In May 2023, the Securities and Exchange Commission (“SEC“) approved amendments to Form Private Fund (“Form PF“). This form mandates private fund advisers and large hedge fund advisers to disclose information about their regulatory assets under management to the Financial Stability Oversight Council (“FSOC“). The purpose of this requirement is to monitor risks to the US financial system, strengthen the FSOC’s monitoring and evaluation of systemic risk, and enhance the SEC’s oversight of private fund advisers and hedge fund advisers.

The new reporting regime introduces expanded requirements, necessitating near real-time data from large hedge fund advisers and more frequent data from private equity fund advisers. As a result, this will increase the compliance burden, and firms may need to develop entirely new internal reporting mechanisms, policies, and procedures to meet these demands. We have prepared a concise one-page guide that outlines the key proposals for expanding the scope of Form PF reporting as well as next steps for firms to take in response to these proposals.

Please click here to access our guide on the SEC’s significant amendments to enhance Private Fund Reporting.

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