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Alternative Market Briefing

Other voices: SEC and CFTC consider digital assets

Friday, August 19, 2022

By:John Lightbourne, Moore & VanAllen

The Securities and Exchange Commission and Commodity Futures Trading Commission jointly proposed a rule that would impact existing confidential reporting obligations of private equity funds and other collective investment vehicles not registered as an "investment company". The rule proposes changes to the Form PF, a non-public report for certain SEC-registered investment advisers to Private Funds, which get submitted to the SEC (and CFTC, when applicable). The Agencies use the Form PF's information to monitor risk and gain general intel about the Private Fund and market more broadly. To be clear, changes here would impact more than digital assets, they are really making a large revamp here of the reporting regime. Checkout the SEC's Fact Sheet.

In a move that is relatively unusual in the digital assets space, the Agencies have jointly agreed upon a definition of "digital asset", to include: An asset that is issued and/or transferred using distributed ledger or blockchain technology, including, but not limited to, so-called "virtual currencies," "coins," and "tokens."

The definition here is intentionally defined broadly to capture any kind of blockchain-based asset to better facilitate the Form PF in being able to capture not just regulated types of assets, but exposures to these types of assets more generally. Digital assets have become an integral part of the investment strategies of many Private Funds, a fact that has not gon......................

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