The US Securities and Exchange Commission (SEC) has voted to propose amendments to ‘Form PF’, to improve Private Fund reporting. The ‘Form PF’ is the confidential reporting form for particular SEC-registered investment advisors to private funds.
Even the Commodity Futures Trading Commission (CFTC) is currently considering proposing these amendments along with the SEC. The press release reveals that the amendments will aid in improving the Financial Stability Oversight Council’s (FSOC) potential to evaluate systemic risk.
The reforms will also enhance SEC’s regulatory supervision of private fund advisors and its investor protection measures with the fast-pacing PF industry.
SEC Chair Gary Gensler said, “I am pleased to support the proposal because, if adopted, it would improve the quality of the information we receive from all Form PF filers, with a particular focus on large hedge fund advisers.”
Gensler further added that this will help safeguard investors and maintain well-orderly and fair markets.
The proposed amendments would enhance reporting by large hedge fund advisers on qualifying hedge funds.
Enhanced reporting related to hedge funds in general and better reporting on basic information about advisors and the private funds will also be addressed with these amendments.
The public comment period for amendments will be open for 60 days after the issuing date and publication on SEC.gov or 30 days after it is published in the Federal Register, whichever period is longer.
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