The proposed revisions would provide further insight into private funds’ operations and strategies, reduce reporting errors, and assist in identifying trends (including those that could create systemic risk and those that could improve data quality and comparability).

Should the proposed amendments to Form PF be approved, they would modify the current rulemaking by:

• modifying the way advisers report complex structures by requiring advisers to report separately each component fund in complex fund structures (including master-feeder arrangements and parallel fund structures)
• eliminating aggregate reporting for large hedge fund advisers by removing the current aggregate reporting requirement
• enhancing reporting regarding hedge funds by removing redundant questions and requiring more detailed information about hedge fund investment strategies, counterparty exposures, and trading and clearing mechanisms
• enhancing reporting on basic information about advisers and the private funds they advise by requiring advisers to report additional information about themselves and their private funds
• enhancing reporting by large hedge fund advisers on qualifying hedge funds (hedge funds that have a net asset value of at least $500 million).

Public comments may be submitted on or before 30 days after publication in the Federal Register or 60 days after the proposal’s issuance and publication on the SEC’s website, whichever is later.

Sources:

SEC Proposes to Enhance Private Fund Reporting (sec.gov)

SEC Rule (sec.gov)

Fact Sheet (sec.gov)