SEC and CFTC Delay Amendments to Investment Fund Adviser Reporting Form

Investment fund advisers will have another year to comply with amendments to Form PF, a confidential reporting form used by some private fund advisers.

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) said in a Wednesday (Sept. 17) press release that they extended the compliance date to Oct. 1, 2026.

The extension included in this final rule marks the third time the deadline has been extended. When the amendments to Form PF were adopted in February 2024, the compliance date was March 12, 2025, according to the release.

The compliance date was later extended June 12, 2025; Oct. 1, 2025; and now Oct. 1, 2026, per the release.

The SEC and the CFTC said in the release that the latest extension “will provide time to complete a substantive review of Form PF in accordance with a Presidential Memorandum and take any further appropriate actions, which may include proposing new amendments to Form PF.”

Form PF was created after the 2008 financial crisis and is designed to give regulators important information on the inner workings of private funds, helping the SEC assess risk.

When announcing the amendments to Form PF in February 2024, the SEC said they would strengthen the ability of the Financial Stability Oversight Council (FSOC) to monitor and evaluate systemic risk.

The changes introduced by the amendments include the enhancement of reporting requirements for large hedge fund advisers, the disclosure of additional basic information about advisers and the private funds they advise, and the submission of more detailed information about the investment strategies, counterparty exposures, and trading and clearing mechanisms employed by hedge funds.

When announcing the amendments in a February 2024 press release, Gary Gensler, who was chair of the SEC at the time, said: “These amendments to Form PF will enhance the Commissions’ and the FSOC’s understanding of the private fund industry as well as the potential systemic risk posed by the industry and its individual participants. In addition, the adoption also furthers investor protection efforts.”

In a statement on the extension released Wednesday, SEC Commissioner Mark T. Uyeda said the decision was necessary because the Form PF amendments are still under active review.