The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have pushed back the compliance date for new Form PF reporting requirements, granting hedge funds and PE managers more time to adjust to the new regulations.
Initially set to take effect on 12 March, the new deadline has been moved to 12 June, according to a joint announcement on 29 January.
The amendments to Form PF, adopted by both agencies in February 2024, significantly expand the amount of confidential information private fund advisers must disclose. These new requirements apply specifically to hedge funds managing more than $500m in assets and include: investment exposures (including counterparty and country-specific risks); borrowing and leverage data; portfolio liquidity details; and fund inflows, outflows, and performance by strategy.
The goal, according to the SEC, is to provide regulators with a more comprehensive view of private fund operations to assess systemic financial risks.
The Managed Funds Association (MFA), a key lobbying group for hedge funds and alternative asset managers, has welcomed the decision to extend the compliance period.
“Pushing back the implementation date will ensure the commissions have time to finalise the technical specifications for the form and do not receive inconsistent data on private funds,” said MFA President and CEO Bryan Corbett.
Corbett also welcomed what he described as a shift in tone from the SEC and CFTC under new leadership, contrasting it with the “needlessly antagonistic approach” of former SEC Chair Gary Gensler.
The Alternative Investment Management Association (AIMA) had also urged the SEC to extend the Form PF deadline, among other requests, in a letter sent to Acting Chair Mark Uyeda on 22 January.
