On October 31, pursuant to Sections 404 and 406 of the Dodd-Frank Act, the CFTC adopted a new rule requiring certain advisers to private funds that are dually registered with the CFTC and the SEC to report information to the SEC on a new Form PF for use by the Financial Stability Oversight Council to monitor risks to the U.S. financial system. The SEC approved the joint rule on October 26. Most private fund advisers will be required to begin filing Form PF following the end of their first fiscal year or fiscal quarter ending on or after December 15, 2012, depending upon the type and amount of AUM. However, certain large reporting advisers will be required to file Form PF following their first fiscal year or fiscal quarter after December 15, 2012. CFTC Release. Final Rule. Form PF.
AUM
SEC Adoption of Final Form PF
On October 26, pursuant to Sections 404 and 406 of the Dodd-Frank Act, the SEC adopted a new rule requiring certain advisers to private funds to report information on a new Form PF for use by the Financial Stability Oversight Council to monitor risks to the U.S. financial system. Most private fund advisers will be required to begin filing Form PF following the end of their first fiscal year or fiscal quarter, depending upon type of and amount of AUM, to end on or after December 15, 2012. However, the following advisers must begin filing Form PF following the end of their first fiscal year or fiscal quarter, as applicable, to end on or after June 15, 2012: (i) advisers with at least $5 billion in AUM attributable to hedge funds; (ii) liquidity fund advisers with at least $5 billion in combined AUM attributable to liquidity funds and registered money market funds; and (iii) advisers with at least $5 billion in AUM attributable to private equity funds. Advisers to private funds with less than $150 million of AUM will not be required to file Form PF. SEC Release.