Client Alerts

SEC and CFTC Adopt Private Fund Adviser Reporting Form

November 28, 2011


In late October 2011, the U.S. Securities and Exchange Commission (the SEC) and the U.S. Commodity Futures Trading Commission (the CFTC, and collectively with the SEC, the Commissions) jointly adopted Form PF and accompanying rules under the Investment Advisers Act of 1940 and the Commodity Exchange Act of 1936 (Final Rules) to implement certain provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). The information to be collected on Form PF is intended to assist the Financial Stability Oversight Council (FSOC) in monitoring the potential systemic risks posed by private funds by providing empirical data to FSOC with which it may make determinations about such risks.

The Final Rules require an investment adviser to file Form PF if it (1) is registered or required to register with the SEC, (2) advises one or more private funds,, and (3) has at least $150 million in regulatory assets under management attributable to private funds as of the end of its most recently completed fiscal year (Private Fund Advisers). Under the Final Rules, information reported on Form PF will remain confidential, although the information would be available to the Commissions generally, including for the purposes of rulemaking, examinations, investigations and investor protection efforts.

In addition, information collected on Form PF may be shared with other Federal agencies, organizations or self-regulatory bodies, although such entities would be required to represent to the SEC that they have sufficient controls in place to use and handle the information in a manner consistent with the protections established under the Dodd-Frank Act.

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