SEC And CFTC Propose Rollback Of Form PF Requirements

On April 20, 2026, the Securities and Exchange Commission and the Commodity Futures Trading Commission (the “Agencies”) jointly proposed amendments to Form PF (the “Proposal”) that would materially reduce reporting burdens for private fund advisers. If adopted, the Proposal would largely unwind the February 2024 Form PF amendments before advisers are required to comply with them, raise the thresholds used to determine whether a Form PF filing is required at all and remove or streamline a number of other questions that market participants viewed as particularly burdensome, including “event reporting” for private equity fund advisers.

For many advisers, the Proposal reflects a meaningful and positive shift in approach, though it also requests comment on whether any aspects of the form should be expanded or modified to collect information on private credit, which could increase burdens for certain managers. If adopted substantially as proposed, it would significantly reduce compliance