May 3, 2023
On May 3, 2023, the U.S. Securities and Exchange Commission (SEC) announced the adoption of amendments to the Form PF. This rule will impact all Form PF Large filers and all Form PF filers who manage private equity (PE) funds.
The changes include the addition of two new reporting sections, new and amended questions and glossary updates.
What Does This Mean for Me?
New Section 5 “Current Reporting Events” will require Large Hedge Fund Advisers to disclose:
Details and Deadlines: The rule specifies dollar amounts, date ranges and circumstances that trigger disclosure of certain reporting events. The deadline to report these events will be within a tight deadline of 72 hours from the reportable event occurrence.
New Section 6 “Private Equity Event Reports” will require Private Equity Fund Advisers to disclose:
Details and Deadlines: The rule specifies conditions that prompt the requirement for the disclosure of these events. Quarterly reports are required to be filed within 60 days of the fiscal quarter end.
Amendments may be made to reports filed in sections 5 and 6.
Amendments to Section 4 that affect Large Private Equity Fund Advisers – In Form PF Section 4, additional questions will be included to assist regulators with risk and market trend monitoring and to help regulators understand specific PE fund adviser practices to better formulate questions that will improve the quality of the data the regulators collect from the Form PF. Other questions and reporting frequencies include:
Will the Filing Fees Increase?
Yes. In addition to current filing fees, reports made under the new sections 5 and 6 will have associated filing fees. The SEC will review and approve these additional fees at a later date.
Are There Items That Will Remain the Same?
What Happens Next?
Impacted advisers will need to prepare for compliance with the rule by updating policies and procedures, reviewing current operations and workflows to ensure that data and information needed for the new and amended questions is available and that reportable events are identified and reported within deadlines. Training of relevant adviser personnel will also be important. Fairview® is available to discuss the rule in detail and how your firm and compliance program will be affected.
We will continue to monitor for any additional guidance, FAQs, the exact compliance date, and amount of additional fees provided by the SEC.
There will be two separate effective/compliance dates.
Fairview® provides full-service compliance support for registered investment advisers by creating and implementing comprehensive, sustainable compliance programs, ongoing testing, and evaluations to ensure firms are remaining compliant with SEC regulations. If your firm requires assistance with understanding and implementing SEC regulations, we can help. Contact us today for more information about our services.
 Typically appears in the Federal Register about 3 days after the agency files with the Office of the Federal Register.