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Proposed Rule Vol. 76 Friday, No. 29 February 11, 2011 Part V Commodity Futures Trading Commission 17 CFR Part 4 Securities and Exchange Commission 17 CFR Parts 275 and 279 Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF; Proposed Rule VerDate Mar<15>2010 21:44 Feb 10, 2011 Jkt 223001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\11FEP3.SGM 11FEP3 srobinson on DSKHWCL6B1PROD with PROPOSALS3 8068 Federal Register / Vol. 76, No. 29 / Friday, February 11, 2011 / Proposed Rules COMMODITY FUTURES TRADING Commission, Three Lafayette Centre, Web site (http://www.sec.gov/rules/ COMMISSION 1155 21st Street, NW., Washington, DC proposed.shtml). Comments are also 20581. available for Web site viewing and 17 CFR Part 4 • Hand Delivery/Courier: Same as printing in the SEC’s Public Reference RIN 3038–AD03 mail above. Room, 100 F Street, NE., Washington, • Federal eRulemaking Portal: http:// DC 20549 on official business days SECURITIES AND EXCHANGE www.regulations.gov. Follow the between the hours of 10 a.m. and 3 p.m. COMMISSION instructions for submitting comments. All comments received will be posted ‘‘Form PF’’ must be in the subject field without change; we do not edit personal 17 CFR Parts 275 and 279 of comments submitted via e-mail, and identifying information from clearly indicated on written submissions. You should submit only [Release No. IA–3145; File No. S7–05–11] submissions. All comments must be information that you wish to make RIN 3235–AK92 submitted in English, or if not, available publicly. accompanied by an English translation. FOR FURTHER INFORMATION CONTACT: Reporting by Investment Advisers to Comments will be posted as received to CFTC: Daniel S. Konar II, Attorney- Private Funds and Certain Commodity http://www.cftc.gov. You should submit Advisor, Telephone: (202) 418–5405, Pool Operators and Commodity only information that you wish to make E-mail: [email protected], Amanda L. Trading Advisors on Form PF available publicly. If you wish the CFTC Olear, Special Counsel, Telephone: to consider information that may be AGENCIES: Commodity Futures Trading (202) 418–5283, E-mail: [email protected], exempt from disclosure under the Commission and Securities and or Kevin P. Walek, Assistant Director, Freedom of Information Act, a petition Exchange Commission. Telephone: (202) 418–5405, E-mail: for confidential treatment of the exempt [email protected], Division of Clearing ACTION: Joint proposed rule. information may be submitted according and Intermediary Oversight, Commodity SUMMARY: The Commodity Futures to the established procedures in 17 CFR Futures Trading Commission, Three Trading Commission (‘‘CFTC’’) and the 145.9. Lafayette Centre, 1155 21st Street, NW., Securities and Exchange Commission The CFTC reserves the right, but shall Washington, DC 20581; SEC: David P. (‘‘SEC’’) (collectively, ‘‘we’’ or the have no obligation, to review, prescreen, Bartels, Attorney-Adviser, Sarah G. ten ‘‘Commissions’’) are proposing new rules filter, redact, refuse, or remove any or Siethoff, Senior Special Counsel, or under the Commodity Exchange Act and all of your submission from http:// David A. Vaughan, Attorney Fellow, at the Investment Advisers Act of 1940 to www.cftc.gov that it may deem to be (202) 551–6787 or [email protected], implement provisions of Title IV of the inappropriate for publication, including, Office of Investment Adviser Dodd-Frank Wall Street Reform and but not limited to, obscene language. All Regulation, Division of Investment Consumer Protection Act. The proposed submissions that have been redacted or Management, U.S. Securities and SEC rule would require investment removed that contain comments on the Exchange Commission, 100 F Street, advisers registered with the SEC that merits of the rulemaking will be NE., Washington, DC 20549–8549. advise one or more private funds to file retained in the public comment file and SUPPLEMENTARY INFORMATION: The CFTC Form PF with the SEC. The proposed will be considered as required under the is requesting public comment on CFTC rule would require commodity Administrative Procedure Act and other proposed rule 4.27(d) [17 CFR 4.27(d)] pool operators (‘‘CPOs’’) and commodity applicable laws, and may be accessible under the Commodity Exchange Act trading advisors (‘‘CTAs’’) registered under the Freedom of Information Act, (‘‘CEA’’) 1 and proposed Form PF. The with the CFTC to satisfy certain 5 U.S.C. 552, et seq. (‘‘FOIA’’). SEC is requesting public comment on proposed CFTC filing requirements by SEC proposed rule 204(b)–1 [17 CFR filing Form PF with the SEC, but only 275.204(b)–1] and proposed Form PF if those CPOs and CTAs are also Electronic Comments [17 CFR 279.9] under the Investment registered with the SEC as investment • Use the SEC’s Internet comment Advisers Act of 1940 [15 U.S.C. 