Thirteen IAs Fined for Failing to Report on Form PF

Steven Lofchie Commentary by Steven Lofchie

Thirteen investment advisers reached agreements with the SEC to settle charges of failing to meet reporting requirements in connection with private funds they advise.

According to the SEC, the advisers repeatedly failed to file or update Form PF, which is required for advisers with greater than $150 million in private fund assets under management. Through Form PF, advisers are required to provide information such as (i) the funds they advise, (ii) private fund assets under management, (iii) fund performance and (iv) use of leverage. These data are used by the SEC and Financial Stability Oversight Council to monitor and address risks.

Each of the advisers agreed to pay $75,000 to settle the charges. None of them admitted or denied the SEC's findings.