Introduction
On May 3, 2023, the Securities and Exchange Commission (SEC) adopted amendments1 to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds to require event reporting upon the occurrence of key events.2 The amendments also require large private equity fund advisers to provide additional information to the SEC about the private equity funds they advise. The reporting requirements are designed to enhance the Financial Stability Oversight Council’s (FSOC) ability to monitor systemic risk as well as bolster the SEC’s investor protection efforts and regulatory oversight of private fund advisers. The adopted rule becomes effective on June 11, 2024, except for the amendments to Form PF Sections 5 and 6 (referenced in 17 CFR 279.9), which will go into effect sooner, on Dec. 11, 2023. Read More...
1 Form PF; Event Reporting for Large Hedge Fund Advisers and Private Equity Fund Advisers; Requirements for Large Private Equity Fund Adviser Reporting, Investment Advisers Act Release No. IA-6297 (May 3, 2023).
2 Amendments to Form PF to Require Current Reporting and Amend Reporting Requirements for Large Private Equity Advisers and Large Liquidity Fund Advisers, 87 Fed. Reg. 9,106 (Feb. 17, 2022) (to be codified at 17 CFR Parts 215 and 279); Form PF; Event Reporting for Large Hedge Fund Advisers and Private Equity Fund Advisers; Requirements for Large Private Equity Fund Adviser Reporting, 88 Fed. Reg. 38,146 (June 12, 2023) (to be codified at 17 CFR Parts 275 and 279).
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