83 FR 11266 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 50 (March 14, 2018)

Page Range		11266-11267
FR Document		2018-05171
Federal Register, Volume 83 Issue 50 (Wednesday, March 14, 2018)
[Federal Register Volume 83, Number 50 (Wednesday, March 14, 2018)]
[Notices]
[Pages 11266-11267]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-05171]


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SECURITIES AND EXCHANGE COMMISSION


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, 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'') 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 
``Dodd-Frank 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

[[Page 11267]]

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 610 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 560 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 67 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 50 hours for 
each of the next three years.

    With respect to annual internal costs, the Commission estimates the 
collection of information will result in 92 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 background documentation for this collection at 
the following website, www.reginfo.gov. Please direct your written 
comments to Pamela Dyson, Director/Chief Information Officer, 
Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 F Street 
NE, Washington, DC 20549; or send an email to: [email protected]. 
Comments must be submitted to OMB within 30 days of this notice.

    Dated: March 8, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-05171 Filed 3-13-18; 8:45 am]
 BILLING CODE 8011-01-P
11266 Federal Register / Vol. 83, No. 50 / Wednesday, March 14, 2018 / Notices

Pursuant to Section 19(b)(2)(B) of the Although there do not appear to be any filing also will be available for
Act,16 the Commission is providing issues relevant to approval or inspection and copying at the principal
notice of the grounds for disapproval disapproval that would be facilitated by office of the Exchange. All comments
under consideration. The Commission is an oral presentation of views, data, and received will be posted without change.
instituting proceedings to allow for arguments, the Commission will Persons submitting comments are
additional analysis of the proposal’s consider, pursuant to Rule 19b–4 under cautioned that we do not redact or edit
consistency with Section 6(b)(5) of the the Act, any request for an opportunity personal identifying information from
Act,17 which requires, among other to make an oral presentation.18 comment submissions. You should
things, that the rules of a national Interested persons are invited to submit only information that you wish
securities exchange be designed to submit written data, views, and to make available publicly. All
prevent fraudulent and manipulative arguments regarding whether the submissions should refer to File
acts and practices, to promote just and proposal should be approved or Number SR–CboeBZX–2017–006 and
equitable principles of trade, and to disapproved by April 4, 2018. Any should be submitted on or before April
protect investors and the public interest. person who wishes to file a rebuttal to 4, 2018. Rebuttal comments should be
Under the proposal, each Fund’s any other person’s submission must file submitted by April 18, 2018.
investment objective is to track, before that rebuttal by April 18, 2018. For the Commission, by the Division of
fees and expenses, the performance of Comments may be submitted by any Trading and Markets, pursuant to delegated
its respective Index, each of which of the following methods: authority.19
consists of a hypothetical portfolio of Electronic Comments Eduardo A. Aleman,
purchased and written (sold) put and Assistant Secretary.
call FLEX Options structured to • Use the Commission’s internet
comment form (http://www.sec.gov/ [FR Doc. 2018–05160 Filed 3–13–18; 8:45 am]
participate in market gains and losses of
the S&P 500 Index within pre- rules/sro.shtml); or BILLING CODE 8011–01–P

