UNITED STATES: SEC Proposes Amendments to Form PF

Wednesday January 26 2022

The Securities and Exchange Commission (SEC) is proposing to amend Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds to require current reporting upon the occurrence of key events.

The proposed amendments also would decrease the reporting threshold for large private equity advisers and require these advisers to provide additional information to the SEC about the private equity funds they advise. The draft rule would also reduce the Form PF reporting threshold for private equity advisers from $2 billion in assets under management to $1.5 billion in order to capture more firms.

Additionally, the SEC are proposing to amend requirements concerning how large liquidity advisers report information about the liquidity funds they advise. The proposed amendments are designed to enhance the Financial Stability Oversight Counsel’s (“FSOC”) ability to monitor systemic risk as well as bolster the SEC’s regulatory oversight of private fund advisers and investor protection efforts.

The proposed changes to the SEC’s rules would require private funds to disclose details of material events within one business day, compared with the current quarterly or annual requirement, depending on the firm

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