80b] advisers and advise one or more private form (http://www.sec.gov/rules/ (‘‘Advisers Act’’).2 funds. The information contained in proposed.shtml); or I. Background Form PF is designed, among other • Send an e-mail to rule- things, to assist the Financial Stability [email protected]. Please include File A. The Dodd-Frank Act Oversight Council in its assessment of Number S7–05–11 on the subject line; On July 21, 2010, President Obama systemic risk in the U.S. financial or signed into law the Dodd-Frank Wall • system. These advisers would file these Use the Federal eRulemaking Portal Street Reform and Consumer Protection reports electronically, on a confidential (http://www.regulations.gov). Follow the Act (‘‘Dodd-Frank Act’’).3 While the basis. instructions for submitting comments. Dodd-Frank Act provides for wide- DATES: Comments should be received on Paper Comments ranging reform of financial regulation, or before April 12, 2011. • one stated focus of this legislation is to ADDRESSES: Comments may be Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, submitted by any of the following 1 7 U.S.C. 1a. methods: Securities and Exchange Commission, 2 15 U.S.C. 80b. Unless otherwise noted, when we 100 F Street, NE., Washington, DC refer to the Advisers Act, or any paragraph of the CFTC 20549–1090. Advisers Act, we are referring to 15 U.S.C. 80b of • the United States Code, at which the Advisers Act Agency Web site, via its Comments All submissions should refer to File is codified, and when we refer to Advisers Act rule Online process: http:// Number S7–05–11. This file number 204(b)–1, or any paragraph of this rule, we are comments.cftc.gov. Follow the should be included on the subject line referring to 17 CFR 275.204(b)–1 of the Code of instructions for submitting comments if e-mail is used. To help us process and Federal Regulations in which this rule would be published. In addition, in this Release, when we through the Web site. review your comments more efficiently, refer to the ‘‘Advisers Act,’’ we refer to the Advisers • Mail: David A. Stawick, Secretary, please use only one method. The SEC Act as in effect on July 21, 2011. Commodity Futures Trading will post all comments on the SEC’s 3 Public Law 111–203, 124 Stat. 1376 (2010). VerDate Mar<15>2010 21:44 Feb 10, 2011 Jkt 223001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4702 E:\FR\FM\11FEP3.SGM 11FEP3 srobinson on DSKHWCL6B1PROD with PROPOSALS3 Federal Register / Vol. 76, No. 29 / Friday, February 11, 2011 / Proposed Rules 8069 ‘‘promote the financial stability of the SEC.9 Congress required this registration and reports must include a description United States’’ by, among other in part because it believed that of certain information about private measures, establishing better monitoring ‘‘information regarding [the] size, funds, such as the amount of assets of emerging risks using a system-wide strategies and positions [of large private under management, use of leverage, perspective.4 To further this goal, Title funds] could be crucial to regulatory counterparty credit risk exposure, and I of the Dodd-Frank Act establishes the attempts to deal with a future crisis.’’ 10 trading and investment positions for Financial Stability Oversight Council To that end, Section 404 of the Dodd- each private fund advised by the (‘‘FSOC’’), which is comprised of the Frank Act, which amends section 204(b) adviser.13 The SEC must issue jointly leaders of various financial regulators of the Advisers Act, directs the SEC to with the CFTC, after consultation with (including the Commissions’ Chairmen) require private fund advisers 11 to FSOC, rules establishing the form and and other participants.5 The Dodd- maintain records and file reports content of any such reports required to Frank Act directs FSOC to monitor containing such information as the SEC be filed with respect to private fund emerging risks to U.S. financial stability deems necessary and appropriate in the advisers also registered with the and to require that the Board of public interest and for investor CFTC.14 Governors of the Federal Reserve protection or for the assessment of This joint proposal is designed to System (‘‘FRB’’) supervise designated systemic risk by FSOC.12 The records fulfill this statutory mandate. Under nonbank financial companies that may proposed Advisers Act rule 204(b)–1, pose risks to U.S. financial stability in acquisition of such securities, are qualified private fund advisers would be required the event of their material financial purchasers, and which is not making and does not to file Form PF with the SEC. Private at that time propose to make a public offering of distress or failure or because of their such securities.’’ The term ‘‘qualified purchaser’’ is fund advisers that also are registered as 6 activities.
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