general partner or limited partner clawback on an annual basis in lieu
of the proposed requirement, which would have required all private fund
advisers (both smaller private fund advisers that advise private equity
funds and large private equity fund advisers) to report these events
within one business day. These changes from the proposal will reduce
the scope of categories subject to current reporting and private equity
event reporting, which reduce our estimated burdens. Several commenters
also stated that our cost analysis underestimated the cost of a daily
net asset value calculation because it would require the development of
new systems.\460\ In a change from the proposal, the current reporting
requirements for qualifying hedge fund advisers will require
calculation of RFACV, rather than a daily net asset value calculation,
which will reduce the burden on qualifying hedge fund advisers. We are
also not adopting at this time the proposed amendments that would have
required large liquidity funds to report certain additional
information. Further, in a change from the proposal, we are not
adopting a change to the filing threshold for large private equity fund
advisers, which has changed the estimated number of large private
equity fund adviser filers.
---------------------------------------------------------------------------

    \457\ See, e.g., AIMA/ACC Comment Letter; IAA Comment Letter;
MFA Comment Letter; USCC Comment Letter.
    \458\ See RER Comment Letter.
    \459\ See AIMA/ACC Comment Letter.
    \460\ See, e.g., AIMA/ACC Comment Letter; MFA Comment Letter;
USCC Comment Letter.
---------------------------------------------------------------------------

    In addition, we have modified our estimates from the proposal to
address general comments to our proposed time and cost estimates for
current reporting and private equity event reporting.\461\ We have
increased our estimate on the number of annual responses for current
reporting and private equity event reporting. We have also increased
our time burden estimate for current reporting requirements for large
hedge fund advisers in response to comments we received to include
additional estimated cost and time burden to comply with the new
current reporting requirements. The time burden estimate changes also
reflect changes from the proposed current reporting requirements
discussed more fully above, such as the change in the reporting
timeframes and the changes in the reporting events that decrease our
time burden estimate. Our time and cost estimates also incorporate
other adjustments, which are not based on changes from the proposed
amendments, for updated data for the estimated number of respondents
and salary/wage information across all respondent types.
---------------------------------------------------------------------------

    \461\ See, e.g., AIMA/ACC Comment Letter; MFA Comment Letter;
State Street Comment Letter; USCC Comment Letter.
---------------------------------------------------------------------------

A. Purpose and Use of the Information Collection

    The rules implement provisions of Title IV of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (``Dodd-Frank Act''), which
amended the Advisers Act to require the SEC to, among other things,
establish reporting requirements for advisers to private funds.\462\
The rules are intended to assist FSOC in its monitoring obligations
under the Dodd-Frank Act, but the SEC also may use information
collected on Form PF in its regulatory programs, including
examinations, investigations, and investor protection efforts relating
to private fund advisers.\463\
---------------------------------------------------------------------------

    \462\ See 15 U.S.C. 80b-4(b) and 15 U.S.C. 80b-11(e).
    \463\ See 2011 Form PF Adopting Release, supra footnote 3.
---------------------------------------------------------------------------

    The final amendments are designed to enhance FSOC's ability to
monitor systemic risk as well as bolster the SEC's regulatory oversight
of private fund advisers and investor protection efforts. The final
amendments do the following:
     Require all qualifying hedge fund advisers to file current
reports upon certain current reporting events, as discussed more fully
in section II.A above;
     Require all private equity fund advisers to file private
equity event reports upon certain reporting events, as discussed more
fully in section II.B above; and
     Adopt additional reporting items for large private equity
fund advisers and amend how large private equity fund advisers report
information about the private equity funds they advise, as discussed
more fully in section II.B above.
    The final current reporting rule requires advisers to qualifying
hedge funds to report information upon certain current reporting events
as soon as practicable, but no later than 72 hours from the current
reporting event. The final private equity event reporting rule requires
all private equity fund advisers to report information upon certain
reporting events on a quarterly basis.\464\ As discussed more fully in
sections I and II, above, we are adopting the current reporting and
private equity event reporting requirements so FSOC can receive more
timely data to identify and respond to qualifying hedge funds and
private equity funds that are facing stress that could result in
systemic risk or harm to investors, while modifying the deadline to
report to lessen the burden on such funds.
---------------------------------------------------------------------------

    \464\ See 5 CFR 1320.5(d)(2)(i).
---------------------------------------------------------------------------

B. Confidentiality

    Responses to the information collection will be kept confidential
to the extent permitted by law.\465\ Form PF elicits non-public
information about private funds and their trading strategies, the
public disclosure of which could adversely affect the funds and their
investors. The SEC does not intend to make public Form PF information
that is identifiable to any particular adviser or private fund,
although the SEC may use Form PF information in an enforcement action
and to assess potential systemic risk.\466\ SEC staff issues certain
publications designed to inform the public of the private funds
industry, all of which use only aggregated or masked information to
avoid potentially disclosing any proprietary information.\467\ The

Advisers Act precludes the SEC from being compelled to reveal Form PF
information except (1) to Congress, upon an agreement of
confidentiality, (2) to comply with a request for information from any
other Federal department or agency or self-regulatory organization for
purposes within the scope of its jurisdiction, or (3) to comply with an
order of a court of the United States in an action brought by the
United States or the SEC.\468\ Any department, agency, or self-
regulatory organization that receives Form PF information must maintain
its confidentiality consistent with the level of confidentiality
established for the SEC.\469\ The Advisers Act requires the SEC to make
Form PF information available to FSOC.\470\ For advisers that are also
commodity pool operators or commodity trading advisers, filing Form PF
through the Form PF filing system is filing with both the SEC and
CFTC.\471\ Therefore, the SEC makes Form PF information available to
FSOC and the CFTC, pursuant to Advisers Act section 204(b), making the
information subject to the confidentiality protections applicable to
information required to be filed under that section. Before sharing any
Form PF information, the SEC requires that any such department, agency,
or self-regulatory organization represent to the SEC that it has in
place controls designed to ensure the use and handling of Form PF
information in a manner consistent with the protections required by the
Advisers Act. The SEC has instituted procedures to protect the
confidentiality of Form PF information in a manner consistent with the
protections required in the Advisers Act.\472\
---------------------------------------------------------------------------

    \465\ See 5 CFR 1320.5(d)(2)(vii) and (viii).
    \466\ See 15 U.S.C. 80b-10(c).
    \467\ See, e.g., Private Funds Statistics, issued by staff of
the SEC Division of Investment Management's Analytics Office, which
we have used in this PRA as a data source, available at https://www.sec.gov/divisions/investment/private-funds-statistics.shtml.
    \468\ See 15 U.S.C. 80b-4(b)(8).
    \469\ See 15 U.S.C. 80b-4(b)(9).
    \470\ See 15 U.S.C. 80b-4(b)(7).
    \471\ See 2011 Form PF Adopting Release, supra footnote 3, at
n.17.
    \472\ See 5 CFR 1320.5(d)(2)(viii).
---------------------------------------------------------------------------

C. Burden Estimates

    We are revising our total burden final estimates to reflect the
final amendments, updated data, and new methodology for certain
estimates, and comments we received to our estimates.\473\ The tables
below map out the proposed and final Form PF requirements as they apply
to each group of respondents and detail our burden estimates.
---------------------------------------------------------------------------

    \473\ For the previously approved estimates, see ICR Reference
No.<PHONE_NUMBER>-019 (conclusion date Apr. 1, 2021), available at
https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202011-3235-019.
---------------------------------------------------------------------------

1. Proposed Form PF Requirements by Respondent

                              Table 1--Proposed Form PF Requirements by Respondent
----------------------------------------------------------------------------------------------------------------
                                                                                Large private
             Form PF                Smaller private    Large hedge fund     Large liquidity       equity fund
                                    fund  advisers         advisers         fund  advisers         advisers
----------------------------------------------------------------------------------------------------------------
Section 1a and section 1b (basic  Annually..........  Quarterly.........  Quarterly.........  Annually.
 information about the adviser
 and the private funds it
 advises). No proposed revisions.
Section 1c (additional            Annually, if they   Quarterly.........  Quarterly, if they  Annually, if they
 information concerning hedge      advise hedge                            advise hedge        advise hedge
 funds). No proposed revisions.    funds.                                  funds.              funds.
Section 2 (additional             No................  Quarterly.........  No................  No.
 information concerning
 qualifying hedge funds). No
 proposed revisions.
Section 3 (additional             No................  No................  Quarterly.........  No.
 information concerning
 liquidity funds). Proposed
 revisions.
Section 4 (additional             No................  No................  No................  Annually.
 information concerning private
 equity funds). Proposed
 revisions.
Section 5 (current reporting      No................  Upon a reporting    No................  No.
 concerning qualifying hedge                           event.
 funds). The proposal would add
 section 5.
Section 6 (current reporting for  Upon a reporting    No................  No................  Upon a reporting
 private equity fund advisers).    event, if they                                              event.
 The proposal would add section    advise private
 6.                                equity funds.
Section 7 (temporary hardship     Optional, if they   Optional, if they   Optional, if they   Optional, if they
 request). The proposed rules      qualify.            qualify.            qualify.            qualify.
 would make this available for
 current reporting.
----------------------------------------------------------------------------------------------------------------

                                Table 2--Final Form PF Requirements by Respondent
----------------------------------------------------------------------------------------------------------------
                                                                                Large private
             Form PF                Smaller private    Large hedge fund     Large liquidity       equity fund
                                    fund  advisers         advisers         fund  advisers         advisers
----------------------------------------------------------------------------------------------------------------
Section 1a and section 1b (basic  Annually..........  Quarterly.........  Quarterly.........  Annually.
 information about the adviser
 and the private funds it
 advises). No final revisions.
Section 1c (additional            Annually, if they   Quarterly.........  Quarterly, if they  Annually, if they
 information concerning hedge      advise hedge                            advise hedge        advise hedge
 funds). No final revisions.       funds.                                  funds.              funds.
Section 2 (additional             No................  Quarterly.........  No................  No.
 information concerning
 qualifying hedge funds). No
 final revisions.
Section 3 (additional             No................  No................  No................  No.
 information concerning
 liquidity funds). No final
 revisions.
Section 4 (additional             No................  No................  No................  Annually.
 information concerning private
 equity funds). The final rules
 modify section 4.
Section 5 (current reporting      No................  As soon as          No................  No.
 concerning qualifying hedge                           practicable upon
 funds). The final rules add                           a current
 section 5.                                            reporting event,
                                                       but no later than
                                                       72 hours.
Section 6 (event reporting for    Within 60 days of   No................  No................  Within 60 days of
 private equity fund advisers).    fiscal quarter                                              fiscal quarter
 The final rules add section 6.    end upon a                                                  end upon a
                                   reporting event,                                            reporting event.
                                   if they advise
                                   private equity
                                   funds.
Section 7 (temporary hardship     Optional, if they   Optional, if they   Optional, if they   Optional, if they
 request).The final rules make     qualify.            qualify.            qualify.            qualify.
 this available for current and
 private equity event reporting.
----------------------------------------------------------------------------------------------------------------

3. Annual Hour Burden Proposed and Final Estimates
    Below are tables with annual hour burden proposed and final
estimates for (1) initial filings, (2) ongoing annual and quarterly
filings, (3) current reporting and private equity event reporting, and
(4) transition filings, final filings, and temporary hardship requests.

