83 FR 1278 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 7 (January 10, 2018)

Page Range		1278-1279
FR Document		2018-00267
Federal Register, Volume 83 Issue 7 (Wednesday, January 10, 2018)
[Federal Register Volume 83, Number 7 (Wednesday, January 10, 2018)]
[Notices]
[Pages 1278-1279]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-00267]


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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 
``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 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

[[Page 1279]]

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 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].

    Dated: January 5, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-00267 Filed 1-9-18; 8:45 am]
 BILLING CODE 8011-01-P
1278 Federal Register / Vol. 83, No. 7 / Wednesday, January 10, 2018 / Notices

significant: (1) Hazards; (2) change in Commission, Office of FOIA Services, hours applicable to those filers will
the types or significant increase in the 100 F Street NE, Washington, DC reflect only ongoing burdens, and not
amounts of any effluents that may be 20549–2736 start-up burdens. Accordingly, the
released offsite; (3) increase in Extension: Commission estimates the total annual
individual or cumulative public or Form PF, SEC File No. 270–636, OMB reporting and recordkeeping burden of
occupational radiation exposure; (4) Control No. 3235–0679 the collection of information for each
construction impact; or (5) increase in respondent is as follows:
Notice is hereby given that, pursuant
the potential for or consequences from (a) For smaller private fund advisers
to the Paperwork Reduction Act of 1995
radiological accidents. The NRC staff making their first Form PF filing, an
(44 U.S.C. 3501 et seq.) (‘‘Paperwork
has further determined that the estimated amortized average annual
Reduction Act’’), the Securities and
requirements from which the exemption burden of 23 hours for each of the first
Exchange Commission (the
is sought involve the factors associated three years;
‘‘Commission’’) is soliciting comments (b) For smaller private fund advisers
with 10 CFR 51.22(c)(25)(vi)(G)—
on the collection of information that already make Form PF filings, an
scheduling requirements. Specifically,
summarized below. The Commission estimated amortized average annual
the proposed exemption postpones the
plans to submit this existing collection burden of 15 hours for each of the next
EP onsite exercise from CY 2017, to the
of information to the Office of three years;
third quarter of CY 2018. Therefore, the
Management and Budget (‘‘OMB’’) for (c) For large hedge fund advisers
exemption meets the eligibility criteria
extension and approval. making their first Form PF filing, an
for exclusion set forth in 10 CFR
Rule 204(b)–1 (17 CFR 275.204(b)-1) estimated amortized average annual
51.22(c)(25). Therefore, pursuant to 10
under the Investment Advisers Act of burden of 610 hours for each of the first
CFR 51.22(b), no environmental
1940 (15 U.S.C. 80b–1 et seq.) three years;
assessment or an environmental impact
implements sections 404 and 406 of the (d) For large hedge fund advisers that
statement need be prepared in
Dodd-Frank Wall Street Reform and already make Form PF filings, an
connection with the approval of this
Consumer Protection Act (the ‘‘Dodd- estimated amortized average annual
exemption request.
Frank Act’’) by requiring private fund burden of 560 hours for each of the next
V. Conclusion advisers that have at least $150 million three years;
Accordingly, the NRC has determined in private fund assets under (e) For large liquidity fund advisers
that, pursuant to 10 CFR 70.17(a), the management to report certain making their first Form PF filing, an
exemption is authorized by law and will information regarding the private funds estimated amortized average annual
not endanger life or property or the they advise on Form PF. These advisers burden of 588 hours for each of the first
common defense and security and is are the respondents to the collection of three years;
otherwise in the public interest. information. (f) For large liquidity fund advisers
Therefore, the NRC hereby grants ACO Form PF is designed to facilitate the that already make Form PF filings, an
an exemption from the requirements of Financial Stability Oversight Council’s estimated amortized average annual
10 CFR 70.22(i)(3)(xii), to allow ACO to (‘‘FSOC’’) monitoring of systemic risk in burden of 280 hours for each of the next
postpone conducting the EP onsite the private fund industry and to assist three years;
exercise from CY 2017, to the third FSOC in determining whether and how (g) For large private equity advisers
quarter of CY 2018. to deploy its regulatory tools with making their first Form PF filing, an
The NRC staff consulted with the respect to nonbank financial companies. estimated amortized average annual
Ohio Department of Health and the The Commission and the Commodity burden of 67 hours for each of the first
Department of Energy Oak Ridge Office Futures Trading Commission may also three years; and
prior to issuing this exemption. Neither use information collected on Form PF in (h) For large private equity advisers
objected to the issuance of this their regulatory programs, including that already make Form PF filings, an
exemption. examinations, investigations and estimated amortized average annual
This exemption became effective investor protection efforts relating to burden of 50 hours for each of the next
upon issuance of the NRC letter dated private fund advisers. three years.
December 29, 2017 (ADAMS Accession Form PF divides respondents into two With respect to annual internal costs,
No. ML17354A990). broad groups, Large Private Fund the Commission estimates the collection
Advisers and smaller private fund of information will result in 92 burden
Dated at Rockville, Maryland, on January 5,
advisers. ‘‘Large Private Fund Advisers’’ hours per year on average for each
2018.
are advisers with at least $1.5 billion in respondent. With respect to external
For the Nuclear Regulatory Commission.
assets under management attributable to cost burdens, the Commission estimates
Craig G. Erlanger, hedge funds (‘‘large hedge fund a range from $0 to $50,000 per adviser.
Director, Division of Fuel Cycle Safety, advisers’’), advisers that manage Estimates of average burden hours
Safeguards, and Environmental Review, and costs are made solely for the
‘‘liquidity funds’’ and have at least $1
Office of Nuclear Material Safety and
billion in combined assets under purposes of the Paperwork Reduction
Safeguards.
management attributable to liquidity Act and are not derived from a
[FR Doc. 2018–00255 Filed 1–9–18; 8:45 am]
funds and registered money market comprehensive or even representative
BILLING CODE 7590–01–P
funds (‘‘large liquidity fund advisers’’), survey or study of the costs of
and advisers with at least $2 billion in Commission rules and forms.
assets under management attributable to Compliance with the collection of
daltland on DSKBBV9HB2PROD with NOTICES