determined ranges that are only • Send an email to rule-comments@
applicable for a full 12-month period sec.gov. Please include File Number SR–
CboeBZX–2017–006 on the subject line. SECURITIES AND EXCHANGE
from one Roll Date to the next Roll Date. COMMISSION
Specifically, on each Roll Date, the Paper Comments
applicable Index implements a portfolio Submission for OMB Review;
• Send paper comments in triplicate
of put and call FLEX Options with Comment Request
to Secretary, Securities and Exchange
expirations on the next Roll Date that,
Commission, 100 F Street NE, Upon Written Request, Copies Available
if held to such Roll Date, seeks to match
Washington, DC 20549–1090. From: Securities and Exchange
any decline in the value of the S&P 500
Index, while providing enhanced All submissions should refer to File Commission Office of FOIA Services,
appreciation of twice the positive return Number SR–CboeBZX–2017–006. This 100 F Street NE, Washington, DC
of the S&P 500 Index up to a Capped file number should be included on the 20549–2736.
Level. Because of these Index subject line if email is used. To help the Extension:
characteristics, the Index outcomes that Commission process and review your Form PF, SEC File No. 270–636, OMB
each Fund seeks to track are best comments more efficiently, please use Control No. 3235–0679.
realized if the Shares are bought at the only one method. The Commission will Notice is hereby given that, pursuant
initial Roll Date and sold at the post all comments on the Commission’s to the Paperwork Reduction Act of 1995
expiration of the next Roll Date. The internet website (http://www.sec.gov/ (44 U.S.C. 3501 et seq.) (‘‘Paperwork
Commission notes, however, that rules/sro.shtml). Copies of the Reduction Act’’), the Securities and
market participants may buy or sell submission, all subsequent Exchange Commission (the
Shares of the Funds at any time, not amendments, all written statements ‘‘Commission’’) has submitted to the
only at the initial or expiration of a Roll with respect to the proposed rule Office of Management and Budget
Date. Consequently, with respect to the change that are filed with the (‘‘OMB’’) a request for extension of the
pricing of the Shares at any time other Commission, and all written previously approved collection of
than the commencement or the communications relating to the information discussed below.
expiration of a Roll Date, the proposed rule change between the Rule 204(b)–1 (17 CFR 275.204(b)–1)
Commission seeks commenters’ views Commission and any person, other than under the Investment Advisers Act of
on the sufficiency of the information those that may be withheld from the 1940 (15 U.S.C. 80b–1 et seq.)
provided in the proposed rule change to public in accordance with the implements sections 404 and 406 of the
support a determination that the listing provisions of 5 U.S.C. 552, will be Dodd-Frank Wall Street Reform and
and trading of the Shares would be available for website viewing and Consumer Protection Act (the ‘‘Dodd-
consistent with Section 6(b)(5) of the printing in the Commission’s Public Frank Act’’) by requiring private fund
Act. Reference Room, 100 F Street NE, advisers that have at least $150 million
Washington, DC 20549 on official in private fund assets under
IV. Procedure: Request for Written business days between the hours of management to report certain
Comments 10:00 a.m. and 3:00 p.m. Copies of the information regarding the private funds
Interested persons are invited to they advise on Form PF. These advisers
18 Section 19(b)(2) of the Exchange Act, as
submit written views, data, and are the respondents to the collection of
amended by the Securities Acts Amendments of
arguments concerning the foregoing, information.
daltland on DSKBBV9HB2PROD with NOTICES

1975, Public Law 94–29 (June 4, 1975), grants the
including whether the proposed rule Commission flexibility to determine what type of Form PF is designed to facilitate the
change is consistent with Section 6(b)(5) proceeding—either oral or notice and opportunity Financial Stability Oversight Council’s
or any other provision of the Act, or the for written comments—is appropriate for (‘‘FSOC’’) monitoring of systemic risk in
consideration of a particular proposal by a self- the private fund industry and to assist
rules and regulations thereunder. regulatory organization. See Securities Acts
Amendments of 1975, Senate Comm. on Banking, FSOC in determining whether and how
16 Id.
Housing & Urban Affairs, S. Rep. No. 75, 94th
17 15 U.S.C. 78f(b)(5). Cong., 1st Sess. 30 (1975). 19 17 CFR 200.30–3(a)(57).

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Federal Register / Vol. 83, No. 50 / Wednesday, March 14, 2018 / Notices 11267

