Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 19 JUNE 2025

SEC And CFTC Extend Compliance Date For Amendments To Form PF

Dechert
Dechert
Contributor
Dechert

Dechert

Dechert helps business leaders lead For more than 150 years, we’ve advised the innovators who move...

View firm profile
Explore more from Dechert

Today, the SEC and CFTC voted to extend the compliance date for previously adopted amendments to Form PF from June 12, 2025, to October 1, 2025.

United StatesFinance and Banking
Karen Anderberg
Karen Anderberg
David P. Bartels
David P. Bartels
Michael Mavrides
Michael Mavrides
Grace Park
Grace Park

Key Takeaways

  • Today, the SEC and CFTC voted to extend the compliance date for previously adopted amendments to Form PF from June 12, 2025, to October 1, 2025.
  • The amendments at issue primarily affect hedge fund advisers, but a number of changes to the instructions and questions apply to all filers.
  • The extension is welcome news for private fund managers, as they look to develop and operationalize reporting.
  • Chairman Atkins also directed the SEC Staff to undertake a comprehensive review of Form PF, noting his concerns regarding whether the government's use of the data justifies the burden of reporting.

On Wednesday, June 11, 2025, the Securities and Exchange Commission and the Commodity Futures Trading Commission voted to extend the compliance date for the most recent amendments to Form PF from June 12, 2025, to October 1, 2025.1 Earlier this year, the SEC and CFTC extended the initial compliance date from March 12, 2025, to June 12, 2025.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

SEC Advances “Responsible Retailization” Through A Potential Accredited Investor Exam And Potential Regulated Fund Reforms

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).
United StatesFinance and Banking
Proskauer Rose LLP
Proskauer Rose LLP
Article

SEC Proposes Rule Amendments To Expand Retail Access To Private Markets

The SEC has proposed sweeping amendments to expand retail investor access to private market strategies, including changes to performance-based compensation rules for registered investment advisers and modernization of the interval fund framework. The proposals also explore new credential-based pathways for individuals to qualify as accredited investors, potentially opening private offerings to a broader pool of eligible participants.
United StatesFinance and Banking
Duane Morris LLP
Duane Morris LLP
Article

SEC Approves FINRA’s New “Outside Activities” Rule

The Securities and Exchange Commission has approved FINRA Rule 3290, which will replace existing rules governing outside business activities and private securities transactions for registered persons. This new rule narrows the scope to focus on investment-related activities while maintaining similar supervisory obligations for member firms. Understanding the key changes and implementation requirements will be critical for broker-dealers as they update their compliance policies and procedures.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

SEC Proposes Rule Changes And Seeks Comments On Additional Accredited Investor Pathways

The Securities and Exchange Commission has proposed six new pathways for individuals to qualify as accredited investors, moving beyond traditional income and wealth thresholds. These changes would allow qualification through professional certifications like CPA, CFA, and CFP designations, as well as through a new FINRA-administered exam testing securities knowledge.
United StatesFinance and Banking
Taft, Stettinius & Hollister LLP
Taft, Stettinius & Hollister LLP
Article

SEC Proposes Interval Fund Updates, Extension Of Multi-Class Relief For Closed-End Funds And BDCs

The U.S. Securities and Exchange Commission has proposed significant amendments to modernize interval fund operations and extend multiple share class eligibility to non-traded closed-end funds and business development companies. These changes would eliminate longstanding regulatory barriers by allowing interval funds to defer initial repurchase offers for up to two years, introducing monthly repurchase options, and replacing rigid liquidity requirements with principles-based approaches, while also removing
United StatesFinance and Banking
Dechert
Dechert
Article

CLO Equity Fund Market 2026 Update: Clearing Skies

The global CLO equity fund market is experiencing a cautious reopening after a period of tight arbitrage and challenging economics. With U.S. CLO issuance approaching $230 billion in the first half of 2026 and major platforms successfully raising billion-dollar funds, captive and third-party CLO equity fund structures are evolving rapidly as managers deploy sophisticated structuring technologies to provide stable execution capacity and attract institutional capital seeking diversified credit exposure with s
United StatesFinance and Banking
Dechert
Dechert
Article

CFTC Publishes Its 2026 Regulatory Priorities Agenda

The CFTC has released its 2026 regulatory priorities agenda under new Chairman Michael Selig, outlining significant proposed changes to commodity pool operator exemptions, large trader reporting requirements, and foreign exchange product classifications. Asset managers participating in commodities and derivatives markets will need to understand how these regulatory modifications may affect their registration obligations, reporting burdens, and treatment of various financial instruments.
United StatesFinance and Banking
Dechert
Dechert
Article

Preference Given: Preferred Equity's Growing Reach Across Structured Finance

Preferred equity is transforming structured finance by enabling sponsors to attract third-party capital below rated debt without diluting residual positions or triggering additional rating requirements. This analysis examines how CFOs, CLOs, NAV facilities, and other securitization vehicles are deploying bespoke preferred structures to widen investor pools while preserving manager incentives. What contractual mechanics, legal considerations, and market dynamics are driving this shift from niche accommodatio
United StatesFinance and Banking
Dechert
Dechert
Article

Concierge Medicine And Medical Aesthetics: The Private Equity Playbook For A US$590 Billion Opportunity

Private equity investment in concierge medicine, aesthetic dermatology and medispas has surged due to cash-pay economics, recurring revenue models and fragmented markets ripe for consolidation. However, navigating state-by-state corporate practice of medicine prohibitions, licensure requirements and evolving GLP-1 regulations requires sophisticated legal structuring to protect valuations and enable successful exits.
United StatesFood, Drugs, Healthcare, Life Sciences
Dechert
Dechert
Article

Duration Is Not Destiny: The NAIC's Proposal For Multi-Collateral Structured Credit Investments

The NAIC has proposed significant revisions to statutory accounting principles that would restrict bond treatment for multi-collateral structured credit investments deemed to carry "significant embedded asset-liability management risk." This analysis examines the regulatory concerns driving the proposal, evaluates whether the proposed framework appropriately addresses those concerns, and identifies potential unintended consequences for insurance company investors and the broader structured credit markets.
United StatesFinance and Banking
Dechert
Dechert