SECURITIES AND EXCHANGE private equity funds (‘‘large private information requirements of Form PF is
COMMISSION equity advisers’’). All other respondents mandatory for advisers that satisfy the
are considered smaller private fund criteria described in Instruction 1 to the
Proposed Collection; Comment
advisers. Form. Responses to the collection of
Request
The Commission estimates that most information will be kept confidential to
Upon written request, copies available filers of Form PF have already made the extent permitted by law. The
from: Securities and Exchange their first filing, and so the burden Commission does not intend to make

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Federal Register / Vol. 83, No. 7 / Wednesday, January 10, 2018 / Notices 1279

public information reported on Form PF rule change as described in Items I, II, The proposed rule change would
that is identifiable to any particular and III below, which Items have been delete FINRA Rule 2214.03 to eliminate
adviser or private fund, although the prepared by FINRA. FINRA has the requirement to re-file a written-
Commission may use Form PF designated the proposed rule change as report template or retail communication
information in an enforcement action. constituting a ‘‘non-controversial’’ rule concerning an investment analysis tool,
An agency may not conduct or sponsor, change under paragraph (f)(6) of Rule and conform the rule to changes
and a person is not required to respond 19b–4 under the Act,3 which renders approved in SR–FINRA–2016–018. In
to, a collection of information unless it the proposal effective upon receipt of addition, the proposed rule change
displays a currently valid OMB control this filing by the Commission. The would renumber FINRA Rule 2214.04
number. Commission is publishing this notice to through 2214.07 as 2214.03 through
Written comments are invited on: (a) solicit comments on the proposed rule 2214.06, accordingly.
Whether the collection of information is change from interested persons. Also, the proposed rule change would
necessary for the proper performance of make technical changes to FINRA Rule
I. Self-Regulatory Organization’s 7730 (Trade Reporting and Compliance
the functions of the Commission,
Statement of the Terms of Substance of Engine (TRACE)). On July 11, 2017, the
including whether the information has
the Proposed Rule Change SEC approved SR–FINRA–2017–015,
practical utility; (b) the accuracy of the
Commission’s estimate of the burden of FINRA is proposing to make technical which added the definition of ‘‘End-of-
the collection of information; (c) ways to and other non-substantive changes Day TRACE Transaction File’’ to Rule
enhance the quality, utility, and clarity within FINRA rules. 7730 as paragraph (g)(6). On August 4,
of the information collected; and (d) The text of the proposed rule change 2017, the SEC approved SR–FINRA–
ways to minimize the burden of the is available on FINRA’s website at 2017–021, which added ‘‘TRACE
collection of information on http://www.finra.org, at the principal Security Activity Report’’ also as
respondents, including through the use office of FINRA and at the paragraph (g)(6). The proposed rule
of automated collection techniques or Commission’s Public Reference Room. change would redesignate Rule
other forms of information technology. 7730(g)(6) (TRACE Security Activity
II. Self-Regulatory Organization’s Report) as 7730(g)(7) to avoid
Consideration will be given to Statement of the Purpose of, and
comments and suggestions submitted in duplication.6
Statutory Basis for, the Proposed Rule Finally, the proposed rule change
writing within 60 days of this Change
publication. would update a reference in FINRA
Please direct your written comments In its filing with the Commission, Rule 9217 (Violations Appropriate for
to Pamela Dyson, Director/Chief FINRA included statements concerning Disposition Under Plan Pursuant to SEA
