SEC Adopts Reporting Obligations For Advisers To Private Funds On New Form PF

On October 26, 2011, the Securities and Exchange Commission (the "SEC") adopted Rule 204(b)-1 under the Investment Advisers Act of 1940 (the "Advisers Act") requiring periodic reporting by private fund managers on new Form PF. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") directed the SEC and the Commodity Futures Trading Commission (the "CFTC") to require investment advisers to private funds to maintain records and file reports containing such information as the SEC and CFTC deem necessary to assist the Financial Stability Oversight Council (the "FSOC") in assessing systemic risks. Advisers Act Rule 204(b)-1 implements this Dodd-Frank Act provision by requiring registered investment advisers that advise private funds, including advisers to hedge funds, private equity funds and "liquidity funds" (i.e., private money market funds), to periodically file Form PF with the SEC.