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ARTICLE · 29 DECEMBER 2011

Form PF: Private Fund Systemic Risk Reporting In The United States

Dechert
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The Securities and Exchange Commission ("SEC") on October 26, 2011 unanimously adopted a new rule ("Rule") and new Form PF under the Investment Advisers Act of 1940 ("Advisers Act") that must be completed by certain SEC registered investment advisers that manage private funds.

United StatesFinance and Banking

Article by David A. Vaughan, Jane A. Kanter and Michael L. Sherman*

The Securities and Exchange Commission ("SEC") on October 26, 2011 unanimously adopted a new rule ("Rule") and new Form PF under the Investment Advisers Act of 1940 ("Advisers Act") that must be completed by certain SEC registered investment advisers that manage private funds.1 Among other things, Form PF will provide the new Financial Stability Oversight Council ("FSOC") with information necessary to help it monitor the systemic risk created by private funds and to determine whether particular entities should be designated as "significant financial institutions" ("SIFIs").2 In addition, the information obtained by the FSOC from Form PF filings is intended to enable the FSOC to consider and recommend to primary financial regulators new regulations designed to mitigate systemic risk.3

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