                  Table 3--Annual Hour Burden Proposed and Final Estimates for Initial Filings
----------------------------------------------------------------------------------------------------------------
                                          Number of
                                        respondents =   Hours per                 Hours per      Aggregate hours
            Respondent \1\                aggregate      response                 response      amortized over 3
                                          number of        \3\                amortized over 3      years \5\
                                        responses \2\                             years \4\
----------------------------------------------------------------------------------------------------------------
Smaller Private Fund Advisers:
    Proposed Estimate................         \6\ 313           40    / 3 =                 13             4,069
    Final Estimate...................         \7\ 358           40    / 3 =                 13             4,654
    Previously Approved..............             272           40                          23             6,256
    Change...........................              86            0                        (10)           (1,602)
----------------------------------------------------------------------------------------------------------------
Large Hedge Fund Advisers:
    Proposed Estimate................          \8\ 14          325    / 3 =                108             1,512
    Final Estimate...................          \9\ 16          325    / 3 =                108             1,728
    Previously Approved..............              17          325                         658            11,186
    Change...........................             (1)            0                       (550)           (9,458)
----------------------------------------------------------------------------------------------------------------
Large Liquidity Fund Advisers:
    Proposed Estimate................          \10\ 1          202    / 3 =                 67                67
    Final Estimate...................          \11\ 1          200    / 3 =                 67                67
    Previously Approved..............               2          200                         588             1,176
    Change...........................             (1)            0                       (521)           (1,109)
----------------------------------------------------------------------------------------------------------------
Large Private Equity Fund Advisers:
    Proposed Estimate................         \12\ 42          250    / 3 =                 83             3,486
    Final Estimate...................         \13\ 17     \14\ 252    / 3 =                 84             1,428
    Previously Approved..............               9          200                         133             1,197
    Change...........................               8           52                        (49)               231
----------------------------------------------------------------------------------------------------------------
Notes:
\1\ We expect that the hourly burden will be most significant for the initial report because the adviser will
  need to familiarize itself with the new reporting form and may need to configure its systems in order to
  efficiently gather the required information. In addition, we expect that some large private fund advisers will
  find it efficient to automate some portion of the reporting process, which will increase the burden of the
  initial filing but reduce the burden of subsequent filings.
\2\ This concerns the initial filing; therefore, we estimate one response per respondent. The proposed and final
  changes are due to using updated data to estimate the number of advisers. The proposed changes concerning
  large private equity fund advisers also were due to the proposed amendment to reduce the filing threshold,
  which will not be adopted in this Release.
\3\ Hours per response proposed and final changes for large private equity fund advisers are due to amendments
  to section 4. Hours per response proposed estimate changes for large liquidity fund advisers were due to
  proposed amendments to section 3. We have reduced the final hours estimate from the proposed hours estimate
  because the proposed large liquidity fund amendments will not be adopted in this Release.

\4\ We amortize the initial time burden over three years because we believe that most of the burden would be
  incurred in the initial filing. We use a different methodology to calculate the estimate than the methodology
  staff used for the previously approved burdens. We believe the previously approved burdens for initial filings
  inflated the estimates by using a methodology that included subsequent filings for the next two years, which,
  for annual filers, included 2 subsequent filings, and for quarterly filers, included 11 subsequent filings.
  For the requested burden, we calculate the initial filing, as amortized over the next three years, by
  including only the hours related to the initial filing, not any subsequent filings. This approach is designed
  to more accurately estimate the initial burden, as amortized over three years. (For example, to estimate the
  previously approved burden for a large hedge fund adviser making its initial filing, staff estimated that the
  adviser would have an amortized average annual burden of 658 hours (1 initial filing x 325 hours + 11
  subsequent filings (because it files quarterly) x 150 hours = 1,975 hours. 1,975 hours/3 years = approximately
  658 previously approved hours per response, amortized over three years).) Changes are due to using the revised
  methodology, and changes for the large hedge fund advisers also are due to amendments to section 4. The
  proposed changes for large liquidity fund advisers were due to proposed amendments to section 3, which we are
  not adopting in this Release.
\5\ (Number of responses) x (hours per response amortized over three years) = aggregate hours amortized over
  three years. Changes are due to (1) using updated data to estimate the number of advisers and (2) the new
  methodology to estimate the hours per response, amortized over three years. For large private equity fund
  advisers, changes in our proposed estimates were also due to the proposed amendments to lower the threshold,
  which we are not adopting in this Release, and amendments to section 4. The proposed changes for large
  liquidity fund advisers were due to proposed amendments to section 3, which we are not adopting in this
  Release.
\6\ In the case of the proposed estimates, Private Funds Statistics show 2,427 smaller private fund advisers
  filed Form PF in the fourth quarter of 2020. Based on filing data from 2016 through 2020, an average of 12.9
  percent of them did not file for the previous due date. (2,427 x 0.129 = 313 advisers.)
\7\ In the case of the final estimates, Private Funds Statistics show 2,616 smaller private fund advisers filed
  Form PF in the most recent reporting period. Based on filing data from 2017 through 2021, an average of 13.7
  percent of them did not file during the prior year. (2,616 x 0.137 = 358.39 advisers, rounded to 358
  advisers.)
\8\ In the case of the proposed estimates, Private Funds Statistics show 545 large hedge fund advisers filed
  Form PF in the fourth quarter of 2020. Based on filing data from 2016 through 2020, an average of 2.6 percent
  of them did not file for the previous due date. (545 x 0.026 = 14.17 advisers, rounded to 14 advisers.)
\9\ In the case of the final estimates, Private Funds Statistics show 598 large hedge fund advisers filed Form
  PF in the most recent reporting period. Based on filing data from 2017 through 2021, an average of 2.7 percent
  of them did not file during the prior year. (598 x 0.027 = 16.146 advisers, rounded to 16 advisers.)
\10\ In the case of the proposed estimates, Private Funds Statistics show 23 large liquidity fund advisers filed
  Form PF in the fourth quarter of 2020. Based on filing data from 2016 through 2020, an average of 1.5 percent
  of them did not file for the previous due date. (23 x 0.015 = 0.345 advisers, rounded up to 1 adviser.)
\11\ In the case of the final estimates, Private Funds Statistics show 22 large liquidity fund advisers filed
  Form PF in the most recent reporting period. Based on filing data from 2017 through 2021, an average of 1.5
  percent of them did not file during the prior year. (22 x 0.015 = 0.33 advisers, rounded up to 1 adviser.)
\12\ In the case of the proposed estimates, Private Funds Statistics show 364 large private equity fund advisers
  filed Form PF in the fourth quarter of 2020. Based on filing data from 2016 through 2020, an average of 3.5
  percent of them did not file for the previous due date. (364 x 0.035 = 12.74 advisers, rounded to 13
  advisers.) As discussed in section II.B of the 2022 Form PF Proposing Release, we estimated that reducing the
  filing threshold for large private equity fund advisers would capture eight percent more of the U.S. private
  equity industry based on committed capital (from 67 percent to 75 percent of the U.S. private equity
  industry). Therefore, we proposed to estimate the number of large private equity fund advisers would increase
  by eight percent, as a result of the proposed threshold. (364 large private equity fund advisers x 0.08 =
  29.12, rounded to 29 additional large private equity fund advisers filing for the first time as a result of
  the proposed threshold + 13 advisers = 42 advisers.)
\13\ In the case of the final estimates, Private Funds Statistics show 435 large private equity fund advisers
  filed Form PF in the most recent reporting period. Based on filing data from 2017 through 2021, an average of
  3.9 percent of them did not file during the prior year. (435 x 0.039 = 16.97 advisers, rounded to 17
  advisers.) In a change from the proposal, we are not adopting a change to the filing threshold for large
  private equity fund advisers in this Release.
\14\ The increase in the hours estimate from the proposing estimate to the final estimate is due to the change
  from a current reporting requirement to an annual reporting requirement for large private equity fund advisers
  for general partner and limited partner clawbacks, as more fully described in Section II.D above, and in
  response to commenters. Our final estimate considers that certain proposed questions for large private equity
  fund advisers will be on an annual, rather than a current, basis.

        Table 4--Annual Hour Burden Proposed and Final Estimates for Ongoing Annual and Quarterly Filings
----------------------------------------------------------------------------------------------------------------
                                       Number of              Number of           Hours per
          Respondent \1\              respondents             responses            response           Aggregate
                                     (advisers) \2\              \3\                 \4\              hours \5\
----------------------------------------------------------------------------------------------------------------
Smaller Private Fund Advisers:
    Proposed Estimate.............        \6\ 2,114     x              1     x            15     =        31,710
    Final Estimate................        \7\ 2,258     x              1     x            15     =        33,870
    Previously Approved...........            2,055     x              1     x            15     =        30,825
    Change........................              203                    0                   0               3,045
----------------------------------------------------------------------------------------------------------------
Large Hedge Fund Advisers:
    Proposed Estimate.............          \8\ 531     x              4     x           150     =       318,600
    Final Estimate................          \9\ 582     x              4     x           150     =       349,200
    Previously Approved...........              537     x              4     x           150     =       322,200
    Change........................               45                    0                   0              27,000
----------------------------------------------------------------------------------------------------------------
Large Liquidity Fund Advisers:
    Proposed Estimate.............          \10\ 22     x              4     x            71     =         6,248
    Final Estimate................          \11\ 21     x              4     x            70     =         5,880
    Previously Approved...........               20     x              4     x            70     =         5,600
    Change........................                1                    0                   0                 280
----------------------------------------------------------------------------------------------------------------
Large Private Equity Fund
 Advisers:
    Proposed Estimate.............         \12\ 351     x              1     x           125     =        43,875
    Final Estimate................         \13\ 418     x              1     x      \14\ 128     =        53,504
    Previously Approved...........              313     x              1     x           100     =        31,300
    Change........................              105                    0                  28              22,204
----------------------------------------------------------------------------------------------------------------
Notes:
\1\ We estimate that after an adviser files its initial report, it will incur significantly lower costs to file
  ongoing annual and quarterly reports, because much of the work for the initial report is non-recurring and
  likely created system configuration and reporting efficiencies.
\2\ Changes to the number of respondents are due to using updated data to estimate the number of advisers. For
  large private equity fund advisers, the changes in our proposed estimates were also due to the amendment to
  lower the threshold, which we are not adopting in this Release.
\3\ Smaller private fund advisers and large private equity fund advisers file annually. Large hedge fund
  advisers and large liquidity fund advisers file quarterly.
\4\ Hours per response changes for the large private equity fund advisers are due to the amendments to section
  4. Hours per response proposed estimate changes for large liquidity fund advisers were due to proposed
  amendments to section 3. We have reduced the final hours estimate for large liquidity fund advisers from the
  proposed hours estimate because the proposed large liquidity fund amendments will not be adopted in this
  Release.
\5\ Changes to the aggregate hours are due to using updated data to estimate the number of advisers. For large
  private equity fund advisers, changes also are due to the amendments to section 4.
\6\ In the case of the proposed estimates, Private Funds Statistics show 2,427 smaller private fund advisers
  filed Form PF in the fourth quarter of 2020. We estimated that 313 of them filed an initial filing, as
  discussed in Table 3: Annual Hour Burden Proposed and Final Estimates for Initial Filings. (2,427 total
  smaller advisers-313 advisers who made an initial filing = 2,114 advisers who make ongoing filings.)
\7\ In the case of the final estimates, Private Funds Statistics show 2,616 smaller private fund advisers filed
  Form PF in the most recent reporting period. We estimated that 358 of them filed an initial filing, as
  discussed in Table 3: Annual Hour Burden Proposed and Final Estimates for Initial Filings. (2,616 total
  smaller advisers-358 advisers who made an initial filing = 2,258 advisers who make ongoing filings.)
\8\ In the case of the proposed estimates, Private Funds Statistics show 545 large hedge fund advisers filed
  Form PF in the fourth quarter of 2020. We estimated that 14 of them filed an initial filing, as discussed in
  Table 3: Annual Hour Burden Proposed and Final Estimates for Initial Filings. (545 total large hedge fund
  advisers-14 advisers who made an initial filing = 531 advisers who make ongoing filings.)

