On April 20th, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly proposed amendments to Form PF, the confidential reporting form used by SEC‑registered private fund advisers, which include those also registered with the CFTC as Commodity Pool Operators (CPOs) or Commodity Trading Advisors (CTAs). The updates would keep Form PF effective for regulatory oversight while making compliance more efficient for advisers.
Form PF has long served as a regulatory tool for evaluating risks related to hedge funds and private equity funds. Gradually, some of the form’s requirements became redundant or dated. Should the proposed changes be adopted, they would:
- reduce unnecessary burdens on advisers by eliminating certain filing, reporting obligations, and streamline existing requirements
- make a series of technical corrections and revisions
- ensure that Form PF continues to provide regulators with the information they need to monitor risk in private fund markets.
- simplify the form and improve clarity while removing unnecessary elements
- making compliance more efficient for advisers without compromising regulatory oversight
The SEC welcomes comments through 60 days following the proposal’s publication in the Federal Register. For more information, including how to submit remarks, please see the Form PF; Reporting Requirements for All Filers joint proposed rules on the SEC’s site.
Sources:
Form PF; Reporting Requirements for All Filers (sec.gov)
Proposed Rule (sec.gov)
