CFTC and SEC Adopt Amendments to Correct Errors in Private Fund Reporting
Commentary by Andrew Lom
In a joint final rule, the SEC and CFTC adopted amendments to Form PF to correct errors, remove outdated references and clarify reporting instructions for SEC-registered investment advisers to private funds, including those also registered with the CFTC as a commodity pool operator ("CPO") or commodity trading adviser ("CTA").
The amendments correct several inconsistencies in the version of Form PF adopted on February 8, 2024. (See related coverage.) Specifically, the agencies reinstated previously adopted modifications related to liquidity fund reporting, which had been erroneously omitted from the Federal Register.
The amendments also update General Instruction 6 to clarify that advisers should not report information for private funds that are advised by related persons unless explicitly required.
The corrections take effect upon publication in the Federal Register.
Commentary
Well, it may correct errors, but it doesn't fix any of the fundamental issues with the usefulness of the data that Form PF collects in the first place.
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