The Commodity Futures Trading Commission and Securities and Exchange Commission jointly proposed amendments to Form PF to reduce reporting burdens for private fund advisers. Form PF is a confidential reporting form for certain Securities and Exchange Commission-registered investment advisers to private funds, including advisers also registered with the Commodity Futures Trading Commission as a commodity pool operator or commodity trading advisor, and is used to support the Financial Stability Oversight Council’s monitoring of systemic risk as well as the agencies’ regulatory programs. The proposal would eliminate Form PF filing requirements for smaller advisers by increasing the filing threshold for all filers from USD 150 million in private fund assets under management to USD 1 billion, while retaining information on over 90% of private fund gross assets. For hedge fund advisers, it would eliminate quarterly and current reporting for smaller filers and substantially reduce other reporting requirements, and would raise the “large hedge fund adviser” reporting threshold from USD 1.5 billion to USD 10 billion in hedge fund assets under management, with Form PF continuing to collect quarterly information on over 80% of hedge fund gross assets. Beyond threshold changes, the amendments would eliminate or streamline a range of Form PF requirements. The agencies requested comments on all proposed amendments; the proposal will be published in the Federal Register and comments will be due 60 days after Federal Register publication.

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