Senators Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, and Jack Reed wrote to U.S. Securities and Exchange Commission Chairman Paul S. Atkins raising concerns about the SEC’s second revised compliance date for Form PF amendments and the risk that delayed private fund reporting could undermine systemic risk monitoring. The letter cites the Dodd-Frank Act’s authorization for the SEC to require private fund adviser reporting for investor protection and systemic risk assessment, arguing that Form PF data is the primary means to detect large-scale risks in private funds given limited disclosure elsewhere. It points to SEC Commissioner Crenshaw’s dissent in the 3-1 vote extending the deadline and highlights the SEC’s acknowledgement that significant market events during the extension period could result in forgone benefits from not receiving enhanced Form PF data. The senators requested written responses by August 5, 2025, including on whether the SEC plans to weaken Form PF further or eliminate it.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-07-22
U.S. Senate Committee on Banking, Housing and Urban Affairs Ranking Member Warren and Senator Reed seek SEC answers on second delay to Form PF amendments
Senators Elizabeth Warren and Jack Reed expressed concerns to SEC Chairman Paul S. Atkins about the revised compliance date for Form PF amendments, emphasizing risks to systemic risk monitoring. They argue Form PF data is crucial for detecting large-scale risks in private funds, as authorized by the Dodd-Frank Act. The letter also references SEC Commissioner Crenshaw’s dissent on the deadline extension and potential loss of benefits from delayed data collection.