\9\ In the case of the final estimates, Private Funds Statistics show 598 large hedge fund advisers filed Form
  PF in the most recent reporting period. We estimated that 16 of them filed an initial filing, as discussed in
  Table 3: Annual Hour Burden Proposed and Final Estimates for Initial Filings. (598 total large hedge fund
  advisers-16 advisers who made an initial filing = 582 advisers who make ongoing filings.)
\10\ In the case of the proposed estimates, Private Funds Statistics show 23 large liquidity fund advisers filed
  Form PF in the fourth quarter of 2020. We estimated that one of them filed an initial filing, as discussed in
  Table 3: Annual Hour Burden Proposed and Final Estimates for Initial Filings. (23 total large liquidity fund
  advisers-1 adviser who made an initial filing = 22 advisers who make ongoing filings.)
\11\ In the case of the final estimates, Private Funds Statistics show 22 large liquidity fund advisers filed
  Form PF in the most recent reporting period. We estimated that one of them filed an initial filing, as
  discussed in Table 3: Annual Hour Burden Proposed and Final Estimates for Initial Filings. (22 total large
  liquidity fund advisers-1 adviser who made an initial filing = 21 advisers who make ongoing filings.)
\12\ In the case of the proposed estimates, Private Funds Statistics show 364 large private equity fund advisers
  filed Form PF in the fourth quarter of 2020. Based on filing data from 2016 through 2020, an average of 3.5
  percent of them did not file for the previous due date. (364 x 0.035 = 12.74 advisers, rounded to 13
  advisers.) (364 total large private equity fund advisers-13 advisers who made an initial filing = 351 advisers
  who make ongoing filings.) Lowering the filing threshold for large private equity fund advisers would result
  in additional advisers filing for the first time, as discussed in Table 3: Annual Hour Burden Proposed and
  Final Estimates for Initial Filings.
\13\ In the case of the final estimates, Private Funds Statistics show 435 large private equity fund advisers
  filed Form PF in the most recent reporting period. Based on filing data from 2017 through 2021, an average of
  3.9 percent of them did not file during the prior year. (435 x 0.039 = 16.97 advisers, rounded to 17
  advisers.) (435 total large private equity fund advisers-17 advisers who made an initial filing = 418 advisers
  who make ongoing filings.) As discussed in Table 3: Annual Hour Burden Proposed and Final Estimates for
  Initial Filings, we are not adopting the proposed change in threshold for large private equity fund advisers.
\14\ The increase in the hours estimate from the proposing estimate to the final estimate is due to the change
  from a current reporting requirement to an annual reporting requirement for large private equity fund advisers
  for general partner and limited partner clawbacks, as more fully described in Section II.D above, and in
  response to commenters. Our final estimate considers that certain proposed questions for large private equity
  fund advisers will be on an annual, rather than a current, basis.

     Table 5--Annual Hour Burden Proposed and Final Estimates for Current Reporting and Private Equity Event
                                                    Reporting
----------------------------------------------------------------------------------------------------------------
                                                              Aggregate           Hours per
                       Respondent \1\                         number of            response           Aggregate
                                                              responses              \2\                hours
----------------------------------------------------------------------------------------------------------------
Smaller Private Fund Advisers:
    Proposed Estimate......................................            6     x           8.5     =            51
    Final Estimate.........................................           20     x             5     =           100
                                                            ----------------------------------------------------
    Previously Approved....................................                     Not Applicable
    Change.................................................                     Not Applicable
----------------------------------------------------------------------------------------------------------------
Large Hedge Fund Advisers:
    Proposed Estimate......................................            6     x           8.5     =            51
    Final Estimate.........................................       \3\ 60     x            10     =           600
                                                            ----------------------------------------------------
    Previously Approved....................................                     Not Applicable
    Change.................................................                     Not Applicable
----------------------------------------------------------------------------------------------------------------
Large Private Equity Fund Advisers:
    Proposed Estimate......................................            6     x           8.5     =            51
    Proposed Estimate......................................           20     x             5     =           100
                                                            ----------------------------------------------------
    Previously Approved....................................                     Not Applicable
    Change.................................................                     Not Applicable
----------------------------------------------------------------------------------------------------------------
Notes:
\1\ In a change from the proposal, qualifying hedge fund advisers will file current reports under section 5 as
  soon as practicable, but no later than 72 hours from the current reporting event, and private equity fund
  advisers will file event reports under section 6 on a quarterly basis, in each case rather than within one
  business day as proposed. There are no previously approved estimates for the proposed and final current
  reporting and private equity event reporting amendments because they are new requirements.
\2\ We estimated in the proposal that the time to prepare and file a current report would range from 4 hours to
  8.5 hours, depending on the current reporting event. Therefore, we proposed to use the upper range (8.5 hours)
  to calculate estimates. In our final estimates, we have revised the estimated time to prepare and file a
  current report for large hedge fund advisers to 10 hours. We considered comments that we received to our hour
  burden estimate, as well as changes to current reporting questions and the reporting timeline from the
  proposed amendments to the final amendments. Our final time burden estimate includes the costs associated with
  the required explanatory notes that are more fully described in section II.D.1 above. We have revised the
  estimated time to prepare and file a private equity event report for private equity fund advisers to 5 hours
  in consideration of changes from the proposed amendments to the final amendments to the event reporting
  questions and the change in the reporting timeline from within one business day to on a quarterly basis.
\3\ In light of comments received and modifications to the proposal, our estimate of the aggregate number of
  responses expected across all current reporting and private equity event reporting categories has increased.
  As discussed more fully in section IV.C.1.a above and in consideration of comments we received, we have
  modified our estimate of the number of current reports associated with extraordinary losses for large hedge
  fund advisers. We have also modified our estimate of current reports and private equity reporting events
  associated with other reporting event categories. We also recognize in our estimate that advisers may
  concurrently experience multiple current reporting events or private equity reporting events, as applicable,
  and may therefore report more than one reporting event in a single filing.

  Table 6--Annual Hour Burden Proposed and Final Estimates for Transition Filings, Final Filings, and Temporary
                                                Hardship Requests
----------------------------------------------------------------------------------------------------------------
                                                              Aggregate
                                                              number of           Hours per           Aggregate
                      Filing type \1\                         responses            response           hours \3\
                                                                 \2\
----------------------------------------------------------------------------------------------------------------
Transition Filing from Quarterly to Annual:
    Proposed Estimate.....................................        \4\ 63     x          0.25     =         15.75
    Final Estimate........................................        \5\ 71     x          0.25     =         17.75
    Previously Approved...................................            45     x          0.25     =         11.25
    Change................................................            26                   0                 6.5
----------------------------------------------------------------------------------------------------------------
Final Filings:
    Proposed Estimate.....................................       \6\ 232  .....         0.25     =            58
    Final Estimate........................................       \7\ 235     x          0.25     =         58.75
    Previously Approved...................................            54     x          0.25     =          13.5
    Change \8\............................................           181                   0               45.25
----------------------------------------------------------------------------------------------------------------
Temporary Hardship Requests:
    Proposed Estimate.....................................         \9\ 3     x             1     =             3
    Final Estimate........................................        \10\ 4     x             1     =             4
    Previously Approved...................................             4     x             1     =             4
    Change................................................             0                   0                  0
----------------------------------------------------------------------------------------------------------------
Notes:
\1\ Advisers must file limited information on Form PF in three situations. First, any adviser that transitions
  from filing quarterly to annually because it has ceased to qualify as a large hedge fund adviser or large
  liquidity fund adviser, must file a Form PF indicating that it is no longer obligated to report on a quarterly
  basis. Second, any adviser that is no longer subject to Form PF's reporting requirements, must file a final
  report indicating this. Third, an adviser may request a temporary hardship exemption if it encounters
  unanticipated technical difficulties that prevent it from making a timely electronic filing. A temporary
  hardship exemption extends the deadline for an electronic filing for seven business days. To request a
  temporary hardship exemption, the adviser must file a request on Form PF. Under the final rule, temporary
  hardship exemptions are available for current reporting and private equity event reporting, as discussed in
  section II. This final amendment will not result in any changes to the hours per response.
\2\ Changes to the aggregate number of responses are due to using updated data. Changes for final filings also
  are due to using a different methodology, as discussed below.
\3\ Changes to the aggregate hours are due to the changes in the aggregate number of responses.
\4\ In the case of the proposed estimates, Private Funds Statistics show 568 advisers filed quarterly reports in
  the fourth quarter of 2020. Based on filing data from 2016 through 2020, an average of 11.1 percent of them
  filed a transition filing. (568 x 0.111 = 63 responses.)
\5\ In the case of the final estimates, Private Funds Statistics show 620 advisers filed quarterly reports in
  the most recent reporting period. Based on filing data from 2017 through 2021, an average of 11.5 percent of
  them filed a transition filing. (620 x 0.115 = 71.3 responses, rounded to 71 responses.)
\6\ In the case of the proposed estimates, Private Funds Statistics show 3,359 advisers filed Form PF in the
  fourth quarter of 2020. Based on filing data from 2016 through 2020, an average of 6.9 percent of them filed a
  final filing. (3,359 x 0.069 = approximately 232 responses.)
\7\ In the case of the final estimates, Private Funds Statistics show 3,671 advisers filed Form PF in the most
  recent reporting period. Based on filing data from 2017 through 2021, an average of 11.5 percent of them filed
  a final filing. (3,671 x 0.115 = approximately 422 responses.)
\8\ Changes for final filings are due to using a different methodology. The previously approved estimates used a
  percentage of quarterly filers to estimate how many advisers filed a final report. We use a percentage of all
  filers to estimate how many advisers filed a final report, because all filers may file a final report, not
  just quarterly filers. Therefore, this methodology is designed to more accurately estimate the number of
  responses for final filings.
\9\ In the case of the proposed estimates, based on experience receiving temporary hardship requests, we
  estimate that 1 out of 1,000 advisers will file a temporary hardship exemption annually. Private Funds
  Statistics show there were 3,359 private fund advisers who filed Form PF in the fourth quarter of 2020. (3,359/
  1,000 = approximately 3 responses.)
\10\ In the case of the final estimates, Private Funds Statistics show there were 3,671 private fund advisers
  who filed Form PF in the most recent reporting period. (3,671/1,000 = approximately 4 responses.)

