On 11 June 2025, the United States Securities and Exchange Commission (US SEC) and the United States Commodity Futures Trading Commission (US CFTC) jointly extended the compliance date for the amended Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers to 1 October 2025. Originally adopted on 8 February 2024 under the United States Investment Advisers Act of 1940, the amendments were set to take effect on 12 March 2025 and previously deferred to 12 June 2025.
Form PF is a confidential reporting form required of US SEC-registered investment advisers to private funds, including those dual-registered with the US CFTC as commodity pool operators or commodity trading advisers. The amendments to Form PF and the associated compliance requirements primarily target traditional financial entities, such as SEC-registered investment advisers, commodity pool operators (CPOs), and commodity trading advisers (CTAs).
The amendments to Form PF are amended to correct previous errors and enhance the U.S. Financial Stability Oversight Council’s ability to monitor systemic risk, and strengthening the US SEC’s oversight capabilities and investor protection measures. The latest extension responds to industry concerns regarding insufficient time to complete system development and testing. The delay, however, also postpones the regulatory benefits of enhanced data collection essential to monitoring systemic risk and investor protection.
(Source: https://www.sec.gov/files/rules/final/2025/ia-6883.pdf, https://www.sec.gov/rules-regulations/2025/06/s7-22-22)
