The U.S. Securities and Exchange Commission published an open-meeting statement indicating it is considering a further one-year extension of the compliance date for the Form PF amendments adopted in February 2024, in a joint action with the Commodity Futures Trading Commission. The contemplated extension would move the compliance date to October 1, 2026 to allow additional time for agency review and to address transitional challenges raised by market participants. Form PF is the confidential reporting form through which covered private fund advisers provide portfolio exposure and risk information to the SEC and, where applicable, to the CFTC; the data are also provided to the Financial Stability Oversight Council for systemic risk monitoring. The 2024 amendments updated Form PF to add, among other items, metrics on newer private fund strategies such as credit funds and more granular hedge fund reporting on investment and counterparty exposures. The original compliance date was March 12, 2025, later extended to June 12 and then to October 1, 2025. The statement also signaled that, depending on the outcome of the review, the Commissions could pursue further actions that may include proposing new amendments to Form PF. Within the SEC, the Chairman directed the Division of Investment Management to consider whether the number of advisers required to file could be reduced without materially diminishing key risk and exposure information relied on by the Commissions and other FSOC member agencies.

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