Form PF Changes Ahead – The SEC Keeps Its Focus On Private Fund Advisers

On January 26, 2022, the Securities and Exchange Commission ("SEC") voted 3-1 to propose amendments to Form PF¹. The Form PF, which was initially adopted in 2011 and became effective on June 15, 2012, is a confidential report which certain SEC-registered private fund advisers must file with the Financial Stability Oversight Council ("FSOC").

The Form PF is intended to assist the FSOC with respect to its obligations under the Dodd-Frank Act to monitor and assess systemic risks to the U.S. financial system and to provide regulators additional data to support their examinations, investigations and investor protection efforts.  The amount of information reported in and the frequency of filing the Form PF varies, depending on both the types of funds the relevant adviser manages and the amount of the adviser's regulatory assets under management ("AUM").