4. Annual Monetized Time Burden Proposed and Final Estimates
    Below are tables with annual monetized time burden proposed and
final estimates for (1) initial filings, (2) ongoing annual and
quarterly filings, (3) current reporting and private equity event
reporting, and (4) transition filings, final filings, and temporary
hardship requests.\474\
---------------------------------------------------------------------------

    \474\ The hourly wage rates used in our proposed and final
estimates are based on (1) SIFMA's Management & Professional
Earnings in the Securities Industry 2013, modified by SEC staff to
account for an 1,800-hour work-year and inflation, and multiplied by
5.35 to account for bonuses, firm size, employee benefits and
overhead; and (2) SIFMA's Office Salaries in the Securities Industry
2013, modified by SEC staff to account for an 1,800-hour work-year
and inflation, and multiplied by 2.93 to account for bonuses, firm
size, employee benefits and overhead. The final estimates are based
on the preceding SIFMA data sets, which SEC staff have updated since
the proposing release to account for current inflation rates.

                                       Table 7--Proposed and Final Annual Monetized Time Burden of Initial Filings
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Aggregate
                                                                       Per                  Per response              Aggregate           monetized time
                          Respondent \1\                             response             amortized over 3            number of               burden
                                                                       \2\                    years \3\             responses \4\         amortized over
                                                                                3 years
--------------------------------------------------------------------------------------------------------------------------------------------------------
Smaller Private Fund Advisers:
    Proposed Estimate............................................  \5\ $13,620    / 3 =             $4,540     x              313     =       $1,421,020
    Final Estimate...............................................   \6\ 15,520    / 3 =              5,174     x              358     =        1,852,292
    Previously Approved..........................................       13,460                                 x              272     =        3,661,120
    Change.......................................................        2,060                                                 86            (1,808,828)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Large Hedge Fund Advisers:
    Proposed Estimate............................................  \7\ 104,423    / 3 =             34,808     x               14     =          487,312
    Final Estimate...............................................  \8\ 118,890    / 3 =             39,630     x               16     =          634,080
    Previously Approved..........................................      103,123                                 x               17     =        1,753,091
    Change.......................................................       15,767                                                (1)            (1,119,011)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Large Liquidity Fund Advisers:
    Proposed Estimate............................................   \9\ 64,893    / 3 =             21,631     x                1     =           21,631
    Final Estimate...............................................  \10\ 73,200    / 3 =             24,400     x                1     =           24,400
    Previously Approved..........................................       63,460                                 x                2     =          126,920
    Change.......................................................        9,740                                                (1)              (102,520)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Large Private Equity Fund Advisers:
    Proposed Estimate............................................  \11\ 80,325    / 3 =             26,775     x               42     =        1,124,550
    Final Estimate...............................................  \12\ 92,221    / 3 =             30,740     x               17     =          522,580
    Previously Approved..........................................       63,460                                 x                9     =          571,140
    Change.......................................................       28,761                                                  8               (48,560)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Notes:
\1\ We expect that the monetized time burden will be most significant for the initial report, for the same reasons discussed in Table 3: Annual Hour
  Burden Proposed and Final Estimates for Initial Filings. Accordingly, we anticipate that the initial report will require more attention from senior
  personnel, including compliance managers and senior risk management specialists, than will ongoing annual and quarterly filings. Changes are due to
  using (1) updated hours per response estimates, as discussed in Table 3: Annual Hour Burden Proposed and Final Estimates for Initial Filings, (2)
  updated aggregate number of responses, as discussed in Table 3: Annual Hour Burden Proposed and Final Estimates for Initial Filings, and (3) updated
  wage estimates. Changes to the aggregate monetized time burden, amortized over three years, also are due to amortizing the monetized time burden,
  which the previously approved estimates did not calculate, as discussed below.
\2\ For the hours per response in each calculation, see Table 3: Annual Hour Burden Proposed and Final Estimates for Initial Filings.
\3\ We amortize the monetized time burden for initial filings over three years, as we do with other initial burdens in this PRA, because we believe that
  most of the burden would be incurred in the initial filing. The previously approved burden estimates did not calculate this.
\4\ See Table 3: Annual Hour Burden Proposed and Final Estimates for Initial Filings.
\5\ In the case of the proposed estimates, for smaller private fund advisers, we estimated that the initial report would most likely be completed
  equally by a compliance manager at a cost of $316 per hour and a senior risk management specialist at a cost of $365 per hour. Smaller private fund
  advisers generally would not realize significant benefits from or incur significant costs for system configuration or automation because of the
  limited scope of information required from smaller private fund advisers. (($316 per hour x 0.5) + ($365 per hour x 0.5)) x 40 hours per response =
  $13,620.
\6\ In the case of the final estimates, for smaller private fund advisers, we estimate that the initial report will most likely be completed equally by
  a compliance manager at a cost of $360 per hour and a senior risk management specialist at a cost of $416 per hour. Smaller private fund advisers
  generally would not realize significant benefits from or incur significant costs for system configuration or automation because of the limited scope
  of information required from smaller private fund advisers. (($416 per hour x 0.5) + ($360 per hour x 0.5)) x 40 hours per response = $15,520.
\7\ In the case of the proposed estimates, for large hedge fund advisers, we estimated that for the initial report, of a total estimated burden of 325
  hours, approximately 195 hours will most likely be performed by compliance professionals and 130 hours would most likely be performed by programmers
  working on system configuration and reporting automation. Of the work performed by compliance professionals, we anticipate that it will be performed
  equally by a compliance manager at a cost of $316 per hour and a senior risk management specialist at a cost of $365 per hour. Of the work performed
  by programmers, we anticipated that it would be performed equally by a senior programmer at a cost of $339 per hour and a programmer analyst at a cost
  of $246 per hour. (($316 per hour x 0.5) + ($365 per hour x 0.5)) x 195 hours = $66,397.50. (($339 per hour x 0.5) + ($246 per hour x 0.5)) x 130
  hours = $38,025. $66,397.50 + $38,025 = $104,422.50, rounded to $104,423.
\8\ In the case of the final estimates, for large hedge fund advisers, we estimate that for the initial report, of a total estimated burden of 325
  hours, approximately 195 hours will most likely be performed by compliance professionals and 130 hours will most likely be performed by programmers
  working on system configuration and reporting automation. Of the work performed by compliance professionals, we anticipate that it will be performed
  equally by a compliance manager at a cost of $360 per hour and a senior risk management specialist at a cost of $416 per hour. Of the work performed
  by programmers, we anticipate that it will be performed equally by a senior programmer at a cost of $386 per hour and a programmer analyst at a cost
  of $280 per hour. (($360 per hour x 0.5) + ($416 per hour x 0.5)) x 195 hours = $75,600. (($386 per hour x 0.5) + ($280 per hour x 0.5)) x 130 hours =
  $43,290. $75,600 + $43,290 = $118,890.
\9\ In the case of the proposed estimates, for large liquidity fund advisers, we estimated that for the initial report, of a total estimated burden of
  202 hours, approximately 60 percent would most likely be performed by compliance professionals and approximately 40 percent would most likely be
  performed by programmers working on system configuration and reporting automation (that is approximately 121 hours for compliance professionals and 81
  hours for programmers). Of the work performed by compliance professionals, we anticipated that it would be performed equally by a compliance manager
  at a cost of $316 per hour and a senior risk management specialist at a cost of $365 per hour. Of the work performed by programmers, we anticipated
  that it would be performed equally by a senior programmer at a cost of $339 per hour and a programmer analyst at a cost of $246 per hour. (($316 per
  hour x 0.5) + ($365 per hour x 0.5)) x 121 hours = $41,200.50. (($339 per hour x 0.5) + ($246 per hour x 0.5)) x 81 hours = $23,692.50. $41,200.50 +
  $23,692.50 = $64,893.
\10\ In the case of the final estimates, for large liquidity fund advisers, we estimate that for the initial report, of a total estimated burden of 200
  hours, approximately 60 percent will most likely be performed by compliance professionals and approximately 40 percent will most likely be performed
  by programmers working on system configuration and reporting automation (that is approximately 120 hours for compliance professionals and 80 hours for
  programmers). Of the work performed by compliance professionals, we anticipate that it will be performed equally by a compliance manager at a cost of
  $360 per hour and a senior risk management specialist at a cost of $416 per hour. Of the work performed by programmers, we anticipate that it will be
  performed equally by a senior programmer at a cost of $386 per hour and a programmer analyst at a cost of $280 per hour. (($360 per hour x 0.5) +
  ($416 per hour x 0.5)) x 120 hours = $46,560. (($386 per hour x 0.5) + ($280 per hour x 0.5)) x 80 hours = $26,640. $46,560 + $26,640 = $73,200.
\11\ In the case of the proposed estimates, for large private equity fund advisers, we expected that for the initial report, of a total estimated burden
  of 250 hours, approximately 60 percent would most likely be performed by compliance professionals and approximately 40 percent would most likely be
  performed by programmers working on system configuration and reporting automation (that is approximately 150 hours for compliance professionals and
  100 hours for programmers). Of the work performed by compliance professionals, we anticipated that it would be performed equally by a compliance
  manager at a cost of $316 per hour and a senior risk management specialist at a cost of $365 per hour. Of the work performed by programmers, we
  anticipated that it would be performed equally by a senior programmer at a cost of $339 per hour and a programmer analyst at a cost of $246 per hour.
  (($316 per hour x 0.5) + ($365 per hour x 0.5)) x 150 hours = $51,075. (($339 per hour x 0.5) + ($246 per hour x 0.5)) x 100 hours = $29,250. $51,075
  + $29,250 = $80,325.
\12\ In the case of the final estimates, for large private equity fund advisers, we expect that for the initial report, of a total estimated burden of
  252 hours, approximately 60 percent will most likely be performed by compliance professionals and approximately 40 percent will most likely be
  performed by programmers working on system configuration and reporting automation (that is approximately 151 hours for compliance professionals and
  101 hours for programmers). Of the work performed by compliance professionals, we anticipate that it will be performed equally by a compliance manager
  at a cost of $360 per hour and a senior risk management specialist at a cost of $416 per hour. Of the work performed by programmers, we anticipate
  that it will be performed equally by a senior programmer at a cost of $386 per hour and a programmer analyst at a cost of $280 per hour. (($360 per
  hour x 0.5) + ($416 per hour x 0.5)) x 151 hours = $58,588. (($386 per hour x 0.5) + ($280 per hour x 0.5)) x 101 hours = $33,633. $58,588 + $33,633 =
  $92,221.

