The U.S. Securities and Exchange Commission announced it will vote on a further extension of the compliance date for the most recent amendments to Form PF, with Chairman Paul S. Atkins supporting a move to 1 October 2025. Atkins also directed staff to undertake a comprehensive review of Form PF to assess whether the government’s use of the data justifies the reporting burdens. The current compliance date for the amendments was 12 June 2025, following a joint SEC and Commodity Futures Trading Commission extension in January from an initial 12 March 2025 deadline. The Chairman cited industry feedback that advisers need more time to interpret the amendments and implement and test reporting systems, given required infrastructure upgrades, coordination across business units, and integration with third-party vendors, and warned that rushing could increase reporting errors and undermine systemic-risk monitoring. He noted that Form PF, introduced in 2011 and most recently amended in February 2024, has become more granular over time and already imposes significant compliance costs; advisers will continue filing the prior version while the review proceeds.
U.S. Securities & Exchange Commission 2025-06-11
U.S. Securities and Exchange Commission proposes pushing Form PF amendments compliance date to 1 October 2025 and orders comprehensive review
The U.S. Securities and Exchange Commission will vote on extending the compliance date for recent amendments to Form PF to 1 October 2025, with Chairman Paul S. Atkins supporting the extension. Atkins has also directed a comprehensive review of Form PF to evaluate the balance between data utility and reporting burdens. The extension follows industry feedback on the need for more time to interpret amendments and upgrade reporting systems.