SEC adopts amendments to enhance private fund reporting

On February 8, the SEC and the Commodity Futures Trading Commission jointly adopted amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The amendments aim to provide greater insight into private funds’ operations and strategies; assist in identifying trends, including those that could create systemic risk; improve data quality and comparability; and reduce reporting errors.

The amendments enhance reporting by large hedge fund advisers on qualifying hedge funds, reporting on basic information about advisers and the private funds they advise, and reporting concerning hedge funds. In addition, the rule amends how advisers report complex structures such as master-feeder and parallel funds as well as removes aggregate reporting for large hedge fund advisers.

The amendments will become effective one year after publication of the adopting release in the Federal Register.