On Apr. 11, 2025, SEC, CFTC published joint final rule adopting amendments to Form PF to correct certain form errors in the federal register; effective on Apr. 11, 2025.
CFTC, SEC approved final amendments to Form PF reporting for large private funds.
Form PF is the confidential reporting form for certain investment advisers to private funds that are registered with the SEC, including those also registered with the CFTC.
Also released memorandum of understanding of Form PF data, fact sheet on changes.
Requires hedge funds with assets over $500 million to provide insight on investment exposures, counterparty exposure, investment strategies, liquidity, and other metrics.
Advisers to report additional information about themselves and their private funds to improve data quality, comparability, reduce reporting error, assist in identifying trends.
Additional information to include withdrawal, redemption rights, asset values, inflows and outflows, borrowings, types of creditors, beneficial ownership, fund performance.
Will require separate reporting for each component fund of master-feeder arrangement and parallel fund structure to provide better insight into the risks and exposures.
Removes aggregate reporting requirement, which obscured exposures of funds.
Amendments designed to enhance FSOC’s ability to monitor systemic risk, as well as to bolster regulatory oversight of private fund advisers and investor protection efforts.
SEC Chair Gensler Statement
SEC Chain Gary Gensler issued a statement announcing the joint final approval of amendments to Form PF and highlighted his support for these reporting changes.
Private funds increased in size to approx. $26 trillion in gross assets, compared to $23 trillion of US commercial banking industry, making visibility into these funds critical.
Reporting will help protect investors and maintain fair, orderly, and efficient markets.
SEC Commissioner Pierce Statement
SEC Commissioner Hester Pierceissued statement to dissent amendments to Form PF.
Believes revisions stem from curiosity rather than from legitimate regulatory objective.
Deviates from the original purpose of assisting the FSOC in monitoring systemic risks.
Underscores concerns about cost, utility, and data protection of gathered information.
SEC Uyeda and CFTC Pham Joint Statement
SEC Commissioner Mark Uyeda and CFTC Commissioner Caroline Pham issued a joint statement dissenting data sharing MOU, citing unrestricted access and deficiencies.
MOU provides CFTC with access to all Form PF data, beyond scope of jurisdiction.
Cited cybersecurity risks as ongoing threat following hacking of agency platforms.
Provisions for handling of confidential information from form deemed as inadequate.
Additional Commissioner Statements
CFTC Commissioner Kristin Johnson issued statement in support of amendments.
CFTC Commissioner Caroline Pham issued statement dissenting changes to Form PF.
SEC Commissioner Mark Uyeda issued a statement dissenting amendments to Form PF.
Effectiveness
Amendments will become effective one year after publication in the federal register.
Mar. 2024 CFTC Fed Reg Final Rule
On Mar. 12, 2024, CFTC published final rule in federal register, effective Mar. 12, 2025.
Document dated Mar. 12, 2024, received from CFTC Apr. 22, summarized on Apr. 26.
On Feb. 5, 2025, SEC, CFTC published compliance date extensions in federal register.
Mar. 2025 SEC Form PF Amendments, Errors
On Mar. 18, 2025, SEC adopted amendments to Form PF to correct certain form errors.
Also, incorporated amendments that SEC adopted on Jul. 12, 2023, to Section 3 that were erroneously excluded from the version of Form PF published on Mar. 12, 2024.
Refers to form as adopted on Feb. 8, 2024, as the Final Form PF, and the form that remains in effect until the Final Form PF’s compliance date as the Current Form PF.
Amendments to Instruction 6 and Question 47; amendments re money market funds.
Corrected other errors, incorrect cross references in instructions, glossary, questions.
The amendments to Form PF are effective on the date of publication in federal register.
Apr. 2025 SEC, CFTC Fed Reg Final Rule
On Apr. 11, 2025, SEC, CFTC published joint final rule adopting amendments to Form PF to correct certain form errors in the federal register; effective on Apr. 11, 2025.
