ICYMI: Form PF Compliance Date Extended a Fourth Time to July 2027
The SEC and CFTC have pushed the compliance date for the amended Form PF to July 1, 2027. This is the fourth delay for the Gensler-era rule, which would require private fund advisers, especially hedge fund advisers, to report more information. Meanwhile, the agencies have proposed a separate rule that would shrink Form PF filing requirements. That leaves an expanded final rule on hold while a lighter replacement waits in the wings, a pattern former Commissioner Caroline Crenshaw has called “repeal by extension.” Click here for the full report →
Recent Regulatory Updates:
Our team keeps a close eye on the regulatory landscape so you don’t have to. Below are our latest updates covering recent SEC activity, exam priorities, and other compliance-relevant news. Click any headline to read the full report.
SEC Risk Alert: 5 Annual Compliance Review Deficiencies Investment Advisers May Need to Fix
The SEC Division of Examinations published a Risk Alert on its observations of investment advisers’ annual compliance reviews, identifying several deficiencies that advisers should consider as they complete these reviews. → Read more
FINRA ID.me Verification Deadline Approaches
The final wave of FINRA’s ID.me verification rollout for investment advisers is wrapping up in September of this year. If your firm hasn’t completed verification on the Entitlement Platform yet, now’s the time. → Read more
SEC Proposes Ending The Pay to Play Rule
The SEC has proposed rescinding the rule that limits political contributions by advisers ahead of pursuing government client relationships. We break down what a repeal could mean for your firm’s policies. → Read more
SEC Proposes New Regulation Crypto Assets
The SEC’s newly proposed “Regulation Crypto Assets” framework aims to bring clearer rules to certain crypto-related investment contracts — building on its earlier 2026 interpretive guidance. Here’s what fund managers and RIAs should know. → Read more
FinCEN Ends Beneficial Ownership Reporting Under the CTA
FinCEN has issued a final rule permanently eliminating beneficial ownership reporting requirements under the Corporate Transparency Act. → Read more
Regulatory Calendars and Upcoming Deadlines
Additional Resources:
From SEC exam trends to Reg S-P and emerging technology, these related resources dig deeper into the topics shaping compliance programs this year.
From AI notetakers to agentic workflows, CCOs are facing new categories of risk. Our guide walks through the tools, the red flags, and four practical recommendations for staying compliant. → Learn more
7 Challenges of Amended Reg S-P
Amended Regulation S-P is in full effect, and the SEC has made clear it’s a top exam priority. We break down the seven most common compliance challenges firms are running into — from vendor notification requirements to data mapping — along with practical steps to get ahead of them. → Learn more
This summer brought a wave of new SEC examinations and, with them, a clearer picture of where regulators are focused this fall. From fee and expense scrutiny to Reg S-P cyber requests and undisclosed conflicts of interest, we break down the five biggest patterns we’re seeing and what advisers should do now to be exam-ready. → Learn more
Questions?
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