On May 3rd the SEC published new amendments to the Form PF regulation, the US counterpart of AIFMD in Europe. Those amendments mainly concern the reporting frequency of large hedge fund advisers (> $ 1.5 bn), private equity fund advisers (> $ 150 mil) as well as large private equity fund advisers (> $ 2bn). Currently, all fund advisers report either quarterly or at least annually depending on the respective AuM and fund type. As per the new amendments, the advisers mentioned before will also be required to file as soon as possible in case of certain events, but not later than 72 hours after a trigger event.
Trigger events are i.e. extraordinary investment losses, significant margin and default events, terminations or material restrictions of prime broker relationships, operations events, and events associated with withdrawals and redemptions.
Additionally, in case of one of the following trigger events i.e. the removal of a general partner, certain fund termination events, and the occurrence of an adviser-led secondary transaction, all private equity advisers are required to file an event report within 60 days of each fiscal quarter end.
With the new amendments, the SEC is aiming to receive more timely data to avoid investor harm.
For more details see https://www.sec.gov/news/press-release/2023-86.
Form PF reporting is an essential part of our AIF reporting services. If you have any questions about Form PF and want to learn more about how our solution can help you with your reporting requirements, feel free to contact our team at any time.
