SEC and CFTC Extend Form PF Compliance Deadline: What Fund Advisers Need to Know
R Tamara de Silva
On January 29, 2025, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) announced an extension of the compliance deadline for the amended Form PF. The original deadline of March 12, 2025, has now been extended to June 12, 2025. This extension provides investment advisers, hedge funds, private equity firms, and dual-registered Commodity Pool Operators (CPOs) and Commodity Trading Advisers (CTAs) additional time to comply with updated reporting requirements.
For firms managing private funds, these amendments introduce significant changes aimed at enhancing systemic risk monitoring and investor protection. Understanding the scope of these new obligations and preparing for compliance is essential.
Form PF and Its Role in Systemic Risk Reporting
Form PF, introduced under the Dodd-Frank Act of 2010, serves as a confidential reporting mechanism for certain SEC-registered investment advisers managing private funds. It is designed to provide regulators with data necessary to assess systemic risks in the financial markets. The SEC and CFTC rely on this information to monitor market stability, analyze fund leverage, and track liquidity risks. The data collected is also shared with the Financial Stability Oversight Council (FSOC) to support its oversight of potential threats to the broader financial system.
The updated Form PF expands the reporting obligations of certain private fund advisers, including hedge funds, private equity firms, and dual-registered CPOs and CTAs.
Dual-Registered CPOs and CTAs: When Form PF Applies
CPOs and CTAs that are registered with both the SEC and CFTC are subject to specific reporting obligations under Form PF. The requirement to file applies to firms that meet two primary conditions. First, the adviser must be registered with the SEC as an investment adviser and provide advisory services to one or more private funds. These funds must meet the criteria for exclusion under Sections 3(c)(1) or 3(c)(7) of the Investment Company Act. Second, the adviser must have at least $150 million in regulatory assets under management (AUM) in private funds as of the last fiscal year-end.
For CPOs and CTAs that do not meet this AUM threshold, Form PF reporting is not required, though they remain subject to CFTC oversight and must comply with CPO-PQR or CTA-PR filing requirements. The overlap between Form PF and CFTC reporting obligations requires dual registrants to align their filings to ensure consistency and avoid regulatory scrutiny.
Key Amendments to Form PF
The amendments introduce enhanced reporting requirements designed to provide regulators with a more comprehensive view of private fund operations. One of the most significant changes is the introduction of event-triggered reporting. Under the new requirements, fund advisers must promptly disclose extraordinary losses, margin events, large investor redemptions, or counterparty defaults. The goal of these disclosures is to alert regulators to potential financial distress within the private fund industry before risks escalate.
Large hedge fund advisers face additional obligations, including an increase in reporting frequency. Under the amended rules, certain hedge fund advisers with over $1.5 billion in AUM must transition from quarterly to monthly reporting. This change reflects the SEC’s broader effort to enhance market transparency and monitor liquidity risks in real time.
Private equity funds will also be subject to additional reporting requirements. The amendments introduce new disclosures related to secondary transactions, subscription credit lines, and portfolio company debt levels. These changes are intended to provide regulators with greater insight into leverage and liquidity trends within private equity portfolios.
Why the Compliance Date Was Extended
Several industry groups, including the Managed Funds Association (MFA), Alternative Investment Management Association (AIMA), Investment Adviser Association (IAA), and SIFMA Asset Management Group, raised concerns about the original compliance timeline. These organizations cited the operational burden of transitioning to the new Form PF while simultaneously managing existing compliance and investor reporting obligations. Many advisers were also concerned about having to file 2024 data under both the existing and amended versions of the form, increasing administrative complexity.
In response to these concerns, the SEC and CFTC agreed to extend the compliance deadline by three months. While this extension alleviates some immediate compliance burdens, it does not eliminate the need for advisers to prepare for the transition. The additional time should be used to update compliance systems, train internal teams, and ensure reporting processes align with regulatory expectations.
Compliance Considerations for Fund Advisers
With the compliance deadline now set for June 12, 2025, private fund advisers must take proactive steps to implement the necessary changes. Reviewing the updated Form PF requirements and assessing their impact on internal reporting procedures should be a priority. For firms managing multiple funds across different asset classes, ensuring data consistency between Form PF and CFTC filings is essential.
Technology and compliance teams will need to refine reporting systems to account for new data points, particularly for firms subject to event-triggered reporting obligations. Internal controls should be reviewed to ensure fund managers can promptly identify and report significant market events, such as liquidity disruptions or counterparty failures.
Training compliance teams on the amended Form PF requirements is equally important. The complexity of the new reporting framework means that advisers must understand not only what must be reported but also when disclosures must be made. Large hedge fund advisers facing increased reporting frequency must ensure they have the operational infrastructure to support more frequent filings.
Final Thoughts
While the extension provides temporary relief, fund advisers should not delay in preparing for compliance. The SEC and CFTC remain focused on enhancing regulatory oversight of private funds, and firms should expect increased scrutiny of their reporting practices.
For CPOs and CTAs that are dually registered, ensuring alignment between Form PF and CFTC reporting obligations will be critical. Discrepancies between filings can raise red flags and potentially lead to enforcement inquiries.
At De Silva Law Offices, we assist hedge funds, CTAs, CPOs, IBs and registered investment advisers in navigating complex regulatory obligations. Whether you need guidance on Form PF compliance, regulatory filings, or risk management strategies, we can help.
For assistance with your Form PF obligations, contact us.