The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have jointly proposed measures to simplify the Form PF reporting requirements for investment advisors to private funds.
Under the proposals, reporting requirements would be eliminated for smaller advisors, with the filing thresholds raised from $150m in private fund assets under management to $1bn. In addition, compliance thresholds for large hedge fund advisors would be raised from $1bn in hedge fund assets under management to $10bn.
CFTC chairman Michael Selig stated: “By raising the filing threshold and streamlining Form PF, we are taking steps to reduce the burdens associated with filing the form.”
SEC chairman Paul Atkins stated: “These proposed changes would help to rationalise the scope of Form PF requirements to support its purpose and bring our overall disclosure regime back into alignment.”
The proposals are open for consultation until 19 June.
