The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission proposed amendments to Form PF that would remove certain private fund adviser filing and reporting obligations and streamline others, with the stated aim of refocusing the form on its systemic risk purpose for the Financial Stability Oversight Council. If adopted, the package would increase the Form PF filing threshold for private fund advisers and raise the reporting threshold for large hedge fund advisers, and would pare back some of the data elements introduced by the 2024 amendments as well as other information currently required. The Commissions invited feedback on whether additional Form PF thresholds should be updated, whether thresholds should be adjusted periodically to reflect inflation and industry changes, whether further reductions are needed including potentially eliminating questions 42 and 43, and how to weigh the usefulness of Form PF data for systemic risk monitoring against advisers’ and funds’ reporting costs.
U.S. Securities & Exchange Commission 2026-04-20
U.S. Securities and Exchange Commission and Commodity Futures Trading Commission propose to eliminate and streamline Form PF reporting requirements
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission proposed amendments to Form PF to remove certain private fund adviser filing and reporting obligations and streamline others, refocusing the form on its systemic risk purpose. The proposal would raise filing thresholds for private fund advisers and large hedge fund advisers and reduce some data elements introduced by the 2024 amendments, with the Commissions seeking feedback on further threshold updates, periodic adjustments, additional reductions including possible removal of questions 42 and 43, and the balance between systemic risk monitoring and reporting costs.