At todayโs open meeting, the U.S. Securities and Exchange Commission (SEC), together with the Commodity Futures Trading Commission (CFTC), voted to further postpone the compliance date for the amended Form PF to October 1, 2026. This follows previous extensions that moved the original March 12, 2025 date to October 1, 2025.
Why Another Delay?
The SEC highlighted ongoing implementation challenges for advisers and vendors, many of whom have struggled to build and test the systems required for accurate reporting. The extension also reflects the broader review of rules not yet in effect under the January 2025 Presidential Memorandum, which directed agencies to review rules for questions of fact, law, or policy. In his remarks, Chairman Paul S. Atkins suggested staff should consider both whether fewer advisers could be required to file and whether the scope of information collected could be reduced, while still ensuring that the SEC, CFTC, and FSOC receive the data they need for systemic risk oversight.
What It Means
The delay provides advisers another year to prepare, but also prolongs uncertainty about whether requirements may change before the new deadline. Market participants should watch for the formal rulemaking and any revisions to the scope of the Form PF amendments. While the timeline now points to October 2026, further adjustments to the form and reporting requirements remain possible as the SEC weighs cost, benefit, and operational feasibility.
Conclusion
The SECโs move signals its intention to ensure appropriately balanced regulation for all participants but also highlights the unsettled nature of Form PF implementation. Firms should continue preparing while engaging with regulators on how the rules can be applied effectively and proportionately.
Further information is available at https://www.sec.gov/