Information Officer, Securities and the purpose of and basis for the Rule 19b–1(c)(2)) to reflect that FINRA
Exchange Commission, c/o Remi Pavlik- proposed rule change and discussed any Rule 7430 (Synchronization of Member
Simon, 100 F Street NE, Washington, comments it received on the proposed Business Clocks) has been renumbered
rule change. The text of these statements as FINRA Rule 4590 (Synchronization of
DC 20549; or send an email to: PRA_
may be examined at the places specified Member Business Clocks) to conform
Mailbox@sec.gov.
in Item IV below. FINRA has prepared with SEC approval in SR–FINRA–2016–
Dated: January 5, 2018. summaries, set forth in sections A, B, 005.7
Eduardo A. Aleman, and C below, of the most significant FINRA has filed the proposed rule
Assistant Secretary. aspects of such statements. change for immediate effectiveness. The
[FR Doc. 2018–00267 Filed 1–9–18; 8:45 am] implementation date for the proposed
A. Self-Regulatory Organization’s changes to FINRA Rules 2214 and 9217
BILLING CODE 8011–01–P
Statement of the Purpose of, and will be January 22, 2018. The
Statutory Basis for, the Proposed Rule implementation date for the proposed
SECURITIES AND EXCHANGE Change changes to FINRA Rule 7730 will be
COMMISSION 1. Purpose February 1, 2018, to coincide with the
implementation date of earlier changes
[Release No. 34–82441; File No. SR–FINRA– On September 13, 2016, the SEC to the rule.8
2017–036] approved changes to FINRA Rules 2210
(Communications with the Public), 2213 2. Statutory Basis
Self-Regulatory Organizations; (Requirements for the Use of Bond FINRA believes that the proposed rule
Financial Industry Regulatory Mutual Fund Volatility Ratings), and change is consistent with the provisions
Authority, Inc.; Notice of Filing and 2214 (Requirements for the Use of of Section 15A(b)(6) of the Act,9 which
Immediate Effectiveness of a Proposed Investment Analysis Tools) that, among requires, among other things, that
Rule Change To Make Technical and other things, eliminated the filing FINRA rules must be designed to
Other Non-Substantive Changes requirements for investment analysis prevent fraudulent and manipulative
Within FINRA Rules tool report templates and retail acts and practices, to promote just and
January 4, 2018. communications concerning such tools equitable principles of trade, and, in
Pursuant to Section 19(b)(1) of the and instead requires members to
Securities Exchange Act of 1934 provide FINRA staff with access to 6 See Securities Exchange Act Release No. 81114

investment analysis tools upon request.4 (July 11, 2017), 82 FR 32728 (July 17, 2017) (Order
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Approving File No. SR–FINRA–2017–015) and
notice is hereby given that on December The implementation date for the Securities Exchange Act Release No. 81318 (August
daltland on DSKBBV9HB2PROD with NOTICES

22, 2017, Financial Industry Regulatory changes was January 9, 2017.5 4, 2017), 82 FR 37484 (August 10, 2017) (Order
Authority, Inc. (‘‘FINRA’’) filed with the Approving File No. SR–FINRA–2017–021).
3 17 CFR 240.19b–4(f)(6). 7 See Securities Exchange Act Release No. 77565
Securities and Exchange Commission 4 See (April 8, 2016), 81 FR 22136 (April 14, 2016) (Order
Securities Exchange Act Release No. 78823
(‘‘SEC’’ or ‘‘Commission’’) the proposed (September 13, 2016), 81 FR 64240 (September 19, Approving File No. SR–FINRA–2016–005); see also
2016) (Order Approving File No. SR–FINRA–2016– Regulatory Notice 16–23 (July 2016).
1 15 U.S.C. 78s(b)(1). 018). 8 See Regulatory Notice 17–36 (November 2017).
2 17 CFR 240.19b–4. 5 See Regulatory Notice 16–41 (October 2016). 9 15 U.S.C. 78o–3(b)(6).

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Document Created: 2018-10-26 09:34:31
Document Modified: 2018-10-26 09:34:31
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 1278