The U.S. Securities & Exchange Commission voted to further extend the compliance date for the 2024 amendments to Form PF, delaying when certain SEC-registered investment advisers to private funds must begin filing the revised confidential systemic-risk report from June 12, 2025 to October 1, 2025. Commissioner Caroline A. Crenshaw issued a statement opposing the move. Form PF reporting is used by the SEC and other regulators, including the Financial Stability Oversight Council, to monitor potential systemic risk in private fund markets, and the 2024 amendments were designed to improve the precision and usefulness of the data. Crenshaw noted the extension followed a last-minute request from industry groups after an earlier extension, and she highlighted that the release dispensed with notice and comment due to timing constraints; she also pointed to language indicating the SEC and the Commodity Futures Trading Commission may use the interim period to review whether the final form raises substantial questions of fact, law, or policy. In her view, the extension is aimed less at operational readiness and more at enabling reconsideration of the amendments, which she argued would reduce regulators’ visibility into private markets as policy discussions continue about expanding retail access.
U.S. Securities & Exchange Commission 2025-06-11
U.S. Securities & Exchange Commission further extends amended Form PF reporting compliance date to October 1, 2025
The U.S. Securities & Exchange Commission (SEC) has extended the compliance date for the 2024 amendments to Form PF from June 12, 2025, to October 1, 2025, for certain SEC-registered investment advisers to private funds. Commissioner Caroline A. Crenshaw opposed the extension, suggesting it prioritizes reconsideration of the amendments over operational readiness, potentially reducing regulatory visibility into private markets. The extension followed a last-minute industry request and bypassed the usual notice and comment process due to timing constraints.