to deploy its regulatory tools with (g) For large private equity advisers SECURITIES AND EXCHANGE
respect to nonbank financial companies. making their first Form PF filing, an COMMISSION
The Commission and the Commodity estimated amortized average annual
[Release No. 34–82831; File No. SR–NYSE–
Futures Trading Commission may also burden of 67 hours for each of the first 2018–01]
use information collected on Form PF in three years; and
their regulatory programs, including Self-Regulatory Organizations; New
(h) For large private equity advisers that
examinations, investigations and York Stock Exchange LLC; Order
already make Form PF filings, an
investor protection efforts relating to Approving Proposed Rule Change To
private fund advisers. estimated amortized average annual
burden of 50 hours for each of the Amend the Complimentary Products
Form PF divides respondents into two and Services Available to Certain
broad groups, Large Private Fund next three years.
Eligible New Listings Pursuant to
Advisers and smaller private fund With respect to annual internal costs, Section 907.00 of the Exchange’s
advisers. ‘‘Large Private Fund Advisers’’ the Commission estimates the collection Listed Company Manual
are advisers with at least $1.5 billion in of information will result in 92 burden
assets under management attributable to March 8, 2018.
hours per year on average for each
hedge funds (‘‘large hedge fund respondent. With respect to external I. Introduction
advisers’’), advisers that manage cost burdens, the Commission estimates
‘‘liquidity funds’’ and have at least $1 On January 3, 2018, New York Stock
a range from $0 to $50,000 per adviser. Exchange LLC (‘‘NYSE’’ or the
billion in combined assets under
management attributable to liquidity Estimates of average burden hours ‘‘Exchange’’) filed with the Securities
funds and registered money market and costs are made solely for the and Exchange Commission
funds (‘‘large liquidity fund advisers’’), purposes of the Paperwork Reduction (‘‘Commission’’) pursuant to Section
and advisers with at least $2 billion in Act and are not derived from a 19(b)(1) of the Securities Exchange Act
assets under management attributable to comprehensive or even representative of 1934 (‘‘Act’’) 1 and Rule 19b–4
private equity funds (‘‘large private survey or study of the costs of thereunder,2 a proposed rule change to
equity advisers’’). All other respondents Commission rules and forms. amend Section 907.00 of the Exchange’s
are considered smaller private fund Compliance with the collection of Listed Company Manual (‘‘Manual’’) to
advisers. information requirements of Form PF is provide that companies initially listed
The Commission estimates that most on or after April 1, 2018 will not be
mandatory for advisers that satisfy the
filers of Form PF have already made eligible to receive corporate governance
criteria described in Instruction 1 to the
their first filing, and so the burden tools under the Exchange’s current
Form. Responses to the collection of
hours applicable to those filers will services offering. The proposed rule
information will be kept confidential to change was published for comment in
reflect only ongoing burdens, and not the extent permitted by law. The
start-up burdens. Accordingly, the the Federal Register on January 22,
Commission does not intend to make 2018.3 No comment letters were
Commission estimates the total annual public information reported on Form PF
reporting and recordkeeping burden of received in response to the Notice. This
that is identifiable to any particular order approves the proposed rule
the collection of information for each adviser or private fund, although the
respondent is as follows: change.
Commission may use Form PF
(a) For smaller private fund advisers information in an enforcement action. II. Description of the Proposed Rule
making their first Form PF filing, an An agency may not conduct or sponsor, Change
estimated amortized average annual and a person is not required to respond The Exchange has proposed to amend
burden of 23 hours for each of the first to, a collection of information unless it Section 907.00 of the Manual to provide
three years; that companies initially listed on or
displays a currently valid OMB control
(b) For smaller private fund advisers after April 1, 2018 will not be eligible
number.
that already make Form PF filings, an to receive the corporate governance
estimated amortized average annual The public may view background tools described under the Exchange’s
burden of 15 hours for each of the documentation for this collection at the current services offering.
next three years; following website, www.reginfo.gov. As set forth in Section 907.00 of the
(c) For large hedge fund advisers making Please direct your written comments to Manual, the Exchange currently
their first Form PF filing, an estimated Pamela Dyson, Director/Chief provides Eligible New Listings 4 with
amortized average annual burden of Information Officer, Securities and complimentary corporate governance
610 hours for each of the first three Exchange Commission, c/o Remi Pavlik- tools (with a commercial value of
years; Simon, 100 F Street NE, Washington,
(d) For large hedge fund advisers that DC 20549; or send an email to: PRA_ 1 15 U.S.C. 78s(b)(1).
already make Form PF filings, an Mailbox@sec.gov. Comments must be 2 17 CFR 240.19b–4.
estimated amortized average annual submitted to OMB within 30 days of
3 See Securities Exchange Act Release No. 82506

burden of 560 hours for each of the (January 16, 2018), 83 FR 3035 (‘‘Notice’’).
this notice. 4 For the purposes of Section 907.00, the term
next three years; ‘‘Eligible New Listing’’ means: (i) Any U.S.
(e) For large liquidity fund advisers Dated: March 8, 2018.
company that lists common stock on the Exchange
making their first Form PF filing, an Eduardo A. Aleman, for the first time and any non-U.S. company that
estimated amortized average annual Assistant Secretary. lists an equity security on the Exchange under
daltland on DSKBBV9HB2PROD with NOTICES

Section 102.01 or 103.00 of the Manual for the first
burden of 588 hours for each of the [FR Doc. 2018–05171 Filed 3–13–18; 8:45 am] time, regardless of whether such U.S. or non-U.S.
first three years; BILLING CODE 8011–01–P company conducts an offering and (ii) any U.S. or
(f) For large liquidity fund advisers that non-U.S. company emerging from a bankruptcy,
already make Form PF filings, an spinoff (where a company lists new shares in the
absence of a public offering), and carve-out (where
estimated amortized average annual a company carves out a business line or division,
burden of 280 hours for each of the which then conducts a separate initial public
next three years; offering).

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Document Created: 2018-03-14 01:06:52
Document Modified: 2018-03-14 01:06:52
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		83 FR 11266