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US regulators are proposing sweeping changes to Form PF, a key reporting requirement for private fund advisers, in a move aimed at reducing compliance costs while maintaining oversight of systemic risk. The proposal, led by US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), reflects growing concern that existing disclosure rules have become overly complex and burdensome.
SEC Chairman Paul S. Atkins said the reforms are intended to “restore balance” to reporting obligations, arguing that prior amendments imposed significant costs on advisers without delivering proportional regulatory benefits. CFTC Chairman Michael S. Selig added that raising thresholds and simplifying requirements should eliminate unnecessary burdens for many firms.
A central element of the proposal is a significant increase in filing thresholds. The minimum level for Form PF reporting would rise from $150 million to $1 billion in private fund assets under management, effectively exempting nearly half of currently reporting advisers. Meanwhile, the threshold for “large” hedge fund advisers would increase from $1.5 billion to $10 billion, focusing more detailed reporting requirements on the industry’s biggest players.
Despite these changes, regulators say Form PF would still capture data covering more than 90% of private fund assets, preserving its usefulness for monitoring financial stability risks. The amendments also introduce a framework to better identify funds active in private credit markets, a fast-growing segment of the industry.
Beyond thresholds, the proposal aims to streamline reporting fields and eliminate certain requirements altogether, further reducing compliance complexity. The changes are now open for public comment, with regulators seeking feedback over a 60-day period following publication in the Federal Register.