The U.S. Securities and Exchange Commission approved a further extension of the compliance date for the recently adopted amendments to Form PF, covering reporting requirements for all filers and large hedge fund advisers. Commissioner Caroline A. Crenshaw published a statement opposing the extension, arguing that repeated delays are being used to prevent the amendments, referred to collectively as “Final Form PF,” from ever taking effect without a transparent notice-and-comment process. Crenshaw described the action as the Commission’s third and longest extension and characterised it as an effectively indefinite postponement that functions as a de facto rescission. Her statement pointed to judicial precedent that an indefinite extension of a rule’s effective or compliance date requires notice-and-comment rulemaking under the Administrative Procedure Act, and criticised the release for not engaging with that precedent. She also questioned the use of the APA “good cause” exception, noting the release relies on references to a Presidential memorandum and industry letters about compliance challenges, including some letters that were not publicly available, and reiterated that she did not support the two prior Form PF compliance-date extensions.
U.S. Securities & Exchange Commission 2025-09-17
U.S. Securities and Exchange Commission extends Form PF amendment compliance date for a third time as Commissioner Crenshaw dissents
The U.S. Securities and Exchange Commission has extended the compliance date for amendments to Form PF, affecting reporting requirements for all filers and large hedge fund advisers. Commissioner Caroline A. Crenshaw opposed the extension, criticizing it as an indefinite postponement without proper notice-and-comment rulemaking under the Administrative Procedure Act. She also questioned the reliance on a Presidential memorandum and undisclosed industry letters to justify it.