Dodd-Frank Act Rulemaking — SEC And CFTC Release Joint Final Rules Relating To Form PF

On October 31, 2011, the Securities and Exchange Commission (the "SEC") and the Commodity Futures Trading Commission (the "CFTC") jointly released final rules implementing Sections 404 and 406 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which authorize the SEC to implement reporting requirements for federally registered investment advisers (or investment advisers that are required to be federally registered) with respect to the private funds¹ that they manage. The information that will be collected pursuant to the final rules will be reported on a confidential basis on Form PF. The effective date for the new rules is March 31, 2012, with the reporting requirements subject to a two-stage phase-in period for compliance beginning June 15, 2012, for the very largest private fund advisers.