        Table 8--Proposed and Final Annual Monetized Time Burden of Ongoing Annual and Quarterly Filings
----------------------------------------------------------------------------------------------------------------
                                                              Per              Aggregate             Aggregate
                     Respondent \1\                         response           number of          monetized time
                                                              \2\              responses              burden
----------------------------------------------------------------------------------------------------------------
Smaller Private Fund Advisers:
    Proposed Estimate...................................   \3\ $4,230     x     \4\ 2,114     =       $8,942,220
    Final Estimate......................................    \5\ 4,815     x     \6\ 2,258     =       10,872,270
    Previously Approved.................................     4,173.75     x         2,055     =        8,577,056
    Change..............................................       641.25                 203              2,295,214
----------------------------------------------------------------------------------------------------------------
Large Hedge Fund Advisers:
    Proposed Estimate...................................   \7\ 42,300     x     \8\ 2,124     =       89,845,200
    Final Estimate......................................   \9\ 48,150     x    \10\ 2,328     =      112,093,200
    Previously Approved.................................    41,737.50     x         2,148     =       89,652,150
    Change..............................................     6,412.50                 180             22,441,050
----------------------------------------------------------------------------------------------------------------
Large Liquidity Fund Advisers:
    Proposed Estimate...................................  \11\ 20,022     x       \12\ 88     =        1,761,936
    Final Estimate......................................  \13\ 22,470     x       \14\ 84     =        1,887,480
    Previously Approved.................................    29,216.25     x            80     =        2,337,300
    Change \9\..........................................   (6,746.25)                   4              (449,820)
----------------------------------------------------------------------------------------------------------------
Large Private Equity Fund Advisers:
    Proposed Estimate...................................  \15\ 35,250     x      \16\ 351     =       12,372,750
    Final Estimate......................................  \17\ 41,730     x      \18\ 418     =       17,443,140
    Previously Approved.................................       27,825     x           313     =        8,709,225
    Change..............................................       13,905                 105              8,733,915
----------------------------------------------------------------------------------------------------------------
Notes:
\1\ We expect that the monetized time burden will be less costly for ongoing annual and quarterly reports than
  for initial reports, for the same reasons discussed in Table 4: Annual Hour Burden Proposed and Final
  Estimates for Ongoing Annual and Quarterly Filings. Accordingly, we anticipate that senior personnel will bear
  less of the reporting burden than they would for the initial report. Changes are due to using (1) updated wage
  estimates, (2) updated hours per response estimates, as discussed in Table 4: Annual Hour Burden Proposed and
  Final Estimates for Ongoing Annual and Quarterly Filings, and (3) updated aggregate number of responses.
  Changes to estimates concerning large liquidity fund advisers primarily appear to be due to correcting a
  calculation error, as discussed below.
\2\ For all types of respondents, in the case of the proposed estimates, we estimated that both annual and
  quarterly reports would be completed equally by (1) a compliance manager at a cost of $316 per hour, (2) a
  senior compliance examiner at a cost of $243, (3) a senior risk management specialist at a cost of $365 per
  hour, and (4) a risk management specialist at a cost of $203 an hour. ($316 x 0.25 = $79) + ($243 x 0.25 =
  $60.75) + ($365 x 0.25 = $91.25) + ($203 x 0.25 = $50.75) = $281.75, rounded to $282 per hour. For all types
  of respondents, in the case of the final estimates, we estimate that both annual and quarterly reports would
  be completed equally by (1) a compliance manager at a cost of $360 per hour, (2) a senior compliance examiner
  at a cost of $276, (3) a senior risk management specialist at a cost of $416 per hour, and (4) a risk
  management specialist at a cost of $232 an hour. ($360 x 0.25 = $90) + ($276 x 0.25 = $69) + ($416 x 0.25 =
  $104) + ($232 x 0.25 = $58) = $321. To calculate the cost per response for each respondent, we used the hours
  per response from Table 4: Annual Hour Burden Proposed and Final Estimates for Ongoing Annual and Quarterly
  Filings.
\3\ In the case of the proposed estimates, cost per response for smaller private fund advisers: ($282 per hour x
  15 hours per response = $4,230 per response.)
\4\ In the case of the proposed estimates, (2,114 smaller private fund advisers x 1 response annually = 2,114
  aggregate responses.)
\5\ In the case of the final estimates, cost per response for smaller private fund advisers: ($303 per hour x 15
  hours per response = $4,545 per response.)
\6\ In the case of the final estimates, (2,258 smaller private fund advisers x 1 response annually = 2,258
  aggregate responses.)
\7\ In the case of the proposed estimates, cost per response for large hedge fund advisers: ($282 per hour x 150
  hours per response = $42,300 per response.)
\8\ In the case of the proposed estimates, (531 large hedge fund advisers x 4 response annually = 2,124
  aggregate responses.)
\9\ In the case of the final estimates, cost per response for large hedge fund advisers: ($321 per hour x 150
  hours per response = $48,150 per response.)
\10\ In the case of the final estimates, (582 large hedge fund advisers x 4 responses annually = 2,328 aggregate
  responses.)
\11\ In the case of the proposed estimates, cost per response for large liquidity fund advisers: ($282 per hour
  x 71 hours per response = $20,022 per response.)
\12\ In the case of the proposed estimates, (22 large liquidity fund advisers x 4 responses annually = 88
  aggregate responses.)
\13\ In the case of the final estimates, cost per response for large liquidity fund advisers: ($321 per hour x
  70 hours per response = $22,470 per response.)
\14\ In the case of the final estimates, (21 large liquidity fund advisers x 4 responses annually = 84 aggregate
  responses.)
\15\ The previously approved estimates appear to have mistakenly used a different amount of hours per response
  (105 hours), rather than the actual estimate for large liquidity fund advisers (which was 70 hours per
  response), causing the monetized time burden to be inflated in error. Therefore, the extent of these changes
  are primarily due to using the correct hours per response, which we now estimate as 70 hours, as discussed in
  Table 4: Annual Hour Burden Proposed and Final Estimates for Ongoing Annual and Quarterly Filings. In the case
  of the proposed estimates, cost per response for large private equity fund advisers: ($282 per hour x 125
  hours per response = $35,250 per response.)
\16\ In the case of the proposed estimates, (351 large private equity fund advisers x 1 response annually = 351
  aggregate responses.)
\17\ In the case of the final estimates, cost per response for large private equity fund advisers: ($321 per
  hour x 130 hours per response = $41,730 per response.)
\18\ In the case of the final estimates, (418 large private equity fund advisers x 1 response annually = 418
  aggregate responses.)

Table 9--Proposed and Final Annual Monetized Time Burden of Current Reporting and Private Equity Event Reporting
----------------------------------------------------------------------------------------------------------------
                                                                                Aggregate
                                                               Per               number of            Aggregate
                      Respondent \1\                         response            responses            monetized
                                                                                \2\              time burden
----------------------------------------------------------------------------------------------------------------
Smaller Private Fund Advisers:
    Proposed Estimate....................................   \3\ $4,182     x              6     =        $25,902
    Final Estimate.......................................   \4\ $2,024     x             20     =         40,480
                                                          ------------------------------------------------------
    Previously Approved..................................                      Not Applicable
    Change...............................................                      Not Applicable
----------------------------------------------------------------------------------------------------------------
Large Hedge Fund Advisers:
    Proposed Estimate....................................    \5\ 3,538     x              6     =         21,228
    Final Estimate.......................................    \6\ 5,160     x             60     =        309,600
                                                          ------------------------------------------------------
    Previously Approved..................................                      Not Applicable
    Change...............................................                      Not Applicable
----------------------------------------------------------------------------------------------------------------
Large Private Equity Fund Advisers:
    Proposed Estimate....................................    \3\ 4,182     x              6     =         25,092
    Final Estimate.......................................    \4\ 2,024     x             20     =         40,480
                                                          ------------------------------------------------------
    Previously Approved..................................                      Not Applicable
    Change...............................................                      Not Applicable
----------------------------------------------------------------------------------------------------------------
Notes:
\1\ In a change from the proposal, qualifying hedge fund advisers will file current reports under section 5 as
  soon as practicable, but no later than 72 hours from the current reporting event, and private equity fund
  advisers will file event reports under section 6 on a quarterly basis, in each case rather than within one
  business day as proposed. There are no previously approved estimates for these proposed and final amendments
  because they are new requirements.
\2\ See Table 5: Annual Hour Burden Proposed and Final Estimates for Current Reporting and Private Equity Event
  Reporting.
\3\ In the case of the proposed estimates, for the cost per response for smaller private fund advisers and large
  private equity fund advisers, we estimated that, depending on the circumstances, different legal professionals
  at the adviser would work on the current report or the private equity event report, as applicable. We
  estimated that the time costs for a legal professional to be approximately $492, which is a blended average of
  hourly rate for a deputy general counsel ($610) and compliance attorney ($373). (8.5 hours to file current
  report or private equity event report, as applicable x $492 per hour for a legal professional = $4,182).
\4\ In the case of the final estimates, we estimate that the time costs for a legal professional to be
  approximately $560, which is a blended average of hourly rate for a deputy general counsel ($695) and
  compliance attorney ($425). We estimate that the time costs for a financial professional to be approximately
  $355, which is a blended average hourly rate for a senior risk management specialist ($416) and a financial
  reporting manager ($339). Of the total 5 hours that a private equity event report would take, we estimate that
  an adviser would spend on average 2.5 hours of legal professional time and 1.5 hours of financial professional
  time to prepare, review, and submit a private equity event report. (2.5 hours x $560 per hour for a legal
  professional = $1,400) + (1.5 hours x $416 per hour for a financial professional = $624) = $2,024.
\5\ In the case of the proposed estimates, for the cost per response, we estimated that, depending on the
  circumstances, different legal professionals and financial professionals at the advisers would work on the
  current report because the current reporting events may require both legal and quantitative analysis. We
  estimated that the time costs for a legal professional to be approximately $492, which is a blended average of
  hourly rate for a deputy general counsel ($610) and compliance attorney ($373). We estimate that the time
  costs for a financial professional to be approximately $331, which is a blended average hourly rate for a
  senior risk management specialist ($365) and a financial reporting manager ($297). Of the total 8.5 hours that
  a current report would take, we estimate that an adviser would spend on average 4.5 hours of legal
  professional time and 4 hours of financial professional time to prepare, review, and submit a current report
  pursuant to section 5. (4.5 hours x $492 per hour for a legal professional = $2,214) + (4 hours x $331 per
  hour for a financial professional = $1,324) = $3,583.
\6\ In the case of the final estimates, we estimate that the time costs for a legal professional to be
  approximately $560, which is a blended average of hourly rate for a deputy general counsel ($695) and
  compliance attorney ($425). We estimate that the time costs for a financial professional to be approximately
  $355, which is a blended average hourly rate for a senior risk management specialist ($416) and a financial
  reporting manager ($339). Of the total 10 hours that a current report would take, we estimate that an adviser
  would spend on average 5.5 hours of legal professional time and 4.5 hours of financial professional time to
  prepare, review, and submit a current report. (5.5 hours x $560 per hour for a legal professional = $3,080) +
  (5 hours x $416 per hour for a financial professional = $2,080) = $5,160.

