November 3, 2011

SEC and CFTC Approve Systemic Risk Reporting on Form PF

Summary:  As of October 31, 2011, the Securities and Exchange Commission and the Commodity Futures Trading Commission jointly approved proposed Rule 204(b)-1 under the Investment Advisers Act of 1940, which will affect managers of private equity funds, hedge funds, real estate funds and liquidity funds. Specifically, the rule mandates that any investment adviser required to register with the SEC that advises one or more private funds with at least $150 million in private fund assets under management must file Form PF.

This client alert provides a summary of Form PF, including a discussion of the following:

  • Who is required to file;
  • What must be disclosed;
  • How to comply with filing; and
  • The level of confidentiality afforded to those who must file.
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