Form PF Will Result In Substantial Reporting Requirements For Registered Advisers To Private Funds

Article by Ethan W. Johnson, Monica Lea Parry and John J. O'Brien

On October 26 and October 31, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), respectively, approved rules that will require certain investment advisers to report extensive information to the SEC on Form PF about the private funds they advise.¹ The new reporting regime is an outgrowth of the July 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and is designed to provide the Financial Stability Oversight Council (FSOC)—another progeny of the Dodd-Frank Act—with information that will help FSOC monitor systemic risk in the U.S. financial system. Form PF is designed to supplement Form ADV, which was also revised in June 2011 to include substantial information about private funds advised by reporting advisers. Although Form PF has been significantly streamlined from the version proffered in the Proposing Release, and has