 Table 10--Proposed and Final Annual Monetized Time Burden for Transition Filings, Final Filings, and Temporary
                                                Hardship Requests
----------------------------------------------------------------------------------------------------------------
                                                                                Aggregate
                                                               Per               number of            Aggregate
                     Filing Type \1\                         response            responses            monetized
                                                                                \2\              time burden
----------------------------------------------------------------------------------------------------------------
Transition Filing from Quarterly to Annual:
    Proposed Estimate....................................      \3\ $18     x             63     =         $1,134
    Final Estimate.......................................    \4\ 20.50     x             71     =       1,455.50
    Previously Approved..................................        17.75     x             45     =         621.25
    Change...............................................         2.75                   26               834.25
----------------------------------------------------------------------------------------------------------------
Final Filings:
    Proposed Estimate....................................       \5\ 18     x            232     =          4,176
    Final Estimate.......................................    \6\ 20.50     x            422     =          8,651
    Previously Approved..................................        17.75     x             54     =         958.50
    Change...............................................         2.75                  368             7,692.50
----------------------------------------------------------------------------------------------------------------
Temporary Hardship Requests:

    Proposed Estimate....................................      \7\ 222     x              3     =            666
    Final Estimate.......................................   \8\ 252.38     x              4     =       1,009.52
    Previously Approved..................................       221.63     x              4     =         886.52
    Change...............................................        30.75                    0                  123
----------------------------------------------------------------------------------------------------------------
Notes:
\1\ All changes are due to using updated data concerning wage rates and the number of responses.
\2\ See Table 6: Annual Hour Burden Proposed and Final Estimates for Transition Filings, Final Filings, and
  Temporary Hardship Requests.
\3\ In the case of the proposed estimates, we estimated that each transition filing would take 0.25 hours and
  that a compliance clerk would perform this work at a cost of $72 an hour. (0.25 hours x $72 = $18.)
\4\ In the case of the final estimates, we estimate that each transition filing will take 0.25 hours and that a
  compliance clerk would perform this work at a cost of $82 an hour. (0.25 hours x $82 = $20.50.)
\5\ In the case of the proposed estimates, we estimated that each transition filing would take 0.25 hours and
  that a compliance clerk would perform this work at a cost of $72 an hour. (0.25 hours x $72 = $18.)
\6\ In the case of the final estimates, we estimate that each transition filing will take 0.25 hours and that a
  compliance clerk would perform this work at a cost of $82 an hour. (0.25 hours x $82 = $20.50.)
\7\ In the case of the proposed estimates, we estimated that each temporary hardship request will take 1 hour.
  We estimated that a compliance manager would perform five-eighths of the work at a cost of $316 and a general
  clerk would perform three-eighths of the work at a cost of $64. (1 hour x ((\5/8\ of an hour x $316 = $197.50)
  + (\3/8\ of an hour x $64 = $24)) = $238 per response.
\8\ In the case of the final estimates, we estimate that each temporary hardship request will take 1 hour. We
  estimate that a compliance manager would perform five-eighths of the work at a cost of $360 and a general
  clerk would perform three-eighths of the work at a cost of $73. (1 hour x ((\5/8\ of an hour x $360 = $225) +
  (\3/8\ of an hour x $73 = $27.38)) = $252.38 per response.

5. Annual External Cost Burden Proposed and Final Estimates
    Below are tables with annual external cost burden proposed and
final estimates for (1) initial filings as well as ongoing annual and
quarterly filings and (2) current reporting and private equity event
reporting. There are no filing fees for transition filings, final
filings, or temporary hardship requests and we continue to estimate
there would be no external costs for those filings, as previously
approved.

                                  Table 11--Proposed and Final Annual External Cost Burden for Ongoing Annual and Quarterly Filings as Well as Initial Filings
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Aggregate
                                                                                External                                external
                                                                                Filing                    External              cost of                                 cost of       Total
                                                            Number of            fee per           Total    cost of               initial            Number  of           initial     aggregate
                     Respondent \1\                       responses per           filing           filing   initial                filing             initial              filing      external
                                                         respondent \2\            \3\              fees     filing              amortized          filings \6\          amortized     cost \8\
                                                                                \4\                  over 3                                  over 3
                                                                                years \5\                               years \7\
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Smaller Private Fund Advisers
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
    Proposed Estimate..................................               1     x        $150     =      $150                               Not Applicable                                       \9\
                                                                                $364,050
    Final Estimate.....................................               1     x         150     =       150                               Not Applicable                                      \10\
                                                                                392,400
    Previously Approved................................               1     x         150     =       150                               Not Applicable                                   349,050
    Change.............................................               0                 0               0                                  No Change                                      43,350
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Large Hedge Fund Advisers:
    Proposed Estimate..................................               4     x         150     =       600     50,000    / 3 =        16,667     x            14     =       233,338         \11\
                                                                                560,338
    Final Estimate.....................................               4     x         150     =       600     50,000    / 3 =        16,667     x            16     =       266,672         \12\
                                                                                625,472
    Previously Approved................................               4     x         150     =       600     50,000                            x            17     =       850,000    1,182,400
    Change.............................................               0                 0               0          0                                        (1)           (583,328)    (556,928)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Large Liquidity Fund Advisers:
    Proposed Estimate..................................               4     x         150     =       600     50,000    / 3 =        16,667     x             1     =        16,667  \13\ 30,467
    Final Estimate.....................................               4     x         150     =       600     50,000    / 3 =        16,667     x             1     =        16,667  \14\ 29,867
    Previously Approved................................               4     x         150     =       600     50,000                            x             2     =       100,000      113,200
    Change.............................................               0                 0               0          0                                        (1)            (83,333)     (83,333)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Large Private Equity Fund Advisers:
    Proposed Estimate..................................               1     x         150     =       150     50,000    / 3 =        16,667     x            42     =       700,014         \15\
                                                                                754,614
    Final Estimate.....................................               1     x         150     =       150     50,000    / 3 =        16,667     x            17     =       283,339         \16\
                                                                                348,589

    Previously Approved................................               1     x         150     =       150     50,000                            x             9     =       450,000      498,300
    Change.............................................               0                 0               0          0                                          8           (166,661)    (149,711)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Notes:
\1\ We estimate that advisers would incur the cost of filing fees for each filing. For initial filings, advisers may incur costs to modify existing systems or deploy new systems to support
  Form PF reporting, acquire or use hardware to perform computations, or otherwise process data required on Form PF.
\2\ Smaller private fund advisers and large private equity fund advisers file annually. Large hedge fund advisers and large liquidity fund advisers file quarterly.
\3\ The SEC established Form PF filing fees in a separate order. Since 2011, filing fees have been and continue to be $150 per annual filing and $150 per quarterly filing. See Order Approving
  Filing Fees for Exempt Reporting Advisers and Private Fund Advisers, Advisers Act Release No. 3305 (Oct. 24, 2011) [76 FR 67004 (Oct. 28, 2011)].
\4\ In the previous PRA submission for the rules, staff estimated that the external cost burden for initial filings would range from $0 to $50,000 per adviser. This range reflected the fact
  that the cost to any adviser may depend on how many funds or the types of funds it manages, the state of its existing systems, the complexity of its business, the frequency of Form PF
  filings, the deadlines for completion, and the amount of information the adviser must disclose on Form PF. Smaller private fund advisers would be unlikely to bear such costs because the
  information they must provide is limited and will, in many cases, already be maintained in the ordinary course of business. We continue to estimate that the same cost range would apply.
\5\ We amortize the external cost burden of initial filings over three years, as we do with other initial burdens in this PRA, because we believe that most of the burden would be incurred in
  the initial filing. The previously approved burden estimates did not calculate this.
\6\ See Table 3: Annual Hour Burden Proposed and Final Estimates for Initial Filings.
\7\ Changes to the aggregate external cost of initial filings, amortized over three years are due to (1) using updated data and (2) amortizing the external cost of initial filings over three
  years, which the previously approved PRA did not calculate. Changes concerning large private equity fund advisers in our proposed estimates were also due to the proposed amendment to reduce
  the filing threshold, which we are not adopting in this Release.
\8\ Changes to the total aggregate external cost are due to (1) using updated data and (2) amortizing the external cost of initial filings over three years, which the previously approved PRA
  did not calculate. Changes concerning large private equity fund advisers in our proposed estimates were also due to the proposed amendment to reduce the filing threshold, which we are not
  adopting in this Release.
\9\ In the case of the proposed estimates, Private Funds Statistics show 2,427 smaller private fund advisers filed Form PF in the fourth quarter of 2020. (2,427 smaller private fund advisers x
  $150 total filing fees) = $364,050 aggregate cost.
\10\ In the case of the final estimates, Private Funds Statistics show 2,616 smaller private fund advisers filed Form PF in the most recent reporting period. (2,616 smaller private fund
  advisers x $150 total filing fees) = $392,400 aggregate cost.
\11\ In the case of the proposed estimates, Private Funds Statistics show 545 large hedge fund advisers filed Form PF in the fourth quarter of 2020. (545 large hedge fund advisers x $600 total
  filing fees) + $233,338 total external costs of initial filings, amortized over three years = $560,338 aggregate cost.
\12\ In the case of the final estimates, Private Funds Statistics show 598 large hedge fund advisers filed Form PF in the most recent reporting period. (598 large hedge fund advisers x $600
  total filing fees) + $266,672 total external costs of initial filings, amortized over three years = $625,472 aggregate cost.
\13\ In the case of the proposed estimates, Private Funds Statistics show 23 large liquidity fund advisers filed Form PF in the fourth quarter of 2020. (23 large liquidity fund advisers x $600
  total filing fees) + $16,667 total external costs of initial filings, amortized over three years = $30,467 aggregate cost.
\14\ In the case of the final estimates, Private Funds Statistics show 22 large liquidity fund advisers filed Form PF in the most recent reporting period. (22 large liquidity fund advisers x
  $600 total filing fees) + $16,667 total external costs of initial filings, amortized over three years = $29,867 aggregate cost.
\15\ In the case of the proposed estimates, Private Funds Statistics show 364 large private equity fund advisers filed Form PF in the fourth quarter of 2020. (364 large private equity fund
  advisers x $150 total filing fees) + $700,014 total external costs of initial filings, amortized over three years = $754,614 aggregate cost.
\16\ In the case of the final estimates, Private Funds Statistics show 435 large private equity fund advisers filed Form PF in the most recent reporting period. (435 large private equity fund
  advisers x $150 total filing fees) + $283,339 total external costs of initial filings, amortized over three years = $348,589 aggregate cost.

