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By: Dan Campbell and Kenneth Carroll, ACA Group

On February 8, 2024, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) jointly adopted amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The SEC and CFTC originally proposed these amendments on August 10, 2022 due to concerns by the regulators that the current reporting needed to be enhanced to permit the Financial Stability Oversight Council (FSOC) to monitor systemic risk and to and bolster regulatory oversight of private fund advisers.

This is the second set of substantive amendments to Form PF; the first set, approved on May 3, 2023, required large hedge fund advisers and private equity fund advisers to report certain prescribed events and includes additional reporting for large private equity fund advisers.

New reporting requirements

This set of amendments to Form PF has a set of amended reporting requirements that apply to all Form PF filers, a second set of amendments that apply only to advisers to hedge funds, and a third set of amendments that apply solely to large hedge fund advisers that advise qualifying hedge funds, which we summarize below.

Changes for all Form PF filers

The amendments remove the ability from the current Form PF to aggregate master and feeder fund structures for all private fund advisers. Filers will not have to separately report each componen......................

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