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ARTICLE · 07 FEBRUARY 2022

SEC Proposes Amendments To Require Additional Private Fund Disclosures

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On January 26, 2022, the US Securities and Exchange Commission (SEC or Commission) voted in favor of proposing amendments to Form PF, which is the confidential reporting form that certain SEC-registered investment...

United StatesFinance and Banking
Veronica Callahan
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Stephen Culhane
Stephen Culhane
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Ellen Fleishhacker
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On January 26, 2022, the US Securities and Exchange Commission (SEC or Commission) voted in favor of proposing amendments to Form PF, which is the confidential reporting form that certain SEC-registered investment advisers to private funds must file with the SEC. In the SEC's press release regarding the proposed amendments, Chair Gary Gensler pointed to the decade of experience the SEC and Financial Stability Oversight Council (FSOC) have had analyzing the information collected on Form PF, and stated: "We have identified significant information gaps and situations where we would benefit from additional information."

The proposed rules, which will be open for a 30-day public comment period, would (i) require large advisers to hedge funds and private equity funds to file reports within one business day of the occurrence of certain reporting events, (ii) lower the reporting threshold for large private equity advisers from $2 billion to $1.5 billion in private equity

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