     Table 12--Proposed and Final Annual External Cost Burden for Current Reporting and Private Equity Event
                                                    Reporting
----------------------------------------------------------------------------------------------------------------
                                                        Cost of
                                                        outside
                                 Aggregate            counsel per           Aggregate     One-time      Total
        Respondent \1\           number of          current report           cost of      cost of     aggregate
                                 responses            or private             outside       system      external
                                    \2\              equity event            counsel    changes \3\    cost \4\
                                                        report
----------------------------------------------------------------------------------------------------------------
Smaller Private Fund
 Advisers:
    Proposed Estimate........             6     x         \5\ $992     =        $5,952      $12,500      $18,452
    Final Estimate...........            20     x        \6\ 1,695     =        33,900       15,000       48,900
                              ----------------------------------------------------------------------------------
    Previously Approved......                                    Not Applicable
                              ----------------------------------------------------------------------------------
    Change...................                                    Not Applicable
----------------------------------------------------------------------------------------------------------------
Large Hedge Fund Advisers:
    Proposed Estimate........             6     x          \5\ 992     =         5,952       12,500       18,452
    Final Estimate...........            60     x        \6\ 1,695     =       101,700       15,000      116,700
                              ----------------------------------------------------------------------------------
    Previously Approved......                                    Not Applicable
                              ----------------------------------------------------------------------------------
    Change...................                                    Not Applicable
----------------------------------------------------------------------------------------------------------------
Large Private Equity Fund
 Advisers:
    Proposed Estimate........             6     x          \5\ 992     =         5,952       12,500       18,452
    Final Estimate...........            20     x        \6\ 1,695     =        33,900       15,000       48,900
                              ----------------------------------------------------------------------------------
    Previously Approved......                                    Not Applicable
                              ----------------------------------------------------------------------------------
    Change...................                                    Not Applicable
----------------------------------------------------------------------------------------------------------------

Advisers would pay filing fees, the amount of which would be determined in a separate action.
----------------------------------------------------------------------------------------------------------------
Notes:
\1\ In a separate action, the SEC would approve filing fees that reflect the reasonable costs associated with
  current report and private equity event report filings and the establishment and maintenance of the filing
  system. (See 15 U.S.C. 80b-4(c).) We estimate that large hedge fund advisers and private equity fund advisers
  would incur costs of outside counsel for each current report or private equity event report, as applicable. We
  also estimate that large hedge fund advisers and private equity fund advisers may incur a one-time cost to
  modify existing systems or deploy new systems to support current reporting or private equity event reporting,
  as applicable, acquire or use hardware to perform computations, or otherwise process data to identify the
  reporting events set forth in section 5 or section 6, as applicable, because such reporting events are
  quantitative. There are no previously approved estimates for the current reporting amendment or private equity
  event report amendment because they are new requirements.
\2\ See Table 5: Annual Hour Burden Proposed and Final Estimates for Current Reporting and Private Equity Event
  Reporting.
\3\ In the case of the proposed estimates, we estimated that the one-time external cost burden would range from
  $0 to $12,500, per adviser. This range of costs reflects the fact that the cost to any adviser might depend on
  how many funds or the types of funds it manages, the state of its existing systems, and the complexity of its
  business. In consideration of comments, we have increased our estimate of the one-time external cost burden to
  between $0 and $15,000, per adviser. Our cost estimate also considers the compliance date for current and
  private equity event reporting.
\4\ (Aggregate cost of outside counsel) + (one-time cost of system changes, as applicable) = total aggregate
  cost.
\5\ In the case of the proposed estimates, we estimated the cost for outside legal counsel is $496. This is
  based on an estimated $400 per hour cost for outside legal services, as used by the Commission for these
  services in the ``Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150
  Million Under Management, and Foreign Private Advisers'' final rule, Advisers Act Release No. 3222 (June 22,
  2011) [76 FR 39646 (July 6, 2011)], as inflated using the Consumer Price Index. We estimated that
  approximately two hours of the total legal professional time that would otherwise be spent on current
  reporting, would be shifted from in-house legal professionals to outside legal counsel. (2 hours x $496 for
  outside legal services = $992.)
\6\ In the case of the final estimates, we estimate the cost for outside legal counsel is $565. We estimate that
  approximately three hours of the total legal professional time that would otherwise be spent on current
  reporting or private equity event reporting, would be shifted from in-house legal professionals to outside
  legal counsel. The increased hour estimate reflects our increased hour burden for current reporting and
  private equity event reporting. (3 hours x $565 for outside legal services = $1,695.)

6. Summary of Proposed and Final Estimates and Change in Burden

                                  Table 13--Aggregate Annual Proposed Estimates
----------------------------------------------------------------------------------------------------------------
                                    Proposed                           Previously
        Description \1\             estimate       Final estimate       approved                Change
----------------------------------------------------------------------------------------------------------------
Respondents...................  3,388             3,671             3,225             446 respondents.\4\
                                 respondents \2\.  respondents \3\.  respondents.
Responses.....................  5,363 responses   5,907 responses   5,056 responses.  851 responses.\7\
                                 \5\.              \6\.
Time Burden...................  409,797 hours     451,012 hours     409,768 hours...  41,244 hours.\10\
                                 \8\.              \9\.
Monetized Time Burden           $116,054,007      $145,721,172.52   $122,152,100.25.  $23,569,072.27.\13\
 (Dollars).                      \11\.             \12\.
External Cost Burden (Dollars)  $1,739,825 \14\.  $1,610,828 \15\.  $3,628,850......  ($2,018,022).\16\
----------------------------------------------------------------------------------------------------------------
Notes:
\1\ Changes are due to (1) the amendments, (2) using updated data, and (3) using different methodologies to
  calculate certain estimates, as described in this PRA.
\2\ Private Funds Statistics show the following advisers filed Form PF in the fourth quarter of 2020: 2,427
  smaller private fund advisers + 545 large hedge fund advisers + 23 large liquidity fund advisers + 364 large
  private equity fund advisers = 3,359 advisers. 3,359 advisers + 29 additional large private equity fund
  advisers filing for the first time as a result of the proposed threshold = 3,388 respondents.
\3\ In the case of the final estimates, Private Funds Statistics show the following advisers filed Form PF in
  the most recent reporting period: 2,616 smaller private fund advisers + 598 large hedge fund advisers + 22
  large liquidity fund advisers + 435 large private equity fund advisers = 3,671 respondents.
\4\ Changes are due to (1) the proposed amendment to reduce the filing threshold for large private equity fund
  advisers, which we are not adopting in this Release, and (2) using updated data.
\5\ In the case of the proposed estimates, for initial filings (Table 3): (313 smaller private fund adviser
  responses + 14 large hedge fund adviser responses + 1 large liquidity fund adviser response + 42 large private
  equity fund adviser responses = 370 responses.) For ongoing annual and quarterly filings (Table 8): 2,114
  smaller private fund adviser responses + 2,124 large hedge fund adviser responses + 88 large liquidity fund
  adviser responses + 351 large private equity fund adviser responses = 4,677 responses.) For current reporting
  (Table 5): (6 smaller private fund adviser responses + 6 large hedge fund adviser responses + 6 large private
  equity fund adviser responses = 18 responses.) (370 responses for initial filings + 4,677 responses for
  ongoing annual and quarterly filings + 18 responses for current reporting + 63 responses for transition
  filings + 232 responses for final filings + 3 responses for temporary hardship requests = 5,363 responses.)
\6\ In the case of the final estimates, for initial filings (Table 3): (358 smaller private fund adviser
  responses + 16 large hedge fund adviser responses + 1 large liquidity fund adviser response + 17 large private
  equity fund adviser responses = 392 responses. For ongoing annual and quarterly filings (Table 8): 2,258
  smaller private fund adviser responses + 2,328 large hedge fund adviser responses + 84 large liquidity fund
  adviser responses + 418 large private equity fund adviser responses = 5,088 responses.) For current reporting
  and private equity event reporting (Table 5): (20 smaller private fund advisers responses + 60 large hedge
  fund adviser responses + 20 large private equity fund responses = 100 responses.) (392 responses for initial
  filings + 5,088 responses for ongoing annual and quarterly filings + 100 responses for current reporting and
  private equity event reporting + 71 responses for transition filings + 252 responses for final filings + 4
  responses for temporary hardship requests = 5,907 responses.)
\7\ Changes are due to (1) the amendment to add current reporting requirements, (2) the proposal to reduce the
  filing threshold for large private equity fund advisers, which we are not adopting in this Release, and (3)
  updated data concerning the number of filers.

