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ARTICLE · 23 MAY 2023

US SEC Announces Significant Amendments To Form PF

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On May 3, 2023, the US Securities and Exchange Commission (the "SEC") held an open meeting at which it announced the adoption, by a 3-2 vote, of amendments to Form PF...

United StatesFinance and Banking
Adam Kanter
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Stephanie Monaco
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On May 3, 2023, the US Securities and Exchange Commission (the "SEC") held an open meeting at which it announced the adoption, by a 3-2 vote, of amendments to Form PF, the regulatory reporting form used by certain SEC-registered investment advisers to private funds to submit confidential reports to the SEC (the "Final Rule"1). Form PF will now require certain filers to provide additional information to the SEC about the funds they advise. The Final Rule reflects a number of changes to the initial proposed amendments2(the "Proposal") in response to comments received by the SEC.

This Legal Update provides a brief overview of relevant changes to Form PF and summarizes some of the SEC's commentary on the reasons for those changes. The SEC currently requires advisers to file Form PF following their fiscal quarter- or year-ends, depending on the size and type of private funds they advise. As summarized below, the Final Rule will now require certain advisers to provide

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