Europe. ICE Clear 

Europe filed the proposed rule change 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(2) thereunder,4

so that the proposal was immediately 

effective upon filing with the 

Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

ICE Clear Europe Limited (‘‘ICE Clear 

Europe’’) proposes rule changes relating 

to amendments to clearing fees for ICE 

Futures Europe Three Month Swiss 

Average Rate Overnight (SARON®) 

Index futures contract (‘‘Three Month 

SARON’’). The proposed amendments 

do not involve any changes to the ICE 

Clear Europe Clearing Rules or 

Procedures.5

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, ICE 

Clear Europe included statements 

concerning the purpose of and basis for 

the proposed rule change. The text of 

these statements may be examined at 

the places specified in Item IV below. 

ICE Clear Europe has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(a) Purpose 

The purpose of the proposed rule 

changes is for ICE Clear Europe to 

reduce the clearing fees for Three Month 

SARON in line with the changes to the 

notional size of the contract, which the 

Exchange is proposing to decrease in 

size by a factor of four. (Equivalent 

reductions in the trading fee are being 

proposed by the Exchange.) 

As there is no current Open Interest 

in the Three Month SARON contract, 

the proposed change to the notional size 

of the contract is being made to help 

simplify the transition of Open Interest 

from the existing ICE Futures Europe 

Three Month Euroswiss futures contract 

(‘‘Three Month Euroswiss’’), which 

references Three Month Swiss Franc 

LIBOR, to the Three Month SARON 

contract which references the Swiss 

Average Overnight Rate. Currently, 

Three Month SARON is four times 

larger in notional size than Three Month 

Euroswiss so this proposed change will 

enable the transition of Open Interest on 

a one to one futures contract basis. As 

the contract size of the Three Month 

SARON contract is reducing by a factor 

of 4, so the trading and clearing fees will 

reduce by the same amount. Attached 

[sic] as Exhibit 5 is an attachment 

containing tables listing the new fee 

schedules and a Circular in advance of 

the proposed effective date. The new 

fees are intended to come into effect on 

01 March 2021 subject to regulatory 

approval. The proposed revisions to the 

fees are described in detail as follows.