\8\ In the case of the proposed estimates, for initial filings: (4,069 hours for smaller private fund advisers +
  1,512 hours for large hedge fund advisers + 67 hours for large liquidity fund advisers + 3,486 hours for large
  private equity fund advisers = 9,134 hours). For ongoing annual and quarterly filings: (31,710 hours for
  smaller private fund advisers + 318,600 hours for large hedge fund advisers + 6,248 for hours large liquidity
  fund advisers + 43,875 hours for large private equity fund advisers = 400,433 hours). For current reporting:
  (51 hours for smaller private fund advisers + 51 hours for large hedge fund advisers + 51 hours for large
  private equity fund advisers = 153 hours.) (9,134 hours for initial filings + 400,433 for ongoing annual and
  quarterly filings + 153 hours for current reporting + 15.75 hours for transition filings + 58 hours for final
  filings + 3 hours for temporary hardship requests = 409,796.75 hours, rounded to 409,797 hours.
\9\ In the case of the final estimates, for initial filings: (4,654 hours for smaller private fund advisers +
  1,728 hours for large hedge fund advisers + 67 hours for large liquidity fund advisers + 1,428 hours for large
  private equity fund advisers = 7,877 hours). For ongoing annual and quarterly filings: (33,870 hours for
  smaller private fund advisers + 349,200 hours for large hedge fund advisers + 5,880 for hours large liquidity
  fund advisers + 53,504 hours for large private equity fund advisers = 442,454 hours). For current reporting
  and private equity event reporting: (100 hours for smaller private fund advisers + 600 hours for large hedge
  fund advisers + 100 hours for large private equity fund advisers = 800 hours.) (7,877 hours for initial
  filings + 442,254 hours for ongoing annual and quarterly filings + 800 hours for current reporting and private
  equity event reporting + 17.75 hours for transition filings + 58.75 hours for final filings + 4 hours for
  temporary hardship requests = 451,011.5 hours, rounded to 451,012 hours.
\10\ Although we would expect the time burden to increase more, given the amendments, we estimate a smaller
  increase primarily because we use a different methodology to calculate initial burden hours, as discussed in
  Table 3: Annual Hour Burden Proposed and Final Estimates for Initial Filings, because the previously approved
  burdens for initial filings appear to have inflated the estimates.
\11\ In the case of the proposed estimates, for initial filings: ($1,421,020 for smaller private fund advisers +
  $487,312 for large hedge fund advisers + $21,631 for large liquidity fund advisers + $1,124,550 for large
  private equity fund advisers = $3,054,513). For ongoing annual and quarterly filings: ($8,942,220 for smaller
  private fund advisers + $89,845,200 for large hedge fund advisers + $1,761,936 for large liquidity fund
  advisers + $12,372,750 for large private equity fund advisers = $112,922,106). For current reporting: ($25,092
  for smaller private equity fund advisers + $21,228 for large hedge fund advisers + $25,092 for large private
  equity fund advisers = $71,412). ($3,054,513 for initial filings + $112,922,106 for ongoing annual and
  quarterly filings + $71,412 for current reporting + $1,134 for transition filings + $4,176 for final filings +
  $666 for temporary hardship requests = $116,054,007.)
\12\ In the case of the final estimates, for initial filings: ($1,852,292 for smaller private fund advisers +
  $634,080 for large hedge fund advisers + $24,400 for large liquidity fund advisers + $522,580 for large
  private equity fund advisers = $3,033,352). For ongoing annual and quarterly filings: ($10,872,270 for smaller
  private fund advisers + $112,093,200 for large hedge fund advisers + $1,887,480 for large liquidity fund
  advisers + $17,443,140 for large private equity fund advisers = $142,286,090). For current reporting and
  private equity event reporting: ($40,480 for smaller private equity fund advisers + $309,600 for large hedge
  fund advisers + $40,480 for large private equity fund advisers = $390,560). ($3,033,352 for initial filings +
  $142,286,090 for ongoing annual and quarterly filings + $390,560 for current reporting and private equity
  event reporting + $1,420 for transition filings + $8,651 for final filings + $1,099.52 for temporary hardship
  requests = $145,721,172.52).
\13\ Although we would expect the monetized time burden to increase, given the amendments, we estimate it would
  decrease primarily because we use a different methodology to calculate it. We believe the previously approved
  burden inflated the estimates by using a methodology that inflated an element of the total: the monetized time
  burden for initial filings. To calculate the monetized time burden for initial filings, the previously
  approved estimates included subsequent filings. For the requested total burden, we calculate the initial
  filing element by including only the hours related to the initial filing, not any subsequent filings. We also
  amortize the monetized time burden for an initial filing over three years, by dividing the initial filing
  burden by three years, as discussed in Table 3: Annual Hour Burden Proposed and Final Estimates for Initial
  Filings. The methodology is designed to more accurately reflect the estimates.
\14\ In the case of the proposed estimates, for annual, quarterly, and initial filing costs: ($364,050 for
  smaller private fund advisers + $560,338 for large hedge funds + $30,467 for large liquidity fund advisers +
  $754,614 for large private equity fund advisers = $1,709,469). For current reporting: ($5,952 for smaller
  private fund advisers + $18,452 for large hedge funds + $5,952 for large private equity fund advisers =
  $30,356). ($1,709,469 annual, quarterly, and initial cost external cost burden + $30,356 current reporting
  external cost burden = $1,739,825 total annual external cost burden.)
\15\ In the case of the final estimates, for annual, quarterly, and initial filing costs: ($392,400 for smaller
  private fund advisers + $625,472 for large hedge funds + $29,867 for large liquidity fund advisers + $348,589
  for large private equity fund advisers = $1,396,328). For current reporting and private equity event
  reporting: ($48,900 for smaller private equity fund advisers + $116,700 for large hedge funds + $48,900 for
  large private equity fund advisers = $214,500). ($1,396,328 annual, quarterly, and initial cost external cost
  burden + $214,500 current reporting external cost burden = $1610,828 total annual external cost burden.)
  Although we would expect the external cost burden to increase, given the amendments, we estimate it would
  decrease primarily because we use a different methodology to calculate it.
\16\ We believe the previously approved burden inflated the estimates by (1) multiplying the filing fees by
  three years and (2) not amortizing the external costs for initial filings: ($742,950 aggregate annual filing
  fees x 3 years = $2,228,850 in filing fees) + $1,400,000 external costs of initial filings = $3,628,850). We
  do not multiply the aggregate annual filing fees by three years because we are estimating the external cost
  burden for one year, not three. We amortize the external cost for initial filings over three years, by
  dividing the external cost of an initial filing by three years, as discussed in Table 10: Annual External Cost
  Burden for Ongoing Annual and Quarterly Filings as well as Initial Filings. The methodology is designed to
  more accurately reflect the estimates.

VI. Regulatory Flexibility Act Certification

    Pursuant to section 605(b) of the Regulatory Flexibility Act of
1980 (``Regulatory Flexibility Act''),\475\ the Commission certified
that the amendments to Advisers Act rule 204(b)-1 and Form PF would
not, if adopted, have a significant economic impact on a substantial
number of small entities.\476\ The Commission included this
certification in section V of the 2022 Form PF Proposing Release. As
disclosed in more detail in the 2022 Form PF Proposing Release, for
purposes of the Advisers Act and the Regulatory Flexibility Act, an
investment adviser generally is a small entity if it: (1) has assets
under management having a total value of less than $25 million; (2) did
not have total assets of $5 million or more on the last day of the most
recent fiscal year; and (3) does not control, is not controlled by, and
is not under common control with another investment adviser that has
assets under management of $25 million or more, or any person (other
than a natural person) that had total assets of $5 million or more on
the last day of its most recent fiscal year.\477\
---------------------------------------------------------------------------

    \475\ 5. U.S.C. 601, et seq.
    \476\ 5 U.S.C. 605(b).
    \477\ 17 CFR 275.0-7.
---------------------------------------------------------------------------

    By definition, no small entity on its own would meet rule 204(b)-1
and Form PF's minimum reporting threshold of $150 million in regulatory
assets under management attributable to private funds. Based on Form PF
and Form ADV data as of December 2022, the SEC estimates that no small
entity advisers are required to file Form PF. The SEC does not have
evidence to suggest that any small entities are required to file Form
PF but are not filing Form PF. The Commission therefore stated in the
2022 Form PF Proposing Release there would be no significant economic
impact on a substantial number of small entities from the proposed
amendments to Advisers Act rule 204(b)-1 and Form PF.
    The Commission requested comment on the Commission's certification
in section V of the 2022 Form PF Proposing Release. While some
commenters addressed the potential impact of the proposed amendments on

smaller and mid-size private funds,\478\ no commenters responded to
this request for comment regarding the Commission's certification. We
are adopting the amendments largely as proposed, with certain
modifications as discussed more fully above in section II that do not
affect the Advisers Act rule 204(b)-1 and Form PF's minimum reporting
threshold. We do not believe that these changes alter the basis upon
which the certification in the 2022 Form PF Proposing Release was made.
Accordingly, we certify that the final amendments to Advisers Act rule
204(b)-1 and Form PF will not have a significant economic impact on a
substantial number of small entities.
---------------------------------------------------------------------------

    \478\ See, e.g., AIMA/ACC Comment Letter; Better Markets Comment
Letter; PDI Comment Letter; Schulte Comment Letter; SIFMA Comment
Letter; TIAA Comment Letter.
---------------------------------------------------------------------------

Statutory Authority

    The Commission is amending Form PF pursuant to authority set forth
in Sections 204(b) and 211(e) of the Advisers Act [15 U.S.C. 80b-4(b)
and 80b-11(e)].

List of Subjects 17 CFR Part 275 and 279

    Reporting and recordkeeping requirements, Securities.

Text of Rules

    For the reasons set forth in the preamble, title 17, chapter II of
the Code of Federal Regulations is amended as follows.

PART 275--RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940

0
1. The general authority citation for part 275 continues to read as
follows.

    Authority: 15 U.S.C. 80b-2(a)(11)(G), 80b-2(a)(11)(H), 80b-
2(a)(17), 80b-3, 80b-4, 80b-4a, 80b-6(4), 80b-6a, and 80b-11, unless
otherwise noted.
* * * * *

0
2. Amend Sec.  275.204(b)-1 by revising paragraphs (f)(2)(i) and (f)(3)
to read as follows:

Sec.  275.204(b)-1  Reporting by investment advisers to private funds.

* * * * *
    (f) * * *
    (2) * * *
    (i) Complete and file in paper format, in accordance with the
instructions to Form PF, Item A of Section 1a and Section 7 of Form PF,
checking the box in Section 1a indicating that you are requesting a
temporary hardship exemption, no later than one business day after the
electronic Form PF filing was due; and
* * * * *
    (3) The temporary hardship exemption will be granted when you file
Item A of Section 1a and Section 7 of Form PF, checking the box in
Section 1a indicating that you are requesting a temporary hardship
exemption.
* * * * *

PART 279--FORMS PRESCRIBED UNDER THE INVESTMENT ADVISERS ACT OF
1940

0
3. The authority citation for part 279 continues to read as follows:

    Authority: The Investment Advisers Act of 1940, 15 U.S.C. 80b-1,
et seq., Pub. L. 111-203, 124 Stat. 1376.

Sec.  279.9  Form PF, reporting by investment advisers to private
funds.

0
4. Revise Form PF [referenced in Sec.  279.9].

    Note:  Form PF will not appear in the Code of Federal
Regulations.

    By the Commission.

    Dated: May 3, 2023.
Vanessa A. Countryman,
Secretary.
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[FR Doc. 2023-09775 Filed 6-9-23; 8:45 am]
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