SEC Approves Amendments to Form PF Enhancing Visibility of Private Funds and Investor Protection

The SEC today adopted amendments to Form PF, a confidential reporting form for SEC-registered investment advisers to private funds, in order to enhance the Financial Stability Oversight Council’s ability to assess systemic risk and bolster the Commission’s oversight of private fund advisers and investor protection efforts. Large hedge fund advisers must report certain extraordinary investment losses, significant margin and default events, terminations or material restrictions of prime broker relationships, operations events, and events associated with withdrawals and redemptions as soon as practicable but no later than 72 hours from their occurrence. Private equity fund advisers meanwhile must file reports on the removal of a general partner, certain fund termination events, and adviser-led secondary transactions on a quarterly basis within 60 days of the fiscal quarter end, and must report information on general partner and limited partner clawbacks on an annual basis in addition to additional information on their strategies and borrowings. The amendments will become effective six months after publication in the Federal Register for current reporting and one year later for the remaining amendments.