The U.S. Securities and Exchange Commission has proposed amendments to Form PF that would scale back and refocus private fund reporting, with the stated aim of ensuring the SEC and the Financial Stability Oversight Council receive data needed to monitor systemic risk and protect investors without using Form PF to expand substantive regulation of private funds. The proposal is framed as a response to the 2024 Form PF amendments, which the release characterises as having significantly expanded reporting without adequate justification, imposed disproportionate compliance burdens on smaller advisers, and required information that was not actionable or aligned with statutory authority. Key changes described include raising the reporting thresholds for all filers and for large hedge fund advisers, and requiring the SEC to review Form PF filing and reporting thresholds at least every five years to keep them appropriately calibrated.
U.S. Securities & Exchange Commission 2026-04-20
U.S. Securities and Exchange Commission proposes Form PF changes to raise private fund reporting thresholds and mandate five-year recalibration
The U.S. Securities and Exchange Commission has proposed amendments to Form PF to scale back and refocus private fund reporting so the Commission and the Financial Stability Oversight Council receive data needed to monitor systemic risk and protect investors, without expanding substantive regulation of private funds. The proposal responds to the 2024 Form PF amendments, would raise reporting thresholds for all filers and large hedge fund advisers, and require the SEC to review Form PF thresholds at least every five years.